NEW YORK — Walmart said Tuesday it is launching its biggest private-label food brand in 20 years in terms of item variety, as it seeks to attract younger customers who aren’t brand loyal and want chef-inspired foods at affordable prices. more accessible.
The brand, called Bettergoods, is coming to Walmart stores and online. By this fall, there will be 300 products, including frozen foods, dairy products, snacks, drinks, pasta, soups, coffee, chocolate, among others, said the retailer. Prices range from less than $2 to less than $15, with most products available for less than $5.
The launch of the country’s largest retailer comes at a time when inflation is driving consumers to look for cheaper alternatives, increasing the popularity of private labels. Private label food and beverage brands accounted for nearly 26% of the overall market share in the number of units sold in that category last year, up from 24.7% the year before, according to market research firm Circana. This compares to 74.5% for national brands last year, down from 75.3% in 2022.
Walmart’s rivals, including Target, have also been expanding their store labels on foods.
“As an industry, we are seeing younger customers be more brand agnostic, prioritizing quality and value and generating greater interest in private labels,” said Scott Morris, senior vice president of private label, food and consumables at Walmart.
