Big data and analytics firm, IRI, recently released their annual “New Product Pacesetters” report which provides details on the largest food and nonfood CPG product launches from the last year. The 2019 report showed the return of the “blockbuster product launch,” as 10 products on the list surpassed the $100 million dollar sales mark, six of which were food and beverage products. This is the first time since 2012 that six newly launched products have surpassed $100 million in multichannel sales in the first year. The median sales for the food and beverage companies on the list was also up nicely, coming in at $19 million, which is up from $11 million the prior year.
With 25 of the top 100 food and beverage products offering non-GMO benefits, a clear 2019 trend was healthy products continue to grab consumer dollars. Another interesting trend highlighted in the report was that products from both large and small companies saw success, as 53% of “New Product Pacesetters” were from companies with under $1 billion in annual sales. Looking ahead at how products will be developed and launched for the “new normal,” Larry Levin, Executive Vice President at IRI, said, “When we look at how new products were developed and distributed during a similar economic period, the Great Recession, we see ample opportunity for manufacturers and retailers to adjust their innovation strategies in order to keep winning.”
Read the Full Press Release Here: 2019 New Product Pacesetter Highlights
