Symphony IRI Group has released its 2011 New Product Pacesetters report which names the most successful new food and beverage consumer packaged goods (CPG) brands. New products are the lifeblood of the CPG industry, reinforced by the fact that, despite prolonged economic difficulties, 22% of consumers are always looking for new products to try. The top five new product brands in 2011 were: P.F. Chang’s Home Menu, Thomas’ Bagel Thins, Oscar Mayer Selects, Folgers Gourmet Selections K-Cups, and M&M’s Pretzel.
Many of today’s most powerful launches hail from the industry’s biggest and most well-rooted manufacturers, such as Procter & Gamble and PepsiCo. However, there also is an increasing trend toward manufacturers, big and small, bringing highly targeted new products, such as the new, extensive line of gluten-free products from Udi’s Gluten Free Foods. Both long-established manufacturers and newcomers to the game are providing innovation that is setting the stage for the CPG world of tomorrow.
The ranks of the best-selling food and beverage launches of 2011 illustrate the fervor with which consumers are seeking excitement in their daily diet. From restaurant quality ingredients and recipes to unexpected textures and flavor combinations, this pizzazz is coming to market in many forms. For instance, the candy and gum sector experienced high levels of innovation in 2011, with successful launches accounting for 19% of food New Product Pacesetters dollars. These products play to a range of key snacking trends, including satiation, healthy eating, indulgence, and on-the-go consumption.
The ritual of home-based eating has really driven the need for products that offer quick and easy meal solutions and provide the variety, comfort, and/or restaurant quality that consumers need at a solid value. In fact, according to Symphony IRI’s Q1 2012 MarketPulse survey, 55% of consumers are eating out less frequently today versus before the downturn began. This opportunity has been addressed and capitalized on by today’s most savvy manufacturers, evidenced by the fact that successful dinner