CIRCANA, LLCreleased the 13th Annual 2024 US CPG Growth Leaders Report. It identifies strategies and trends to enhance the success of top consumer packaged product (CPG) companies with annual revenues ranging from $100 million to over $8 billion across the US retail industry.
The findings highlight the changing dynamics of the industry as small CPG companies and private labels take a central stage and take advantage of their peers by leveraging innovation and value-driven strategies. The Circana’s unique “5 cs of success” framework emerges as a definitive playbook for category leaders, highlighting community connection, inclusive value, collaborative growth, multi-faceted health catering, and corporate culture.
“As the industry continues to evolve, our research highlights how important it is for CPG leaders to stay focused and purpose-driven,” he said. “The ability to build authentic connections with consumers, provide inclusive value, and match today’s wellness-driven, socially conscious shoppers is what separates standouts from the pack. These findings provide a roadmap to promote success in 2025 and beyond.”
Key insights from the report:
Small manufacturers are being strengthened by lower barriers to entry, and are significantly increased by expanding emerging channels and changing priorities over the provision of value-oriented premium private labels. These companies are gaining traction through their ability to adapt quickly in increasingly competitive markets and meet the needs of niche consumers.
This study identifies five key focus areas that are important for CPG performance in 2024.
・Community connections: The winning brand is engaged with increasingly fragmented consumer groups, leveraging social platforms and real-time feedback to drive personalized experiences.
・Inclusive value: Differentiated products that balance quality, affordability and purpose are strongly resonating with today’s consumers.
・Cooperative growth: From co-branding to exclusive retail partnerships, strategic collaborations expand the market scope and drive innovation.
・Multi-faceted wellness catering: The major brands address the harmonious health needs of consumers, including physical, mental and social well-being.
・Corporate culture: With a shared mission enhanced by AI-driven innovation and agility, organizations cultivate a positive culture that maintains growth.
Companies that prioritize consumer needs and promote reliability are thriving in 2024. From premium experiences and sustainable packaging to customized wellness initiatives, organizations investing in personalization are building lasting connections and brand loyalty. Circana’s research further highlights the power of digital and social media platforms in ignite consumer trends. Case studies included in the report show how brands such as Liquid IV, Good Culture, and ELF Beauty are shaping the way consumers engage with their products through targeted influencer partnerships and viral campaigns.
Constellation Brands was a growth leader in 2024 and a $8 billion company leading sales growth and market share performance. Coca-Cola Company, P&G, Unilever and Kimberly-Clark have completed the group’s top five companies.
Celsius Energy Drinks were above the list of companies ranging from $2.5 billion to $8 billion, followed by Chobani, Driscol, Ferrara and Fronelli Ice Cream. Among the $1-2.5 billion companies, Elf Beauty led the list, followed by Freshpet, Daisy, Bellring Brands and Bausch + Lomb.
The $500 million to $1 billion group is led by Poppi Soda and includes Milo’s Tea Company, Kerrygold and Vital Farms. Sol de Janeiro led the group from $100 million to $500 million.
“The growth leaders in 2024 were more than just adapting to market challenges. They set the pace of innovation,” added Lyons Wyatt. “Through the strategic use of technology, fostering internal collaboration, or delivering products with an unparalleled value proposition, these leaders demonstrate how to achieve sustainable growth.”
