The rate of new product innovation in the CPG industry has increased
fairly steadily during the past seven years, with just under 10,000 new
CPG brands introduced since 2003. On average, nearly 80% of new
product introductions fail to garner more than $7.5 million in year-one
sales. Riddled with risks and uncertainty, it is no secret that
successful new product innovation is one of the most difficult
challenges in CPG today. Yet, with more than two-thirds of CPG brand
growth derived from new launches, CPG marketers must face the
difficulties of innovation head on, or risk losing market share to
those that do.
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