Food companies are relying on innovation to bounce back from the recession, according to new data suggesting NPD in the sector is starting to recover.
Figures from market research group Innova suggest food NPD is back on the up after slumping over the past two years. Product launches were up by 7.3% in the year to June over the previous 12-month period.
“In general, companies and markets are bouncing back in 2009 after reaching product launch number lows in the last quarter of 2008,” said Innova analyst Natalie Tremellen.
“Adapting marketing strategies to changing consumer habits such as increased at-home eating could prove beneficial for companies to negate any further downturn for the remainder of 2009.”