Alexander Chefetz’s Post

An interesting read from Jonny Forsyth and the team at Mintel, looking at how the Consumer Packaged Goods industry has moved from innovation towards renovation since 2019, how AI has lowered barriers to entry for new players, and how the Middle East, Asia and Africa are now innovation leaders in the industry.

Innovation in the CPG industry is at an all-time low worldwide In this very interesting report from Mintel, the decline in innovation and the key drivers are highlighted and the impact on major brands is shown. Where is the next wave of innovation coming from? Read for yourself: https://lnkd.in/dXhRm5dm

Our Mintel Global New Product Database shows that for the first five months of 2024, just 35% of global CPG launches across food, drink, household, health, beauty, personal care and pet care industries are genuinely new products. 🛒 This is the lowest proportion of innovation Mintel has recorded since it began tracking new products in 1996.💡 Declining innovation comes at a time when big brands have just pushed through significant price increases, in many cases without offering consumers any additional benefits. 📉 This makes it easier for consumers to switch to private-label alternatives. For example, in May 2024, almost 31% of US adults admitted to buying more store brands over the past two months.🔁 Will those consumers automatically return to big brands once they feel more financially confident? Explore the decline in innovation and uncover the key drivers behind this trend ! ⤵️

📈The key to faster growth for CPG companies in 2024? According to this piece from Food Dive, innovation. 💡 Why? Because new products are more important than ever as consumers seek to curtail spending and navigate an ever-expanding array of choices. https://hubs.ly/Q02nm_zT0 #packaginginnovations

The future of Consumer Packaged Goods (CPG) hinges on innovation, but recent data from Mintel reveals a concerning trend: only 35% of global CPG launches in early 2024 are genuinely new products, the lowest since 1996. This innovation shortfall, coupled with recent price hikes by major brands, makes it easier for consumers to switch to private-label alternatives. While North and Latin America show the most significant decline in new product launches, regions like the Middle East, Africa, and Asia-Pacific are leading in innovation, driven by robust economic growth and a growth mindset. To combat stagnation, major CPG companies are investing in startups through in-house venture capital units, aiming to harness new consumer trends and agile business models. Reach out to Sharon Widauf or Paula Jose for more information on how MSI Express is charting a path for success. MSI Express has 14 locations in 6 states to provide you with operational excellence & world class speed to market. MSI Express is a strategic, innovative contract manufacturing and packaging company. Our growing breadth of capabilities and trusted team of problem solvers are a perfect match for the challenges of today’s CPG world. #manufacturing #supplychainmanagement #innovation #MSIExpress #foodindustry #foodmanufacturing #packagingsolutions #foodandbeverage #sustainability #packaginginnovations #petfood #petfoodindustry #inc5000list #snackfood #gummies #supplements #consumerbehavior #packaging #foodbusiness #foodandbeverageindustry #food #foodandbeveragemanufacturing #innovation #supplychain #contractpackaging #contractmanufacturing #copack #copackager #packaging #cpg #cpgindustry #comanufacturer #brand #energy #compliance #foodsafety #quality

🌟 "The best way to predict the future is to create it." 🌟 In the fast-evolving world of CPG, innovation isn't just an option—it's a necessity. Mintel’s analysis shows that such creativity has been in short supply in recent years, and this innovation drought risks the future profitability, and potentially, even survival, of established CPG industry players. Check out the insight here: https://lnkd.in/dZDWZs8j #CPGInnovation #FutureOfCPG #MintelInsights #ConsumerTrends

As an emerging brand/SMB in the CPG industry, it's important to know where to focus your efforts in 2024. The industry is still recovering from the challenges of 2023, which saw an average unit price increase between 4-8%, and some departments, such as Dry Grocery, saw a 10% price increase! But amidst all these challenges, there is one thing that's clear: sustainability matters to the public. With 95% of consumers trying to take some action to live sustainably, there's an opportunity for grocery brands to align their product offerings to match this demand. However, companies often don't have full visibility on the retail and consumer landscape, which can hinder their competitive advantage. That's where I can help. Connect with me to optimize your brand's data and identify growth opportunities. Email me at alisha.peres@nielseniq.com to learn more. #CPGIndustry #SMB #FMCG #emergingbrands

As we venture into 2024, the FMCG sector is experiencing a wave of innovation and strategic shifts. Brands are adapting to changing consumer preferences, technological advancements, and sustainability demands. Here’s a deep dive into the key trends shaping the FMCG landscape, and how leading brands are leading brands driving these changes. #Innovation #ConsumerGoods #FMCGtrends #CustomerEngagement

According to NIQ BASES Managing Director Ramon Malgarejo, unlocking new CPG growth potential is simple but less intuitive. Here are a few questions about identifying the possible innovations to seize according to consumer perspectives: • What are the gaps in the marketplace? • Which gaps represent a compelling business opportunity? • Where do these gaps fit into the overall hierarchy of how the consumer is thinking about their purchasing criteria? Next step is to match the right opportunity to brand strengths and retailer expectations. Here’s what else Ramon had to say:https://lnkd.in/g6kyck_u

How can manufacturers unlock growth potential?