Consumers are eager for innovation when it comes to packaged goods and are interested in trying new food products at the grocery store. This shows immense opportunity for manufacturers and retailers to offer consumers something fresh. Innovation and new products spark excitement in the consumer and generate more opportunities for buying regardless of the shopping channel or medium. New products are the lifeblood of retailing – they infuse verve into existing lines, create completely new categories, and fulfill unmet needs not previously on consumers’ or retailers’ radar. It is not surprising that brands today are continuously looking to the wider food and drinks market to spot trends early on and promote continuous development of more experiential, convenient and innovative product propositions.
The food and beverage industry in India is currently on the verge of momentous trends that are both transformative and disruptive. The most pronounced of these trends is buoyant growth of the consumer packaged goods (CPG) industry over the past quarter century, which has been nothing short of exhilarating. Riding on the crest of success, CPG companies have launched innovative products to meet an ever-growing array of consumer needs and desires.
While product launches have been taking place at a fast clip, companies have also had to constantly innovate to differentiate their products from others. Indeed, innovation is key when it comes to addressing the challenges in the F&B sector. These include having to cope with rapidly changing consumer needs, shortened product life cycles, margin pressures, and rising technological advancements. Innovation-led new product development, thus, plays an important role and acts as a growth driver for the industry.
Innovation is viewed as the application of better solutions that meet new requirements, unarticulated needs of consumers, or existing market needs. This is accomplished through better products, processes, services, technologies, or business models that are readily available to markets, governments and society. Innovation is a wide concept which aside from creating, launching and marketing new products also includes improving shopping processes, providing consumers with a range of tools to purchase products and ensuring that the entire organization is focused on the singular goal of improving the customer’s overall experience. As Indian consumers become more global in their aspirations and desires, as they travel abroad and are exposed to global products, their appetite to consume products in their home market will only increase.
Newer players are faster on food innovations
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Gurgaon's First and Most Successful Independent F&G Retailer
SINCE LAUNCHING ITS FIRST OUTLET IN THE YEAR 2000 IN DLF GURGAON AT A TIME WHEN MODERN TRADE FOOD AND GROCERY STORES WERE NOWHERE ON THE RETAIL HORIZONS OF THE MILLENNIUM CITY, NEEDS SUPERMARKET HAS GROWN TO ADD 26 LARGE, MEDIUM AND SMALL STORES TO ITS KITTY, CLOCKING AN ADMIRABLE RUN RATE ON VARIOUS PARAMETERS OF RETAILING EXCELLENCE ALONG THE WAY. PROGRESSIVE GROCER SPOKE TO NEEDS SUPERMARKET’S MD AJAY DHAR, AND CEO, ARUN KHATTAR, ABOUT HOW THE GROCERY CHAIN HAS BEEN ABLE TO HOLD ITS OWN AND CLOCK STEADY GROWTH IN A HYPER-COMPETITIVE MARKET DOTTED WITH BIG-BOX NATIONAL RETAILERS AND THE SECRET SAUCE BEHIND ITS SUCCESS RECIPE.
Paras Spices is innovating with unique products to meet new trends in the spices category
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Just Outside the Box
THE HUMBLE PARKING LOT HAS BECOME A DIFFERENT KIND OF RETAIL DESTINATION AND HUB OF COMMERCE.
Increased Focus on Health, Wellness, and Immunity-boosting Products
SALES OF PACKAGED FOODS HAVE SURGED SINCE THE ONSET OF THE PANDEMIC, AS HOME-BOUND CONSUMERS STOCKPILE FAMILIAR PRODUCTS THAT WON’T GO STALE QUICKLY. BREAKFAST CEREALS, INSTANT NOODLES, RICE AND COOKING FATS ARE AMONG THE PRODUCTS THAT HAVE SEEN THE STRONGEST GROWTH IN RECENT MONTHS.
Consumer focus on hygiene & nutrition boosts packaged paneer sales
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