22,000 New Products with More to Come
By George Anderson
New product rollouts increased by 15 percent in 2002 with over 22,000 items
hitting store shelves for the first time, says Mintel’s Global New Products
Database (www.gnpd.com).
The confectionery category led food products with a 14 percent increase in new products. Bakery, beverages and sauces/seasonings also saw appreciable growth last year.
Cosmetics, soap & bath, haircare and fragrances were responsible for 82 percent of new products rolled out in non-foods.
Mintel, an independent research company, sees a number of product trends emerging this year.
- Asian cuisine will grow in popularity as manufacturers introduce frozen and shelf-stable products to attract consumers interested in nutrition, variety and convenience.
- More products will come with a citrus flavor. Wasabi gets Mintel’s nod as the second flavor of the year.
- Vanilla will be added as a scent in everything from food to beauty products.
- Manufacturers will begin targeting children with products normally associated with adult consumption. Mintel identified the growing market of younger coffee drinkers as an example.
- Refrigerated pet foods will make their way to market.
- Dr. Atkins gets his wish as numerous products are downsized from a carbohydrate point of view.
Moderator’s Comment: Are grocery retailers making the
most of new product introductions?
No and they never will be until slotting allowances and
other fees are removed from out of the authorization equation.
[George
Anderson – Moderator]