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Article Details
1/7/2010
Times & Trends: 15 Years of New Product Pacesetters
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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