Chicago, March 18, 2024 (GLOBE NEWSWIRE) — Circana™, a leading advisor on the complexity of consumer behavior, today announced its annual Growth Leaders rankings. The firm analyzed the growth performance of hundreds of public and private consumer packaged goods (CPG) companies ranging from $100 million to $60 billion in annual sales to develop the rankings. Circana will highlight the drivers of success in a two-part webinar series in March and a full report, which will be published in early April.
“Our 2023 Growth Leaders are a testament to the agility required to overcome the shifts in consumer buying behavior as they battled increased economic and inflationary pressures,” said Sally Lyons Wyatt, global executive vice president and chief CPG and foodservice advisor, Circana. “Through continuous innovation and consumer engagement, these leading companies successfully struck a balance by offering consumers the right blend of benefits, enjoyment and value.”
Key Findings
- CPG 2023 industry growth saw ongoing high price inflation and volume declines, still unwinding from pandemic highs continuing the 2022 trend. Dollar sales growth for the year hit 4.2%, driven by an above-average price/mix uptick of 6.1% as overall volume declined by 1.7%. By year-end, price/mix growth slowed, and volumes started improving.
- Top Growth Leaders stood out with strong volumes. Overall, winning strategies included integrated consumer engagement, continuous newness, premium and value bifurcation, and using artificial intelligence for operational efficiency.
- The largest CPGs maintained strength in their scale, while CPGs between $500 million and $1 billion continued to gain share in 2023. Companies under $500 million collectively contributed less to growth than in the past couple of years. While still considered Growth Leaders, the smallest companies contributed less to growth, indicating that the pandemic boost of recent years is over. PRIME Hydration epitomized growth among small manufacturers, delivering an experience to a targeted audience and hitting the market through the right channels.
Growth Leader Rankings
Constellation Brands was the 2023 Growth Leader among $8 billion-plus companies with leading sales growth and market share performance. Molson Coors, L’Oréal, Coca-Cola, and P&G completed the top five companies in this group.
CJ CheilJedang topped the list of $2.5-$8 billion companies, followed by Gruma and Chobani. Among $1-$2.5 billion companies, Celsius energy drinks led the list, followed by e.l.f. Cosmetics, Sovos Brands, BellRing Brands, and Pharmavite.
The less than $1 billion group was fueled by social media, not only influencers but also relevancy. This group found a way to break through the noise and capture consumers’ attention through integrated engagement. The $500 million-$1 billion group is led by PRIME Hydration and also includes Idahoan Foods, Ghost Beverage, and Milo’s Tea Company. Feastables led the $100-$500 million group, which also includes OLIPOP, Dr. Squatch, and BeatBox Beverages.
The full list of Growth Leaders will be released during Circana’s two-part webinar series on Tuesday, March 19, and Thursday, March 21. These webinars will host executives from several of the growth-leading companies who will share how they view the market, their drivers of success, and what capabilities leading CPGs will prioritize moving forward. Register here.
*Source: Circana MULO+ with Convenience POS data, ending Dec. 31, 2023.
About Circana
Circana is the leading advisor on the complexity of consumer behavior. Through unparalleled technology, advanced analytics, cross-industry data, and deep expertise, we provide clarity that helps almost 7,000 of the world’s leading brands and retailers take action and unlock business growth. We understand more about the complete consumer, the complete store, and the complete wallet so our clients can go beyond the data to apply insights, ignite innovation, meet consumer demand, and outpace the competition. Learn more at circana.com.
Media Contact
Shelley Hughes
shelley.hughes@circana.com
312-731-1782
