KUALA LUMPUR, Dec 20 (Bernama) -- NielsenIQ (NIQ), the global consumer intelligence company, has unveiled its latest insights on the importance of innovation in driving business growth.
During an exclusive event in Singapore, NIQ BASES celebrated the winners of the 2024 Breakthrough Innovation Awards, honouring brands that have disrupted the market and captivated consumers with exceptional new product launches.
In a statement, NIQ BASES Vice President, Gautam Seth said innovation remains one of the most effective ways to achieve both consumer-led brand growth and retailer acceptance.
“The 2024 winners demonstrated strong sales in their launch year and the lasting power of their innovations over time,” he said, adding that the success of these brands validates how well-executed innovation can fuel growth, even in tough economic times.
According to NIQ BASES, top innovators in Southeast Asia achieve four times higher velocity and double the distribution in their launch year compared to category averages for new launches, demonstrating strategic innovation's ability to propel brands to stay ahead of the competition.
NIQ BASES empowers fast-moving consumer goods (FMCG) brands with cutting-edge insights to fuel product development, brand renovation, and go-to-market activation. With over 100 patents and a database of 500,000 evaluated innovations coupled with significant research and development investment in artificial intelligence, Neuro and Agile platforms, NIQ offers unparalleled expertise in market dynamics and actionable strategies for success.
The 2024 Breakthrough Innovation Award winners exemplify excellence in execution, with products that not only stood out in the market but also met the evolving consumer needs, where Southeast Asian products saw, on average, a 56 per cent increase in sales in their second year, showcasing the power of purposeful innovation.
This year’s winners in Singapore include Hormel Foods' SKIPPY Creamy Peanut Butter Zero Sugar Zero Salt Added, Sunshine Bakeries' Sunshine Poketto Sandwich, and PepsiCo's Quaker Oats 5 in 1 Multigrain Range (Red, Black, and White). The Wavemakers category recognises promising new product launches that have demonstrated strong market velocities with market potential.
The 2024 Breakthrough Innovation analysis reveals significant growth opportunities for brands in Southeast Asia, including health & wellness, cultural inspirations, and local & customised.
Consumers are increasingly attracted to products with low-calorie, low-sugar, or gut-health-related ingredients, alongside functional benefits, such as energy-boosting and immunity, whereas Korean and Japanese-inspired ingredients and flavours are gaining momentum, helping brands stand out in competitive markets. There is rising consumer demand for locally sourced or sustainably produced ingredients, with products tailored to local tastes.
These award-winning products launched between 2022 and 2023 and have successfully navigated an ever-evolving consumer landscape. Innovation continues to solve consumer problems, offering a path to long-term success for brands in the evolving market.
-- BERNAMA
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