Friday July 23, 2010

New Product Offerings Climb

Chicago — Food and beverage product introductions in the U.S. are up 15 percent since the second half of 2009, according to the Institute of Food Technologists (IFT).

Data presented by Mintel International Group, Ltd. at IFT’s Annual Meeting & Food Expo shows increases have been driven in part by “treat foods” such as Pretzel M&M’s.

Further, Mintel says organic offerings peaked at 12 percent of new products in 2008 and have since slid to about seven percent. The segment is being driven mostly by products from smaller companies and private label offerings, which offer consumers a price break from branded items, the researcher finds.

IFT claims the increase in product introductions is a sign the economy has stabilized and suppliers are developing items to meet rising consumer demand.