These Brands Set the Bar for Product Launches in 2016
Launching new products in the fast-paced market for consumer packaged goods (CPG) is very much a game of hit and miss. Thousands of new products hit the shelves every year, but only few of them truly stand out. IRI, a market research group focusing on consumer packaged goods, recently announced last year’s most successful product launches in the industry, breaking them down by food, non-food and convenience store brands.
The non-food segment was dominated by FLONASE, an anti-allergy nasal spray, which racked up $316.5 million in sales in its first year as an over-the-counter medicine. Median year-one sales by the 100 best performing non-food brands amounted to $17.6 million in 2016 compared to $11.4 million for food and beverage brands. In total, the 200 top-selling brands generated $5.8 billion in new product sales in 2016, illustrating the importance of constant innovation in the CPG industry.