This report analyses data from Euromonitor International’s Innovation platform to provide insights on what type of innovation is happening online, where and in what categories, as well as who is innovating and expanding into new retailers and countries, helping businesses identify where best to focus their innovation strategies and investments for continued success.
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New product innovation matters because it fuels growth, competitiveness and adaptability for businesses. It enables companies to meet customer needs, stay ahead of the curve and contribute to economic development.
Promising markets for launching new products are those with a sizeable population, a solid middle class (indicating consumers’ ability and willingness to spend), and favourable economic conditions. In the three years to 2023, the countries with the highest number of new product launches globally were the US, Germany, France, Brazil and India.
The most crowded industries are where most new product launches happen, as the density of competition is a catalyst for innovation. Therefore, businesses must thoroughly assess new product potential, taking into account the competitive landscape, unmet needs and evolving consumer preferences.
Large corporations often emerge as leaders in innovation, leveraging their stronger brand perceptions and positions as industry thought leaders. They set trends in new product development by identifying emerging market needs, introducing new product variants and sub-brands, and strategically entering adjacent industries or categories.
The success of new products depends on the ability to track new product launches in real time. This allows companies to effectively monitor consumer preferences and the competitive landscape to inform strategic decisions, such as ramping up production or market withdrawal. It also helps in identifying optimal retail partners for impactful go-to-market strategies.
The Innovation in World report includes:
Data and analysis on new brand and subbrand launches at online retailers within specific country across:
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