As Walmart launches its biggest store-label food brand in 20 years, called Bettergoods, the retailer aims to appeal to younger customers who are looking for chef-inspired foods at affordable prices. The brand will offer a wide range of products including frozen foods, dairy items, snacks, beverages, pastas, soups, coffee, and chocolate. With prices ranging from under $2 to under $15, most products will cost under $5. Bettergoods is divided into three categories: plant-based options, products catering to different dietary lifestyles, and culinary experiences like creamy corn jalapeno chowder and pasta from Italy.
This launch comes as inflation has led shoppers to seek more affordable options, boosting the popularity of private-label brands. Private brands accounted for nearly 26% of the overall market share in the food and beverage category last year, with private brands for core pantry items also on the rise. Walmart’s Bettergoods joins other store label food brands like Great Value and Equate, offering lower-priced alternatives to national brand products. These store brands are becoming tastier and higher quality to mirror national brands and cater to changing consumer preferences.
Rival retailers like Target have also been expanding and improving their own private-label brands, such as the Good & Gather food and beverage line, which offers a variety of dishes including chicken tikka masala. Trader Joe’s, known for its high-quality and unique offerings, has been giving traditional grocery retailers tough competition with its treasure hunt shopping experience. Bettergoods aims to stand out by offering unique products that are designed to introduce Walmart customers to new trends and flavors. Walmart’s Senior Vice President of Private Brands, Food, and Consumables, Scott Morris, notes that younger customers are increasingly brand agnostic and prioritize quality and value, driving interest in private brands.
With the launch of Bettergoods, Walmart is tapping into the growing popularity of private-label brands among consumers. As shoppers look for affordable alternatives amidst inflation, private brands have gained market share in both the overall food and beverage category and core pantry items. Walmart’s expansion of its store label food brands reflects a broader trend in the retail industry, where private brands are evolving to compete with national brands in terms of quality and taste. Through Bettergoods, Walmart aims to offer customers unique and flavorful options that cater to a variety of dietary preferences and culinary experiences.
