Successful innovation requires knowledge, cooperation and an acute sense of future trends, says Daymon.
In spite of recent geopolitical and socio-economic challenges, the consumer goods industry continues to innovate.
Daymon’s recent Innovation Report highlights some of the most notable product innovations hitting store shelves over the past year, as well as six ‘innovation pillars’ that are set to shape product development in the future.
The first innovation pillar is centered on the theme ‘Better-for-World’, and includes products that have a positive impact on the environment, society, and communities. Consumers are increasingly seeking out products that feature sustainable packaging, conservation claims and upcycled ingredients.
Product concepts that embody these themes include upcycled pasta sauces, vegan scrambled eggs and shampoo tablets. Packaging formats such as compostable cling wraps and labelless bottles, and in-store concepts such as recycling hubs and dynamic pricing to reduce food waste, also contribute to the Better-for-World theme.
The Plant-Forward Solutions innovation pillar reflects increased consumer demand for plant-based products in a variety of FMCG categories, backed by an increase in the numbers adhering to more plant-driven diets.
Product concepts under this pillar include bread infused with vegetables to enhance fruit and vegetable consumption; high-protein breakfast cereal made from pulses such as peas, chickpeas and chicory; sunflower seed milk; potato milk smoothies; and plant-based drinks for toddlers.
From a retail perspective, this pillar also incudes vegan-themed concept stores, such as the ‘Billa Pflanzilla’ outlet (pictured) opened by Austrian retailer Billa in Vienna last year.
With consumers redefining product functionality based on their personal health and wellbeing goals, the Peak Performance pillar features innovations that aim to enhance wellness and optimise performance.
Within the Peak Performance pillar, concepts include sports drinks featuring egg whites; ‘late-night’ cereals to assist with a restful night’s sleep; and Rumble, an app that ‘gamifies’ consumers’ exercise routines by offering them discounts if their goals are achieved.
Improved Delivery Systems
Convenience means different things to different consumers, and the Improved Delivery Systems pillar explores how retailers and brands are seeking to provide tailored ways to make life easier for shoppers.
Notable concepts under this pillar include stove-top pizza that can be cooked on a traditional frying pan, which recently hit the market in Brazil; liquid herbs to assist with cooking; and multi-temperature lockers for online order pickups.
To be successful, innovation needs to excite, and the Dynamic Pairings pillar focuses on products that boast unique flavour combinations, sensory appeal and memorable taste and texture profiles.
This includes concepts such as nut butter sandwich cookies; ice cream ‘snacking balls’, alcoholic sweet teas and canned sake cocktails.
Made For Show
Finally, products under the Made for Show pillar include concepts that have transcended their basic functions and have become vessels for creating new experiences. Personalisation, visual appeal and on-trend characteristics all feature strongly.
Daymon believes that in order to drive innovation, businesses need to create an innovation culture and sustain it through a tailored innovation process based on knowledge and cooperation.
If you would like to learn more about how to accelerate innovation in your programme, contact Daymon at [email protected].