KANSAS CITY — Speed-to-market is a necessity in today’s food and beverage product development process. The degree to which companies, both small and large, are racing to identify trends, bring innovation to market and capitalize on consumer interest in specific ingredients or product applications is evident in the extraordinary traffic generated by stories on this subject on this journal’s web site, www.foodbusinessnews.net. Delivering market intelligence key to new product success underpins the purpose of the New Food Insider from Food Business News, a weekly newsletter focusing on the latest food, beverage and menu item launches.
Top executives of some of the industry’s largest companies have identified speed-to-market as a corporate priority. Product development at Nestle S.A., Vevey, Switzerland, the world’s largest food and beverage company, has been accelerated to match the pace of innovation from emerging brands, Ulf Mark Schneider, chief executive officer, said during a conference call with financial analysts this past July.
“I think the biggest surprise to everyone, whether you’re new to the industry or whether you’re an old hand, is simply for the last three years the amount of change that has occurred in this industry and in particular the amount of innovation that has been brought to the market by small and mid-sized focused companies,” he said. “And the challenge was very clear. We had to rise to this level and basically meet that rate of innovation; hence, the changes we’ve done to our research and development organization.”
Similar initiatives to accelerate the innovation process are underway at General Mills, Inc., Minneapolis; J.M. Smucker Co., Orrville, Ohio; Tyson Foods, Inc., Springdale, Ark., and many other companies.
Staying up to date about new product launches has never been more challenging. The New Food Insider is a convenient solution.
In addition to covering product releases in a timely fashion, the New Food Insider will preview the latest innovations from a product category and company perspective. The inaugural issue published Aug. 7 featured stories about new products from Kraft Heinz Co., Kellogg Co., and a review of new products introduced by Conagra Brands, Inc., during the past three months. Spoiler alert: Plant-based plays a prominent role.
Special issues of the New Food Insider will cover products that debut during annual events, including the Winter Fancy Foods Show, Natural Products Expo West, Sweets & Snacks Expo and more. Coverage of these events will keep subscribers in the know about the newest products from some of the industry’s most innovative entrepreneurs.
For a free subscription to the New Food Insider from Food Business News, visit www.foodbusinessnews.net and follow the instructions for “Free Newsletter Sign-Up.” Companies may submit product introduction announcements to be considered for inclusion in the New Food Insider by sending them to Rebekah Schouten (firstname.lastname@example.org).
Data have been called the currency of the digital age. To enhance its value, data must be aggregated and organized to deliver actionable insights. The New Food Insider from Food Business News is a tool innovators will want to use to enhance their chances of new product development success.