Euromonitor International’s Passport Innovation platform, powered by artificial intelligence, is transforming how businesses track new product launches in the fast-moving consumer goods industry. The platform monitors over 50 disruptive categories in 32 countries, providing real-time insights into the success or failure of new brands.
In 2023, Euromonitor detected over 4,000 new brand launches and 33,000 sub-brand launches, showcasing the dynamic nature of the market. However, the platform also revealed that less than 60% of new products survive in the long term, emphasizing the importance of strategic decision-making in product innovation.
The US emerged as a leader in product innovation, with the highest number of new brand and sub-brand launches in 2023. With its diverse population and high disposable incomes, the US serves as a prime testing ground for companies looking to gauge consumer interest and market viability before expanding globally.
Euromonitor’s Passport Innovation platform provides businesses with unparalleled insights into product lifecycles, from roll-out to phase-out. By tracking new brand launches from January 2021 onwards, businesses can stay ahead of the competition and adapt to changing consumer preferences.
The platform covers categories such as drinks, food and nutrition, health and beauty, and home products, giving businesses a comprehensive view of evolving consumer trends. With detailed information on product attributes, brand expansion, and market dynamics, Passport Innovation equips businesses with the tools they need to thrive in a competitive market.
Brad Borgman, Chief Innovation Officer at Euromonitor International, highlights the platform’s unique ability to provide real-time data on new product launches and their evolution across markets and categories. With detailed insights into consumer preferences and brand performance, businesses can make informed decisions on product development and market expansion.
Stella Vatcheva, Senior Head of Practice for Innovation at Euromonitor International, underscores the platform’s focus on e-commerce data, where new products often launch first. By monitoring brands’ performance on digital shelves, Passport Innovation clients can stay ahead of trends and adjust their strategies accordingly.
For businesses looking to stay ahead in the fast-moving consumer goods industry, Euromonitor International’s Passport Innovation platform offers essential insights into new product launches, market trends, and consumer preferences. Visit the platform hub for more information on how Passport Innovation can help your business succeed in a rapidly evolving market.
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