Posted in:

2024 New Product Pacesetters Report

Enterprise40
Jun 4, 2024
2 min read

Updated: Jul 9

Innovation Meets Consumers in New Moments

Each year, Circana evaluates CPG’s top 100 food and beverage and top 100 nonfood product launches. The latest lineup of winners uncovers key themes and winning strategies that enabled successful new products in 2023.

Our 29th annual report highlights the changes Americans have experienced since the pandemic. Many of these products were developed in 2022 or even 2021, when many consumers started to regain their out-of-home mobility and resumed family and social routines.

The 2023 New Product Pacesetters generated a remarkable $6.1 billion in their first year of sales across food, beverage, and nonfood categories. This was slightly down from the $7 billion in 2022 Pacesetters sales, reflecting the dynamic nature of consumer trends and market responses.

Highlights:

New Product Pacesetters significantly contribute to overall store sales growth. This year, Pacesetters accounted for an 18% increase in contribution to total multi-outlet sales, compared to an 11% increase in 2022.
Year after year, New Product Pacesetters feature beverages that deliver more: more energy, rapid hydration, and nutrients. This year, 43% of consumers sought hydration in their beverages, often to alleviate headaches, fatigue, or muscle cramps.
Within nonedible categories, “natural” was a watchword for personal care products, including simple ingredient lists and free-from positioning.
Innovation remained strong in health solutions but couldn’t match the more than $1.5 billion in sales from home test kits in 2022. Overall sales of nonfood New Product Pacesetters in 2023 reached $2.7 billion compared to 2022’s $3.5 billion.
Demographers expected to see birth declines the U.S. during the pandemic. But in 2021, the birth rate was higher than predicted, especially among women younger than 25 and those having their first child.
Pet ownership, specifically of multiple dogs, has seen a notable increase over the years. Circana data shows that more than 50% of pet parents buy gifts for their pets.