- Euromonitor International's new AI-powered Passport
Innovation platform tracked new brand launches by
country, retailer and category, from 2021 to identify how new
products proliferate or get discontinued
- Passport Innovation monitors 54
disruptive fast moving consumer goods categories across 32
countries and can tell if new brands are failing
or succeeding
LONDON, April 30,
2024 /PRNewswire/ -- Nearly one third of brands
launched in 2022 were discontinued by the end of 2023, revealed
market research company Euromonitor International.
The findings came from Euromonitor International's new
artificial intelligence (AI) powered Passport Innovation
platform, which monitors e-commerce data and tracks the product
lifecycles of newly launched brands across markets and online
retailers to inform decision-making on product innovation.
4000 new brands were launched in just 2023, finds Euromonitor
Passport Innovation
In 2023, Euromonitor detected more than 4,000 new brand launches
and over 33,000 new sub-brand launches across the 32 global
markets, 50 categories and online-retailers on its radar.
From 2021 to 2023, analysts watched more than 11,000 new brands
and some 105,000 sub-brands launch on to the global market. Most
new launches were line extensions for brands, with almost 3,000 new
sub-brands on average launching each month.
Overall, Euromonitor analysts identified that there is a less
than 60% chance new products will survive in the market in the long
term.
The US dominates product innovation launches catering for
vast population and high disposable incomes
The super six countries of product innovation - the US,
Germany, India, France, Brazil, and the UK - contributed to more than
50% of all new brands and sub-brands identified by Euromonitor's
Passport Innovation platform in 2023.
The US dominated innovation activity in 2023, with 16% of all
detected new brands and sub-brands in 2023, followed by
Germany with 9%.
With its vast and varied population and significant disposable
income, the US stands out as a prime market for testing new
products before expanding into others. It offers attractive
opportunities for companies seeking to gauge product viability and
consumer interest.
Passport Innovation reveals 'roll-out to
phase-out' product information
Euromonitor International's Passport Innovation product
will equip businesses with the unrivalled ability to track a
product's lifecycle from roll-out to phase-out with real time
information. The artificial intelligence-powered (AI) database
will empower businesses to identify and track new brand and
sub-brand launches from January 2021
onwards.
The categories covered are drinks including hot, alcoholic, and
soft drinks; food and nutrition including packaged food; health and
beauty including consumer health, beauty and personal care, and
tissues and hygiene; and home products covering home care and pet
foods.
Brad Borgman, Chief Innovation
Officer at Euromonitor International, said: "We have been
investing in large language models and have developed a
state-of-the art database that identifies and tracks new product
launches with unprecedented speed. It is a unique platform where
companies can learn how these new products proliferate across
retailers, countries, categories and see how they evolve in terms
of attributes.
"Businesses will also be able to gain unparalleled insight into
consumer purchasing preferences and assess how brands are
responding. We can provide detailed answers to questions on product
attributes and features, brand expansion and decline, markets with
most new product launches and timings, product testing, and the
players in the market that most frequently launch brands."
Stella Vatcheva, Senior Head of Practice for Innovation at
Euromonitor International, said: "This is the only NPD platform
that exclusively monitors e-commerce data, where most products are
likely to launch first. Our Passport Innovation clients
will be the first to know which new brands are failing or
succeeding, with up-to-date information on whether a new product is
expanding or being dropped by e-retailers. They will be able to
visualise a new product's evolution over time, with detailed
summaries of attributes and positioning."
For more information visit Euromonitor International's
Passport Innovation platform hub.
NOTES TO THE EDITOR
Euromonitor's Passport Innovation platform
includes:
- Extensive monitoring of 54 disruptive consumer goods categories
and sub-categories across 32 countries
- Countries covered include Australia, Brazil, Canada, France, Germany, India, Italy,
Mexico, Poland, Spain, United
Kingdom, United States of
America, United Arab
Emirates and Singapore.
- Industries include 27 categories across Food and Beverage
including Soft Drinks, Hot Drinks, Alcoholic Drinks, Packaged Foods
and Pet Food plus 27 categories across Beauty, Health and Home
including Consumer Health, Beauty and Personal Care Home Care,
Tissues and Hygiene
- Searchable database of new brands and sub-brands alongside
attributes and availability
- Machine Learning models that interrogate the data to identify
when brands and sub-brands are seen for the first time on
retailers' digital shelf
- The only New Product Development platform that exclusively
monitors e-commerce data where most products are likely to launch
first
Contact:
Euromonitor International Press Office
Press@euromonitor.com
+44 (0)20 7251 8024
View original
content:https://www.prnewswire.co.uk/news-releases/one-third-of-brands-launched-in-2022-disappeared-from-the-market-by-2023-euromonitor-international-302131824.html