Product of the Year Awards Offer Differentiation
Mintel's Global New Product Database (GNPD) shows that for the first five months of 2024, just 35% of global CPG launches (i.e., across food, drink, household, health, beauty, personal care and pet care) are genuinely new products. This is the lowest proportion Mintel has recorded since it began tracking new products in 1996. It means that so far in 2024, 65% of launches are line extensions, reformulations, new packaging or relaunches.
"With genuine innovation at an all-time low globally," the report states, "the time to innovate is now."
For small, medium-sized and big brands alike, this vacuum in the product innovation landscape represents a huge opportunity to stand out in the market. That calls for diverse and comprehensive marketing strategies, and Product of the Year has been a centerpiece of such strategies for hundreds of CPG manufacturers launching new products.
A globally recognized seal of approval, Product of the Year has operated for more than 30 years — including 16 in the United States, supporting shoppers as a trusted guide to the best new products on the market.
The Product of the Year red seal is a distinctive mark that helps discerning consumers cut through cluttered shelves to find the products that stand out in the ways that matter, such as thoughtful design, quality and innovation. By allowing shoppers to easily identify the top trendsetting products, selected in a vote by 40,000 fellow consumers in a nationally representative study conducted by Kantar, the emblem also serves as a valuable marketing tool for brands to build consumer awareness and trust.
"Whether the innovation is big or small, CPG manufacturers look to the Product of the Year Awards to drive awareness, sales and distribution for their new product launches," Product of the Year management chief executive officer Mike Nolan says.
Manufacturers agree with this sentiment. "The Product of the Year seal is enabling the brand to efficiently credential the superiority of our newest product innovation in our highest-reach channels," says a spokesperson for the Charmin Ultra Smooth Tear brand, the 2024 Product of the Year Winner in its category.
"Innovation is hard to get right." Nolan adds. "At Product of the Year, we look for products that demonstrate innovation in their function, design, packaging or ingredients. That can be a completely new type of product or a useful innovation to a product 'renovation,' such as a new ingredient, redesigned shape or size, new formula (e.g., less sugar) or new packaging (e.g., user-friendly or "green"). Strong product ideas don’t have to be revolutionary, so long as they help to solve a problem or improve consumers' lives in a new or unique way."
For more information on how to enter the 2025 Product of the Year Awards, visit ProductoftheyearUSA.com or email [email protected].