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Nearly one-third of brands launched in 2022 discontinued by 2023
Euromonitor International's new artificial intelligence (AI) powered Passport Innovation platform has found that nearly one-third of brands launched in 2022 were discontinued by the end of 2023.
Source: © LinkedIn LinkedIn Nearly one-third of brands launched in 2022 were discontinued by the end of 2023, revealed market research company Euromonitor International...
The platform 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 launched in 2023
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 super six
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 the 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.
Euromonitor International’s Passport Innovation
Euromonitor International’s Passport Innovation covers 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 categories.
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