Consumer behavior advisor Circana is unveiling its 2024 New Product Pacesetters report, identifying last year’s groundbreaking innovations across the consumer-packaged goods sector. Now in its 30th year, the report reveals shifts in consumer preferences, highlighting products that deliver convenience, compelling brand stories and enhanced functionality.

This year’s report underscores consumer packaged goods companies’ commitment to consumer-centric innovation, prioritizing solutions that solve for evolving lifestyle and occasion needs. New offerings successfully address today’s demand for convenience, elevated wellness benefits and trusted brand solutions. The 2024 Pacesetters achieved $8.4 billion in combined year-one MULO+ sales. Brands embraced newer formats, nutritional enhancements and extensions into new categories, often in partnership with other brands or licensed entities, capturing consumer interest across diverse lifestyles.

“Innovation remains at the heart of growth and consumer connection,” said Lisa Maas, principal and practice lead, Innovation, at Circana. “The 2024 Pacesetters tap into the emotional and practical needs of modern consumers. Whether it is indulgence paired with protein, enhanced wellness, or iconic brands solving for evolving needs in new spaces, these products resonate because they make life easier, better, and more enjoyable.”

Top New Product Pacesetters for 2024 include Just Bare Lightly Breaded Chicken, Golden Island and Real Good Foods Lightly Breaded Chicken.

In 2024, consumers continued to prioritize convenience without sacrificing flavor, functionality or quality, reflecting a shift toward accessible and gratifying at-home experiences.

“Consumers’ tastes and preferences continue to evolve,” said Joan Driggs, vice president of Content and Thought Leadership at Circana. “This year’s Pacesetters embody the trends shaping markets today, from protein-powered foods to ... co-branded new-to-market products. These innovations demonstrate how CPG leaders meet consumers where they are while opening doors to new occasions and usage opportunities.”

The report identifies innovation themes driving change across the industry, including high-protein products, restaurant-to-retail and trusted brands in new spaces, as well as product functionality and flexibility.

The report shows that innovation from companies of all sizes is imperative to meeting diverse consumer needs. Extra-large and large manufacturers made a rebound of sorts in 2024, increasing their dollar contribution to 64% of all pacesetters and increasing the number of pacesetter products from 23% in 2023 to 32%.

“The fluctuation around the role of company size in dominating the new product space serves as a reminder that even established brands need to think out of the box, challenge brand norms, and work to engage with different customers,” said Maas. “At the same time, challenger brands continue to bring their A-game with distinct benefits, and we see younger consumers outspend on products from these companies.”

The Circana 2024 New Product Pacesetters report is available exclusively from Circana. The findings of this report were compiled based on insights from Circana’s New Product Innovation Practice’s suite of analytical and decision-making tools, as well as the 2024 Circana New Product Survey.

Source: Circana