Mintel’s report reveals a significant slowdown in innovation within the consumer packaged goods (CPG) sector. In the first five months of 2024, only 35% of global CPG launches were genuinely new products. This is the lowest rate of innovation recorded by Mintel since 1996. The lack of new innovations is driving consumers towards store brands, endangering the profitability and viability of established CPG brands. Companies are under pressure to innovate to maintain consumer interest and meet retailer demands, yet the high failure rate of new products complicates this process.
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