While down slightly from last year’s record number of new product introductions, this past year was still one of the most active in recent history.Yet, despite the high numbers, success rates remained consistent with rates over the past decade. Less than one-quarter of introductions met the New Product Pacesetters hurdle of $7.5 million or greater in year-one sales. In fact, only 3% of food and beverage introductions and 1% of non-foods exceeded $50 million in their first year.
While these numbers are disheartening and clearly point to the need for change in new product development practices, they also reflect the fact that new products are becoming more and more targeted; thus, more “successful”launches may well be below $50 million in sales.
This report provides a detailed assessment of this year’s winners to reveal the product benefits that resonated with consumers, the trends to watch for future new product opportunity and sales benchmarks to consider when evaluating new product introductions.
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