When it comes to across-the-board product innovation, food and beverages rank low on the list, according to a study byIpsos Marketing.
Ipsos said it polled 1,000 consumers worldwide late last year and 89 percent said they would be interested in trying new foods at the grocery store. However, when they were asked which product categories are most likely to introduce services and products that are new and different, 34 percent said household products, 28 percent said personal products and only 26 percent said food and beverage products.
By comparison, computer equipment (60 percent), electronic media (58 percent) and cameras and video equipment (54 percent) ranked high for innovation.
"It's not surprising that consumer packaged goods would not rank as high as more obvious technological products," noted Lauren Demar, CEO for Ipsos' Global Consumer Goods Sector. "What is interesting is that consumer packaged goods are viewed to be as innovative by almost one-third of global consumers -- not bad for an industry that, generally speaking, has been unfairly tagged as sluggish on the innovation front.
"A critical step in the new product development process is communicating to consumers when new products become available and what differentiates them from products currently on the market," she added. "This is an opportunity waiting to be taken."