About 85% of the new food products launched this year in Canada will no longer be on grocery shelves in a year, says Francis Parisien, group director at Nielsen.
He was speaking at the announcement of the finalists for the 2016 SIAL Innovation Grand Prize, said to represent the best in food trends.
While Canadian consumers have access to an average of 44,000 items (not including perishables or produce), only an average of 940 end up in their shopping carts, Parisien says.
In order for a new products to succeed, it has to respond to consumer demand and grow its category rather than cannibalize it, he says.
The finalists will be on display and the winner will be unveiled at this year’s SIAL Canada show, which takes place April 13-15 at Montreal’s convention centre. This year’s show will have a record 900 plus exhibitors from 50 countries and is expected to attract 15,000 visitors.
The winning new product will receive $50,000 worth of consultations from Nielsen and free booths at all SIAL’s shows abroad this year in China, the Philippines, Paris and Abu Dhabi.
The 10 SIAL Innovation finalists, chosen out of 80 entrants from 13 countries, are: