US pet food market features the most new product launches today.
From Petfood Industry:
Recently, Innova Market Insights released a report on new product launches in the pet food market. One-third of all global pet foods launched between September 2015 and September 2016 were US launches. In the US pet food market, nearly 66 percent of the total pet foods launched between September 2015–2016 were dog food launches, compared to globally where dog foods represented only 57 percent of pet food launches.
Pet food product development advice
Are your pet food products truly innovative? Do you have a system for product development in your company? While those two concepts might seem contradictory -- innovation and systems -- you need both to ensure robust new pet food product development, according to Jeff Johnston, VP of research and innovation for Champion Petfoods.
Jeff Johnston, VP of research and innovation for Champion Petfoods presented his ideas and insights on new product development at the Alltech 29th Annual International Symposium in 2013.
Johnston recommended that pet food companies:
Publicly declare your intentions to be innovative.
Build a system for harvesting ideas.
Build a diverse product development/innovation team
Get employees interested in innovation and product development
Stay connected with and interested in your customers
Connect with strangers
Johnston also offered suggestions for where he thinks pet food companies can innovate, such as with sustainable ingredients, nutritional research, processes and safety. And he talked about how a company needs to commit to innovation and product development by dedicating people, money and focus, adding that how much you spend on R&D isn't as important as making sure the money is spent effectively.
