The private label market in Asia has experienced steady growth over the past 25 years, accounting for 6.1% of the FMCG market in the Asia Pacific in 2022. While some countries like Singapore, Hong Kong, India, and South Korea have embraced private labeling more with volume shares ranging from 4% to 8%, deep-seated brand loyalty among Asian consumers has necessitated robust marketing efforts to establish trust in private label products. To overcome these challenges, manufacturers have focused on quality, health, transparency, and sustainability values to enhance credibility. Key drivers in the Asian private label industry include economic factors, changing consumer preferences, brand loyalty challenges, innovation, and sustainability. Private labels have gained ground in various categories, offering quality and affordability, with significant growth seen in countries like Singapore, Hong Kong, India, South Korea, and the potential for growth in China. Overall, Asia's private label market is evolving to meet changing consumer needs and preferences, setting the stage for continued growth in the sector.
Trade4go
Sep 13th, 2023
