CPG Targets Innovation

In 2012, CPG companies released about 1,862 products into the market. These new launches are believed to have attracted about 20 percent of all the retailers who are always looking for new products to try in their stores. When combined, the new item uptake, together with the willingness of the manufacturers to put in their sales across multiple retail channels.

IRi is now taking the extra mile in identifying the pacesetters by including sales at major retail stores such as Dollar, Walmart, club stores, and military commissaries, as well. The latest results from IRi show that the pacesetters established in 2012 averaged a year sales worth about $39.5 million. By contrast, about 68 percent of the new consumer packaged goods (CPG) products posted sales worth $7.9 million in their first year across all their retail stores.

With the harsh American economy, many people are finding it difficult to pay for basic groceries. It is therefore understandable that most people will not be willing to try new items in the stores. The standout performance can be attributed to the fact that innovations such as gluten-free, functionally enhanced, portable, easy to prepare and protein rich foods. The ten most popular beverage and food pacesetters in 2012 include the following:

• Starbucks K-Cups coffee
• TryMoo milk
• Mio drink mixes
• Nature Valley protein bars
• Daily frozen pouches premixed cocktail coolers
• Dannon Oikos yogurt
• Bud light platinum beer
• Breyers blast ice cream, sherbet
• Sparkling ICE bottled water
• Orville Redenbacher’s pop up bowl

According to the report the common benefits that the above pacesetters had to offer include the following:

• A distinctive new flavor
• New designs of the products
• New approach from the existing product
• Improved flavor