In the first update of 2023, we see a decrease in total innovations launched in the US compared to our last report. Confectionery & Snacks is the only category to see an increase since our last update. We also see that each category continues to see drastic drops in innovations launched compared to last year.

When looking at innovation eq pricing, Alcoholic Beverages are showing the highest increase in this month’s update. Confectionery and Snacks slightly edges out Personal Care in showing the highest innovation average in velocity. Home Care shows the highest innovation contribution in total sales between all the categories.

Category where innovations have the highest increase in eq price 

Category where innovations have the highest average velocity 

Highest innovation sales contribution to total value sales

When looking at the most active brand owners in innovation over the past 12 weeks, P&G continues to lead the industry with 273 innovations. Lindt & Sprüngli and Markwins enter the top 5 of active brand owners in this month’s update.

Overall, consumers are showing for the fourth month in a row that they are willing to spend on consumer-packaged goods with growth coming from every category outside of Non-Alcoholic Beverages, which saw a 4% decrease in total sales. We also see an increase in every category from an innovation sales standpoint outside of Alcoholic Beverages, which saw a drastic 22% decrease compared to 12 weeks ago.

The total number of products available in the market across all categories dropped slightly in this update at a rate of 0.4%, while innovations saw a 2.8% increase in product availability.

The average eq price, in both total market and innovations, has seen an increase over the past 12 weeks by a staggering 17% and 8.7% respectively. In overall price we see that each category has either maintained the same price or has seen an increase. While looking at innovation pricing, the only category that showed decline is Personal Care which we see a decrease of 3% compared to 12 weeks ago.

Overall, average item velocity starts the year out with a decrease of 1.2%. On the other hand, innovation items saw an increase in velocity at 2.9%. This is mainly driven by Confectionary and Snacks as well as Personal Care, which have seen increases of 21% and 20% respectively.