For the first time, an infant formula, Abbott Nutrition’s Similac 360 Total Care, was the top product in Circana’s annual New Product Pacesetters, the best-selling new products of the past year. Another drink for children, Electrolit, also made the top 10 list. In all, seven of the top 10 new products last year were beverages.
Similac 360 promises “an exclusive blend of 5 HMO [human milk oligosaccharides] prebiotics structurally identical to those in breast milk.” It garnered nearly $250 million in sales, with Prime Hydration close in second place.
Circana, formerly IRI, last week released its 2023 New Product Pacesetters, the 29th annual report highlighting the top-selling new product launches across food and beverage and nonfood consumer packaged goods sectors.
Beverages for some time have dominated the report. Last year (based on 2022 launches) the top two spots were drinks – Alani Nui energy drink and Dr Pepper Zero Sugar – as were eight of the top 10. In 2022 (based on 2021 launches), the top seven all were beverages.
Drinks were even more dominant in the convenience store channel list this year (based on 2023 sales), capturing nine of the top 10 spots (Oreo frozen desserts was the only solid food). Circana also ranks the top nonfood new products, where Procter & Gamble’s Gain+Odor Defense came in first.
“The latest Pacesetters align with consumers’ desires for new experiences and product formats, new levels of convenience, trusted solutions for baby and pet and products that deliver superior performance,” said Lisa Maas, principal and practice lead-innovation at market research firm Circana. “Brands that lead with relevant innovation stand to not only boost sales, but also cultivate lasting customer loyalty.”
The report details the continued impact of innovation within CPG, revealing that consumers seek exploration and new experiences as they adjust to active post-pandemic lifestyles, Circana said. Collectively, all of Circana’s Pacesetters garnered notable $6.1 billion in combined year-one sales across food, beverage, and nonfood products, slightly less than the $7 billion achieved by 2022 Pacesetter sales.
Circana also lists products that were quick out of the starting gate sometime in the past 12 months but haven’t seen a full year of distribution or met other criteria to qualify them for Pacesetter status. But they’re likely to end up on next year’s list (no sales figures were provided for these).
Although only the top-10 lists are featured, Circana tracks hundreds of products as they are introduced each year. They begin tracking year-one sales after a product achieves 30% national distribution across multi-outlet geography, and it must maintain 30% distribution or higher at the date of year-one completion. And the product must have completed a full year of sales in calendar year 2023.
For the full report, click here.
