According to the latest findings by market research giant Euromonitor International, nearly one-third of brands introduced in 2022 were discontinued by the end of 2023.
This revelation stems from their cutting-edge artificial intelligence (AI) powered Passport Innovation platform , shedding light on the dynamic and often transient life cycles of new brands across various markets.
Euromonitor's Passport Innovation. This robust influx spanned across 32 global markets and 50 categories, monitored meticulously through online retailers.
From 2021 to 2023, the platform observed the birth and growth of over 11,000 new brands and an astounding 105,000 sub-brands, indicating a prolific period of brand expansion largely driven by line extensions. However, not all that glitters is gold.
Despite the surge in new entrants, Euromonitor analysts pinpointed a rather sobering statistic: less than a 60% likelihood of new products sustaining long-term market presence. This figure speaks volumes about the volatile nature of brand longevity and market receptiveness.
Among the bustling arenas of product innovation, certain countries have emerged as leaders in particular, the US led the charge with 16% of all new launches…
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