Innovation strategies play a vital role in fostering growth and competitiveness through new product launches, sub-brands, product and market expansion. In 2023, over 27,000 new brands and sub-brands were launched online across the 50 most dynamic fmcg categories, according to Euromonitor’s Innovation Tracker*. This in turn can help companies aim for market differentiation, cost reduction and risk mitigation. According to Euromonitor’s Voice of the Industry Survey of over 1,000 professionals in 2023, 45% cited sustainable solutions as innovation plans their companies are pursuing in upcoming years.
Addressing consumers’ sustainable living concerns, Cervepar, from Anheuser-Busch InBev Group, launched Bud66 in a returnable container, being the first premium beer to do so in Paraguay. In addition, the new product comes at a lower price point, in response to consumers’ recent loss of purchasing power due to inflation. Informing consumers about product features that speak to sustainable solutions is another consumer-centric approach, as certifications from independent agencies can help validate sustainability claims and build brand credibility. For example, the platform Provenance, based in London, validates claims in Food and Beverages, as well as Beauty and Personal Care categories. Thus, the platform allows Direct-to-Consumer channels and retailers to publish certified green claims, where consumers can avoid greenwashing and look for products based on their values and preferences, such as cruelty-free, protecting nature, supporting communities, and others.
Alignment to consumer values is the second most important topic of innovation plans for industry professionals. Innovation tied to consumer values can look different across sectors, but in general, it helps brands to build trust, consumer loyalty and market reputation.
As survey results show, innovation plans are not only about advanced technological solutions. It also involves responding to sustainable demands and adapting to consumer preferences. Thus, brands should embrace the opportunity to rethink market strategies and explore new avenues for growth, leveraging consumer insights to stay agile and relevant in a rapidly evolving marketplace.
More about the Voice of the Industry
Euromonitor’s Voice of the Industry survey leverages our extensive network of industry thought leaders around the world to uncover trends and innovations within categories, regions, and beyond. It is fielded twice a year, featuring consistent global representation and respondents who hold senior roles in their companies.
The Voice of the Industry survey is developed by Euromonitor’s in-house industry experts and analysts and includes a wide array of topics such as category performance, company priorities, innovation and NPD, digital trends, and sustainability.
Key Questions the Voice of the Industry Answers
- Which trends are expected to impact sales?
- How did your company adapt to recent consumer or industry trends?
- Which retail channels are expected to grow in the short-term period?
- How is sustainability part of your company’s investment or planning?
- What are top business priorities in 2024?
Euromonitor International's Consumer Insights Offering
Euromonitor designs consumer and B2B surveys in-house, using input from research experts and clients. Our offering includes nine annual Voice of the Consumer tracking surveys and a bi-annual Voice of the Industry survey. Data from these surveys can be found in Passport, Euromonitor’s one stop shop for industry, economies and consumer data. Connect with our team to learn more.
Read our article Monitoring NPD to Understand Innovation trends in Consumer Health for more analysis on products and brand launches in the industry. To learn more about tracking new brand and sub-brand launches across the global digital shelf, visit our Innovation product page.
Stream our webinar, 2024 Consumer Trends to watch, for in-depth insights on lifestyle and digital consumer trends in 2024.
Note*: Based on data available as of 6 March 2024. Data exclude brand expansions on existing brands and marketplaces.