New Product Pacesetters: The formula to go the distance

IRI has a long history of celebrating the consumer packaged goods (CPG) industry’s most powerful brand launches. It’s a celebration that is rich with iconic brands and game-changing innovations, brought to market by behemoths, such as Procter & Gamble and L’Oréal, and new market entrants, including neuroBrands and Chobani. It’s a celebration that gives innovators inside and outside the CPG industry an opportunity to learn from the best of the best in new product innovation.

There is no question that innovation plays a number of absolutely critical roles in the growth process.

In their first year, the brands highlighted throughout IRI’s 2013 New Product Pacesetters report earned an average of $35 million. The dollars, though, are just the tip of the iceberg. New products bring excitement, buzz and competitive advantage. They establish and protect category leadership. They break into entirely new categories. In short, they are game-changers for CPG companies and life-changers for consumers!

To provide guidance to CPG innovators looking to seize the full potential of successful information, IRI developed a framework that is grounded in an extensive analysis of the 190,000-plus UPCs new to CPG retail aisles during the past year.
These products hit the market at a very challenging time in CPG history. Conservative behaviors still have a stronghold on the industry. But the upside of conservation is the critical role that packaged goods play in helping consumers live well for less. This year’s IRI New Product Pacesetters embody several powerful CPG opportunities:

• CPG is going healthy … everywhere and anywhere!

• Category expansion expands market potential.

• Less is more, but more is more, too!

• Variety is the spice of life!

• Convenience is a cost of entry.

Top 10 Pacesetters: Food & Beverage

Healthy variety drives sales in the food and beverage aisles, but convenience remains critical. Seven out of the top-10 2013 food and beverage launches take a healthier-for-you approach to dominating the retail shelves. A single-cup coffee brand is among the top-10 for the fourth straight year.

Top 10 Pacesetters: Non-Food

Non-food launches demonstrate the power of delivering the trifecta of great results, great experiences and great value.  A first in recent Pacesetter history, three home-care products achieved top-10 status for the year. Hair care marketers are also “going big” with results, experiences and value, bringing salon-quality results into the home and making it more affordable to look and feel great
every day.