January 1, 2003
|
| 2002 new product introductions exceed 22,000 according to global products DB |
A study conducted by Mintel, an independent research company, suggests that the past year was the most successful year for new product introductions since 1995, with the number of introductions exceeding 22,000. This figure is an increase of 15 percent over 2001.
The strongest category, Confectionery, accounted for 14 percent of the Food product introductions. The four strongest categories within Food (Confectionery, Bakery, Beverages, and Sauces & Seasonings) accounted for half of all Food product introductions in 2002.
Within the categories of Mintel's Global New Products Database, there were some astounding fluctuations for the tracked segments. In Food segments, Dairy and Side Dishes experienced a surge of growth, Dairy a 21 percent increase and Side Dishes a 38 percent increase. Sweeteners and Sugar, surprisingly, plummeted 38 percent, despite the increasing call for sugar substitutes by aging consumers. Confectionery, again the strongest of the Food categories, faltered only 2 percent from 2001.
The Dairy category was impressively strong in 2002, with nearly 100 additional product introductions over 2001. The largest segment within Dairy was the Cheese subcategory. The most active subcategories in terms of innovation, however, were in the development of the milk-based beverage market, and also in Yogurt. Choglit was Coca-Cola's offering to the burgeoning market for carbonated milk-based beverages, and is strongly targeted to teens.
Side Dishes got creative in 2002 with interesting flavor twists on traditional products. Macaroni & Cheese came in all shapes and sizes to tempt children to view the product in new and exciting ways. Also, Heinz Frozen Foods was innovative by launching Ore-Ida Funky Fries, a line that includes blue-colored as well as cocoa-flavored fries, along with wacky shapes and wild flavorings. Rice got in on the kid's movement too, like Success Rice Boil-in-Bag Cheesy Rice Mix from Riviana Foods.
In 2002, the Snacks category saw some interesting developments. Frito-Lay was busy with innovation - they reformulated its entire lineup of snacks to be made with canola oil instead of hydrogenated oil in an effort to rid the products of trans fatty acids. Innovation in Meat Snacks was minimal as numbers were parallel with those of last year. However, meat substitute meat snacks, such as those based on soy products, have the ability to cause a good amount of commotion next year.
Established in 1972, Mintel incorporates Mintel consumer intelligence, global new products database (www.gnpd.com), and Mintel consultancy. Mintel operates offices in Chicago, London, Munich and Sydney.
For more information on Mintel, visit www.mintel.com. PR
|
| |
|
