Constellation Brands Inc. was the 2023 growth leader among $8 billion-plus companies with leading sales growth and market share performance, according to market research firm Circana in its latest 2023 U.S. CPG Growth Leaders rankings.
The importer of Corona and Modelo beers, among other alcohol drinks, took the top spot in this group with Molson Coors, L’Oréal, Coca-Cola and P&G rounding out the top five companies.
CJ CheilJedang topped the list of $2.5-$8 billion companies, followed by Gruma and Chobani.Among $1 billion to $2.5 billion companies, Celsius energy drinks was the leader.
Prime Hydration garnered the top spot for the $500 million to $1 billion group, which also included Idahoan Foods, Ghost Beverage, and Milo’s Tea Co. Feastables led the $100 million to $500 million group, which also includes OLIPOP, Dr. Squatch and BeatBox Beverages.
“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 consumer packaged goods (CPG) and foodservice advisor at 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.”
Circana analyzed the growth performance of hundreds of public and private CPG companies ranging from $100 million to $60 billion in annual sales to develop the rankings.
Last year, the CPG industry growth saw ongoing high price inflation and volume declines, which were still unwinding from pandemic highs continuing the 2022 trend, Circana reported.
Findings also revealed that 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, Circana said.
Top growth leaders that stood out with strong volumes had integrated consumer engagement, continuous newness, premium and value bifurcation, while also using artificial intelligence for operational efficiency, the market research firm reported.
In its CPG Private Brands Update report, published earlier month, Circana said that in 2023, private-brand dollar sales increased 6% and unit sales increased 0.9%. Private-label sales were higher across food and beverage (6.7%) compared to nonedible (5.1%).
As consumers shift their buying preferences, the report said supporting shoppers by investing in innovation and promotions is key for retailers.
“The race is on for store brands to expand shopper trial to build trust with store brands and deepen engagement,” said Circana.
Circana is a consumer behavior market research firm based in Chicago.
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