If you are a regular reader of Today In Food, you'll know that just about every day, a new food or beverage product hits store shelves. While we do our best to track all new emerging products, it is a daunting task: according to new data from USDA, there are about 58.7 new product launches per day.
Food and beverage companies introduced 21,435 new products on U.S. retail shelves in 2016, according to USDA's Economic Research Service (ERS). That total included new package sizes, new flavors, new packaging and truly new products.
Of those new products, beverages accounted for 18.5% of total new products, and snack products were second with 14.8%. In total, the two categories accounted for about a third of all new food and beverage products introduced in the year.
ERS cited Mintel's Global New Products Database and found that 3,172 novel snack products were introduced that year, representing a 820-item jump from 2011. This increase is consistent with reports indicating that Americans are more prone to snacking than they were in the past, as they eat smaller meals during the day rather than consuming full meals.
For snack products, snack/cereal/energy bars, wheat and other grain-based snacks, vegetable snacks and meat snacks were the top categories. Bakery foods, including cookies and backing mixes, accounted for 12.6% of total new 2016 snack products.
E-commerce food sales have been growing at a rate of about 22% per year, and it is expected to make up close to 10% of the overall food and consumables market by 2023, according to data presented by Inmar at the Food Institute's annual Future of Food Retailing webinar, sponsored by BMO Harris Bank. Inmar's Jim Hertel and Craig Rosenblum took a deep dive into the growth and contraction of retail in 2018 and projections on the future of food retailing amidst Amazon's expanding online and...read more
Chris focuses on fresh, canned and frozen fruit and fresh and dried vegetables for the Food Institute Report. In addition, he assists in compiling data for various Food Institute publications throughout the year. He is a proud Rutgers University alumnus with a degree in English, and has a background in web writing for a variety of industries, including legal, foodservice and small-to-medium sized businesses. In his downtime you can find him watching New York Yankees baseball, hiking, enjoying live music and spending time with his dog Kaiden. He invites you to contact him via email at firstname.lastname@example.org to talk about anything food-related.
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