Investing.com -- Bank of America published its quarterly private label tracker on Wednesday, analyzing private label performance across packaged food subcategories and company exposure levels.

The analysis now includes expanded channel coverage from Nielsen, incorporating data from Costco, Amazon P1, and Pet Specialty stores. The comparison baseline has shifted from pre-COVID levels to 2023 levels to better measure share changes following years of inflation.

Private label share of total food sales reached 29.1% in the first quarter of 2026, flat versus the fourth quarter of 2025 and up 10 basis points versus the first quarter of 2025, according to NielsenIQ data. Price gaps between total food and private label food contracted 5 basis points versus the fourth quarter of 2025.

Refrigerated dough private label share increased 210 basis points sequentially, which Bank of America noted is typical for the first quarter following strong fourth quarter branded share improvement during peak baking season. General Mills (NYSE: GIS) was identified as the primary branded player in this category.

In peanut butter, private label gained share both sequentially and year-over-year. Hormel Foods (NYSE: HRL) reported volume softness in its Skippy brand during its first quarter 2026 earnings call in January.

Private label holds the market share lead in snacking nuts and seeds, with share improving 90 basis points sequentially to approximately 44%. Share gains came at the expense of smaller manufacturers and The Wonderful Co.

Shelf-stable soup saw private label share decline 60 basis points sequentially, driven by ready-to-serve products. However, Campbell Soup (NYSE: CPB) has lost share to private label on a year-over-year basis since the fourth quarter of 2024, with private label capturing share on nearly a one-for-one basis. General Mills has also lost share to private label in this category since the second quarter of 2025.

Bank of America assessed that Hershey (NYSE: HSY), Mondelez (NASDAQ: MDLZ) and Conagra (NYSE: CAG) are better positioned based on weighted private label exposure, portfolio share positions and pricing gaps. Campbell Soup, General Mills and Hormel Foods face higher risk.