NEW YORK — March 12, 2024 — In a constantly changing environment, consumer goods brands need to be innovative to make their mark. Bain & Company’s 2024 Insurgent Brands list identifies 97 companies, 48 of which are newcomers, disrupting their fast-moving consumer goods (FMCG) categories in the U.S.

Bain & Company defines insurgent brands as those that generate more than $25 million of annual revenues in tracked channels, have grown more than 10 times their category’s average growth rate over the last five years, and maintained at least 10% growth over last two years, while remaining independent or having been acquired by a large consumer packaged goods company only within the last two years. These brands typically have a price premium three times higher than private label brands in their categories.

“Every year the Insurgent brands we identify provide insight into where innovative and disruptive growth is happening in the sector,” said Charlotte Apps, executive vice president of Bain's Consumer Products practice. “At a time when many scale incumbents have reached their limits on price increases and volumes have stagnated, the insurgents on our list prove that a return to volume-driven growth will require a refocus on meaningful consumer-centric value propositions and strong velocities at the shelf. Looking forward we expect these insurgents to continue to capture a greater share of category growth.”

2024 Insurgent Brands list

*Indicates a brand is new to the list

Bain found that insurgents regained momentum in 2023. Despite accounting for less than 2% market share in the categories in which they exist, these brands captured nearly 20% of incremental category growth, compared with 6% in 2022. They achieved this growth through volume expansion alongside price increases, taking share from larger competitors in a market where volumes were flat.

This year, insurgents had the greatest impact in the non-alcoholic beverage category, accounting for over 3% of market share while capturing over 35% of the growth. In food, insurgents accounted for less than 1% of market share but captured over 7% of category growth. And in personal care, insurgents held 2% market share while taking 16% of category growth.

Five of this year’s insurgents reached sales of half a billion dollars or more, proving that these brands can scale if they apply the right growth playbook. At the same time, recent macroeconomic challenges have led to greater movement within the list, with 40% of brands dropping off last year’s list because of lower growth. Only four brands—Chobani, Eos, Kodiak, and Rao’s—remain on the list since its 2016 inception.

Bain also identified a list of emerging insurgent brands—those with sales between $10 million and $25 million while outgrowing their category by 10 times or more, which provide an indication of future insurgent winners. Emerging insurgents with high rates of velocity-driven growth include brands such as Goodles, TruRanch, Carbliss, Mike’s Hot Honey, Bizzy Cold Brew, and Odele Beauty.

Editor's Note: To arrange an interview, contact Katie Ware at katie.ware@bain.com or +1 646 562 8107. 

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