NielsenIQ (NIQ), a global leader in consumer intelligence, recently revealed its latest insights during an exclusive event in India. NIQ BASES honored the winners of the 2024 Breakthrough Innovation Awards, celebrating brands that disrupted the market with exceptional product launches between 2022 and 2023. These award-winning innovations have successfully navigated changing consumer dynamics to drive growth.

Key Insights from NIQ BASES

1. Impact of Innovation on Growth

   • Top innovators in India achieve four times higher velocity and double the distribution compared to category averages.
   • Innovation serves as a critical strategy to maintain competitiveness and relevance, even in uncertain market conditions.

2. Expert Commentary

   • Vijay Udasi, Strategic Analytics & Insights Leader – India, highlighted that innovation is a long-term growth strategy essential for fostering consumer-driven expansion and retailer support.

Emerging Trends in Innovation

1. Health & Wellness

   • Rise of low-calorie, low-fat, and gut-health-focused products.
   • Growth in mindful snacking, millet-based products, and health-focused consumer tech.

2. Cultural Influence

   • Popularity of Korean-inspired personal care and food products with unique flavors and textures.

3. Local & Sustainable Solutions

   • Increased demand for sustainably sourced FMCG and energy-efficient consumer tech tailored to local needs.

4. Performance & Convenience

   • Urbanization drives demand for high-quality, innovative products that simplify daily life.

Celebrating the 2024 Winners

1. Excellence in Execution

   • Winning products achieved a 90% average sales growth in their second year, reflecting the success of purposeful innovation.

2. Category Highlights

   • Foods like Biscuits, Salty Snacks, and Confectionery led launches in 2022.
   • Non-Food categories such as Skin Creams and Toilet Soaps also stood out.
   • Tech & Durables brands gained recognition for groundbreaking product development.

3. Consumer Preferences

   • NIQ’s survey found 40% of urban Gen-Z and women actively seek new products, with 34% of urban consumers prioritizing availability.

Since 2012, NIQ has recognized over 900 FMCG brands globally, including ~140 in India. The 2024 Breakthrough Innovation Awards underscore the power of purposeful innovation in capturing consumer interest and sustaining growth. By leveraging trends like health, sustainability, and cultural influence, brands can continue to thrive in an evolving market landscape.