Private Label Tracker 2Q26: branded share trends worsen despite narrowing price gap

Research evidence excerpt

Private Label Tracker 2Q26: branded share trends worsen despite narrowing price gap

Accessible version

Packaged Food Industry

Private Label Tracker 2Q26: branded share

trends worsen despite narrowing price gap

Industry Overview

A deeper look into private label 15 July 2026

Our quarterly private label tracker (see 1Q26 report) tracks private label (PL) performance Equity

in packaged food sub-categories and relative exposure to private label for companies United States

within our packaged food coverage universe. Our analysis reflects 1) Nielsen’s expanded Food

channel exposure (including Costco, Amazon P1, Pet Specialty) and 2) compares current Peter T. Galbo, CFA

levels to 2023 levels which aims to better gauge which companies/categories have seen Research Analyst

the most share changes since facing several years of inflation. We provide the following: BofAS+1 646 743 0175

1) PL market share on a quarterly basis. 2) Food categories with the highest PL peter.galbo@bofa.com

market share as of 2Q26. 3) Historical price gaps and PL market share for food Yasmine Deswandhy

Research Analyst

categories that are relevant for our coverage universe. 4) Weighted exposure to PL at BofAS

the company level. 5) Company price gaps versus private label. +1 646 855 3745 yasmine.deswandhy@bofa.com

PL share up slightly sequentially; price gaps contracted ChrisResearchDowningAnalyst

According to NielsenIQ, PL share of total food sales was 30.3% in 2Q26, up +30bps vs BofAS

+1 646 855 4345

1Q26 and up +25bps vs 2Q25. Price gaps between total food and PL food contracted christopher.downing@bofa.com

(110)bps vs 1Q26 and continue to sit below 2023 average when branded players took

significant price to offset inflation. PL share in 2Q26 rebounded to peak share levels

(3Q25) seen since 4Q22.