Market Navigator: US CPG—Significant Growth Opportunities Amid a Dynamic Landscape

Published – November 2023

Each Market Navigator report offers an in-depth, data-rich view of a retail, consumer or technology sector and is packed with data on sectors, segments, companies and consumers. Our analysts discuss at greater length the sector themes they are observing and the insights they are forming on their markets. We intend these definitive guides to serve as points of reference to those in the retail ecosystem, guiding readers’ strategic decision-making and assisting them in tapping opportunities and navigating disruption in retail and adjacent industries. 

In this Market Navigator report, Coresight Research explores the US consumer packaged goods (CPG) market in the post-pandemic environment. We provide the size and trajectory of the market for 2023 and beyond and key factors impacting its growth. We also discuss e-commerce penetration rates, distribution channels, the competitive landscape, key themes and innovators, and blue-sky thinking for the market. 

Data in this research report include: 

• US CPG market size and year-over-year growth rates for 2017–2027E 

• Category breakdowns for the US CPG market for 2018–2027E 
• Total US CPG online sales and e-commerce year-over-year growth and penetration rates for 2017–2027E 
• Average price increases by selected CPG companies for 2022–2023 
• Leading companies in the US CPG market ranked by 2022 revenue and total operating margins for 2017–2022 
• Proprietary survey data on what CPG products US consumers are buying 

Introduction 

What We Think 

• Increased Consolidation 
• E-Commerce and DTC Expansion 
• Greater Sustainability Visibility 
• Innovation Will Drive Value 
• Evolving Consumers 

Blue-Sky Thinking 

• Real-Time Personalized Nutrition Solutions 
• On-Demand Manufacturing 
• Tech Elements in Packaging 

Market Scale and Opportunity 

• Segment Breakdown 

Online Market 

• Market Factors 

The Companies 

• Competitive Landscape 
• Benchmarking to BEST 

Survey Analysis: What Consumers Are Buying 

Themes We Are Watching 

• Responsive 
• Engaging 
• Socially Responsible 
• Expansive 
• Tech-Enabled 

Macro Context 

• Unemployment and Wages 
• Real Disposable Income Per Capita 
• Savings Rate 
• Interest Rates and the Housing Market 
• Gasoline Prices 
• Consumer Spending 

Retail Innovators 

Notes 

Appendix: About the Coresight Research BEST Framework 

Appendix: About the Coresight Research RESET Framework 

57-page PDF report

Companies mentioned in this report include: Amazon (NASDAQ: AMZN), Campbell Soup (NYSE: CPB), Clorox (NYSE: CLX), Coca-Cola (NYSE: KO), Colgate-Palmolive (NYSE: CL), Costco (NASDAQ: COST), GRP Danone SA (ENXTPA: BN), Ferrero, General Mills (NYSE: GIS), Grupo Bimbo, Haleon (NYSE: HLN), Hershey (NYSE: HSY), Hormel Foods (NYSE: HRL), J.M. Smucker (NYSE: SJM), Kellanova (NYSE: K), Kenvue (NYSE: KVUE), Kimberly-Clark (NYSE: KMB), Kraft Heinz (NASDAQ: KHC), Mars, Mondelēz International (NASDAQ: MDLZ), Nestlé (SWX: NESN), PepsiCo (NASDAQ: PEP), Procter & Gamble (NYSE: PG), Reckitt Benckiser (LSE: RKT), Unilever (NYSE: UL), WK Kellogg (NYSE: KLG) 

1. US CPG Market Size (Left Axis; USD Bil.) and YoY Change (Right Axis; %) 
2. US CPG Market: Breakdown of Share by Category in 2022 (USD Bil.; % of Total Market) 
3. US Edible CPG Categories: YoY Change in Sales (%) 
4. US Edible CPG Categories: Dollar Sales (USD Bil.) and YoY % Change 
5. US Nonedible CPG Categories: YoY Change in Sales (%) 
6. US Nonedible CPG Categories: Dollar Sales (USD Bil.) and YoY % Change 
7. US CPG Online Sales (Left Axis; USD Bil.) and YoY Change (Right Axis; %) 
8. US CPG: E-Commerce Penetration, by Category (Online Sales as a % of Total Tracked Sales) 
9. US Inflation: Overall and Selected Categories (YoY % Change) 
10. US CPG: Per-Unit Price Across the Edible (Top) and Nonedible (Bottom) Categories (YoY % Change) 
11. Average Price Increases by Selected CPG Companies (%) 
12. US CPG: Unit Sales (Left Axis; Bil. Units) and YoY Change (%)* 
13. Top 20 Public CPG Companies in the US, Ranked by 2022 US Revenue (USD Bil.) 
14. Top 20 Public CPG Companies in the US: Operating Margins (%) 
15. Key Comparable Metrics of Selected CPG Companies Ordered by FY22 US Revenue 
16. BEST Framework and Benchmarking 
17. CPG Categories That Consumers Purchased In-Store in the Two Weeks Preceding the Survey (% of Respondents) 
18. CPG Categories That Consumers Purchased Online in the Two Weeks Preceding the Survey (% of Respondents) 
19. US Adults: Prevalence of Any Mental Illness By Age Group and Gender–2021 (% of US Adult Population) 
20. Types of Plant-Based Products Purchased by Consumers (% of Respondents) 
21. US Adults: Changes Brought In Nutrition or Diet to Manage/Reduce Stress (% of Respondents) 
22. US Adults: Leading Indicators in Determining Food Brand and Retailer Transparency (% of Respondents) 
23. Recent M&A Deals in the Food and Beverage Space 
24. US Consumers: Intention to Purchase Private Label Brands (% of Respondents) 
25. Emerging Technologies That CPG Manufacturers Planned To Adopt by the End of 2022 (% of Respondents) 
26. US Unemployment Rate (Left Axis, %) and US Average Hourly Wages (Right Axis, %) 
27. US Annualized Real Disposable Income Per Capita (USD; Left) and YoY % Change (Right) 
28. Personal Saving Rate (%; Left) and YoY Change (PPTs; Right) 
29. New Housing Starts and Case-Shiller Home Price Index 
30. US Regular All Formulations Gas Price (USD per Gallon; Left)* and University of Michigan Consumer Sentiment Index (Right) 
31. US Real and Nominal Consumer Spending Growth (YoY % Change) 
32. BEST Framework 
33. RESET Framework