Episode
Declining FMCG innovation: What should brands do?
- Podcast
- Mintel Little Conversation
- Published
- Aug 9, 2024
- Duration seconds
- 1732
- Processing state
not_requested- Canonical source
- https://www.mintel.com/little-conversation
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Summary
Mintel innovation experts discuss how critical new product development is at this pivotal moment in the FMCG industry. They reveal surprising data from Mintel Global New Product Database, showing declines in innovation, and share insight into the key drivers behind the trend. Join the discussion about what successful innovation looks like and the competitive edge it offers brands. Get the experts' take on the looming threats to big brands as Mintel predicts a coming wave of innovation competition. Learn more about The Role of Innovation in the Future of the CPG Industry and download our free insight piece. Head over to Mintel’s LinkedIn to let us know what you think of this episode, and visit mintel.com to become a member of our free Spotlight community. Host: Lynn Dornblaser, Principal Consultant, Mintel Consulting. Guest: Jonny Forsyth, Senior Director, Mintel Food & Drink. Timestamps: (00:00) Introduction (01:05) Importance of innovation in FMCG (02:25) Decline of true innovation in the industry (08:20) Impact of the economic downturn on innovation (11:08) Rise of private label brands (15:36) Need for big brands to innovate faster (17:41) Embracing digital technology for innovation (19:06) Understanding consumer needs and using data and AI (21:28) Should brands focus on their core business or work on innovation (25:47) Conclusion and key takeaways