Bimbo tops IRI’s CPG Growth Leaders List; industry expands 10.4% in 2020

Consumer services consultancy IRI and business strategy pioneer Boston Consulting Group published their ninth annual CPG study, revealing that the total CPG industry grew roughly 10.4% in 2020.

Last year’s growth rate significantly outpacing the prior three-year compound annual growth rate of 1.8% due to COVID-related shifts in consumer shopping and consumption behavior. The report also predicts how consumer trends that emerged during the pandemic will perform in 2021, and reveals 2020’s growth leaders among large, medium and small CPG companies.

Bimbo Bakeries USA was the growth leader among large companies with more than $6 billion in 2020 sales, reflecting a strong return after not making the list in 2019. Bimbo is followed by General Mills, Mondelez International, Conagra Brands and RB, as the top five leaders.

Among midsize companies with $1 billion to $6 billion in 2020 sales, Mark Anthony’s saw the most growth, and Vi-Jon Labs was the growth leader of smaller companies with less than $1 billion in 2020 sales.

The study also found that small, extra-small and private-label CPG manufacturers gained significant market share over larger manufacturers in 2020.

The report organizes pandemic-related consumer shopping trends into three categories of trajectories to be expected in 2021: “One-Time COVID-19 Impacts” that will cease as social distancing and stay-at-home orders are lifted; “Accelerating Trends” whose growth quickened during 2020; and “New Trends” that emerged as a result of the pandemic.

An example of a one-time impact in-home versus away-from-home consumption; on-the-go and on-premises spending will regain share from center store (e.g., frozen, shelf-stable ingredients, in-home indulgence) as consumer mobility increases and they scale back on in-home consumption.

An executive summary of the “2020 U.S. CPG Growth Leaders” can be downloaded here.

Click here to download the Growth Leaders List.