The 27th annual Product Pacesetters™ report from Information Resources, Inc. (IRI®) was released last week. The report features the top new food and beverage and nonfood product launches. Some major trends in CPG product preferences were uncovered.
Alcoholic and No-Low Beverages
Alcoholic and non-alcoholic adult beverages are definitely a theme in this year’s report (and for the past couple years), with an explosion of new flavors and combinations, as well as lots of new hard seltzers, no-low options and RTD cocktails. In fact, here at AMC Global we’ve been exploring this category through our consumer behavior study, as well as in our recent eBook, “To drink... or to drink differently?” We also write about this topic in Beverage Daily on no-low beer, no-low wine, and on functional beverages.
Using Innovation to Gain and Keep Customers
Innovation, in terms of new products or a new twist on an existing product, reigns strong. The IRI report data indicates consumers are “eager to explore new flavors in food and beverage” and that this helps keep things interesting in the home kitchen. And for nonfood CPG products, consumers are looking for that little something extra that adds value while maintaining functionality. When looking to innovate, it’s important to understand what your consumer group is looking for by employing the right market research approaches. You can explore some of the different solutions available, here.
Sustainability in CPG Products
As we’ve examined in our ongoing consumer behavior study, sustainability continues to play a large role in product success. CPG products are going beyond just packaging sustainability and looking more at attributes like reducing greenhouse gas emissions and practicing water conservation. The report comments that brands need to fold in sustainability practices in order to bolster overall positive brand equity in the eyes of discerning consumers.
Here’s a round-up list of the top products in the food and beverage and the nonfood CPG categories.
The Top 10 Food and Beverage New Product Pacesetters: