"These brands are truly remarkable," said IRI Consumer & Shopper Insights Practice executive vice president Anne Berlack. "Even in the best of times, approximately 75% of new [image-nocss] products fail to earn more than $7.5 million during the first year of availability. In 2008, New Product Pacesetters faced unprecedented challenges and came out on top."
Top 10 Food & Beverage Brands
In the face of mounting financial pressures, away-from-home dining activity saw sharp declines in 2008. However, despite hardships, consumers are not willing to sacrifice nutrition or convenience, and they are still seeking the occasional indulgence. The top 10 food and beverage brands of 2008 are reflective of changing consumer dining rituals.
2008 New Product Pacesetters: Top 10 Food & Beverage Brands ($s in Millions)
(Total year one dollar sales across food, drug and mass channels, excluding Wal-Mart)
G2: $159. Dunkin' Donuts Coffee: $112. Healthy Choice Cafe Steamers: $95. Progresso Light: $75. Hormel Compleats: $71. DiGiorno Ultimate: $61. Smirnoff Ice Flavors: $61. Pepsi Max: $61. Tyson Any'Tizers: $59. Doritos Collisions: $58. Source: IRI New Product Profiler
"In a world of economic uncertainty, consumers seek comfort and stability in small ways," added Berlack. "Home dining occasions are proving to be an area of opportunity. Shoppers are staying with trusted brands that provide value and comfort and are diversifying their menus through brand extensions, such as chicken breasts with new flavor offerings, or ice cream with new, indulgent mix-ins."
Top 10 Nonfood Brands
For the first time in several years, nonfood new product introductions outpaced food product introductions by roughly 80 products, or more than 10%. This shift is reflective of shoppers' stepped-up focus on self-reliance. From health care to beauty care, consumers are saving money with "do-it-yourself" strategies.
Top performers among non-food New Product Pacesetters share one of two powerful themes: self-care and improved performance. And, across a range of non-food categories, innovation centers on improving the consumer experience.
2008 New Product Pacesetters: Top 10 Nonfood Brands ($s in Millions)
(Total year one dollar sales across food, drug and mass channels, excluding Wal-Mart)
Zyrtec: $316. alli: $160. Charmin Ultra Strong: $144. Ped Egg: $69. Secret Clinical Strength: $51. MiraLAX: $49. Dawn PLUS: $49. CoverGirl LashBlast: $45. Maybelline Define: $45. Tide Pure Essentials: $44. Source: IRI New Product Profiler
"The customer experience is at the heart of innovation today," said Berlack. "Across nonfoods, technical innovation is occurring at a rapid pace, and will define product development for years to come."
The IRI Times & Trends Report, 2008 New Product Pacesetters: The Role of Innovation in a Down Economy is available from IRI, a global provider of consumer, shopper and retail market intelligence and insights for the CPG, retail and healthcare industries. The findings of this report were compiled based on IRI New Product Profiler, IRI Consumer Network and IRI InfoScan Reviews.Click here to download the report.
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