Prinova - 2022 - 2

Get Your Innovations to Market Faster
beverage innovation. The first to market with
a new concept creates excitement, while
the next few that follow benefit from the
original's marketing efforts. Later down the
line, the copycats often do nothing more than
cannibalize sales of the forerunners, creating a
" may the best product " win environment. This
is why it is paramount to be an early participant
and to confidently bring your best innovations
to market with an ingredient partner that has
no broken links in the supply chain. Sourcing
ingredients is easier than ever with Prinova
USA, a NAGASE Group Co., Carol Stream, Ill.
" We've seen many changes in the last
two years, " said Lynn Dornblaser, DirectorInnovation
and Insight at Mintel, Chicago, at
the IFT FIRST conference held in July 2022.
" There is no going back. "
She identified four areas to focus product
development efforts. Protein is the first.
This includes animal-based and plant-based
products, with beverages being big in this
space. Energy is another key category,
specifically, energy drinks and coffee of all
types, she said. The third focus point is pasta
and noodles, but not necessarily conventional
semolina-based products. Innovations are
taking place with all types of base ingredients
and a variety of preparation methods. And
lastly, because taking care of oneself has
become a priority, sweet treat innovations are
booming, everything from frozen desserts to
baking mixes.
Total new product introductions remained
relatively steady for the past several years,
as has the rate of true innovation, according
to Dornblaser. True innovation refers to new
brands and new companies that come into the
market, as compared to changes, additions or
refreshes of existing lines. With both, speed to
market is important in order to benefit most
from the trend.
On average, more than 30,000 new consumer
products are launched annually and 80%
of them fail, said Harvard Business School
Professor Clayton Christensen, now deceased,
more than a decade ago. While that number
remains the consistent average that marketing
experts use today, some innovators may not
describe the withdrawal of a product from
distribution as a failure, rather it may be
described as " the end of its lifecycle, " and is
related to changing consumer priorities. The
approach to addressing this constant change is
through continuous innovation.
Start-ups understand this and many know
how to tap into industry resources to bring their
innovations to market, have it be in bricks and
mortar or online. Most profitable food startups
are creating new categories by offering
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Prinova - 2022

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