Growing FMCG trends highlighted at NielsenIQ 2024 Breakthrough Innovation Awards

Consumer intelligence company NielsenIQ (NIQ) BASES has unveiled the winners of the 2024 Breakthrough Innovation Awards, highlighting the most successful product launches that disrupted the market and met evolving consumer demands across the country.

Recognizing market leaders

The 2024 Breakthrough Innovation Award Winners in the Philippines are:

    •    OFF! Baby by S.C. Johnson & Son Inc.

    •    Blend 45 Malunggay by Universal Robina Corporation

    •    Cream Silk Treatments by Unilever

    •    NIVEA Extra Bright Super 10 Body Serum by Beiersdorf Philippines Inc.

Additionally, the Wavemakers category honors promising new product launches that demonstrate strong market velocity and potential for long-term success. The 2024 Wavemaker Awardees in the Philippines are:

    •    Jack Daniel’s & Coca-Cola Original by The Coca-Cola Company

    •    Jack ’n Jill Nova Greens by Universal Robina Corporation

    •    Dewberry Yogurt Cake by Universal Robina Corporation

    •    Selecta Bites Time! Vanilla Toffee & Caramel by Unilever

The role of innovation

The awards highlighted the importance of innovation as a driver of sustainable growth, especially in Southeast Asia’s fast-moving consumer goods (FMCG) sector. Products recognized as Breakthrough Innovation winners outperformed category averages, achieving four times higher sales velocity and double the distribution during their launch year.

Additionally, these products demonstrated lasting impact, with sales growing by more than 50 percent in the second year of launch.

“Launching successful innovations remains one of the most effective ways to achieve both consumer-led brand growth and retailer acceptance,” said Gautam Seth, vice president at NIQ BASES.

“The 2024 winners demonstrated strong sales in their launch year and the lasting power of their innovations over time,” he added. “This list celebrates the best of what FMCG manufacturers are able to accomplish to drive growth and show what is possible when we pair a great idea with a superior product and strategic activation.”

Trends shaping FMCG innovation

The analysis accompanying the awards identified key trends driving growth in Southeast Asia’s FMCG sector:

1. Health and wellness: Increasing demand for low-calorie, low-fat, and gut-health-friendly ingredients. Consumers are also seeking functional benefits like energy-boosting and immunity support.
2. Cultural inspirations: Japanese and Korean-inspired ingredients and flavors are gaining traction across categories, providing brands with opportunities to differentiate themselves.
3. Local and personalized products: Products featuring locally sourced or sustainable ingredients tailored to regional preferences are resonating with consumers.

“These insights represent actionable opportunities for brands to address emerging needs or gaps in the marketplace to create new products and build lasting connections with consumers,” added Seth.

Supporting brand growth

NIQ BASES said it provides FMCG brands with tools and insights for successful product development. Combining its extensive database of 500,000 evaluated innovations with advanced research and development in AI, neuro, and agile platforms, the organization is focused on market intelligence. Since 2012, the Breakthrough Innovation Awards have recognized over 900 brands globally, including nearly 600 in the Asia-Pacific region.

With products ranging from food and beverages to personal and home care, the awardees continue to validate the role of purposeful innovation in navigating competitive and dynamic markets.

Following its merger with GfK in 2023, NIQ operates in over 95 countries, representing 97% of the world’s gross domestic product. — Ed: DLL