CHICAGO — Information gleaned from the Mintel Global New Products Database shows that new food and drink product launches dropped 51% from the first quarter of 2008 to the same period this year, with certain categories experiencing relatively fewer launches.
Compared to Q1 2008, Mintel saw higher-than-average declines for new launches of non-alcoholic beverages (56%), chocolate (55%), sugar and gum confectionery (64%) and dairy product (60%).
The trend isn't expected to continue. Although new product introductions declined steadily from October 2008 to February 2009, they increased in March.
“Consumer confidence has leveled off for the time being, which marks an opportunity for manufacturers,” said Lynn Dornblaswer, leading new-product expert at Mintel, in a statement. “Now is the time for ideation and innovation for products that answer shoppers’ desires for value, quality and pleasure.”
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