A newly-released annual Growth Leaders report from IRI shows companies that market convenient foods and “functional” beverages were among the CPG growth leaders in 2016.
IRI’s research, done with the Boston Consulting Group (BCG), also found that health and beauty aids that convey “wellness” were one of the strongest CPG growth categories in 2016, according to the report.
“Sales growth in these product categories is projected to remain strong,” says Krishnakumar (KK) Davey, president of IRI Strategic Analytics. “As long as the products are used for human consumption, we expect these bifurcated trends—demand for health and wellness products, as well as for indulgence products—to continue, irrespective of whether they are bought in traditional stores or via an intelligent personal digital assistant like Alexa on Amazon.”
More highlights from the report list five top trends being leveraged by CPG winners as:
- Merging health and wellness with convenience.
- Convenience channel tailwinds.
- Large and midsize companies capturing growth through mergers and acquisitions.
- Democratization of global flavors.
- Social media omnipresence.
A download of the report is available here. The study assesses the growth performance of more than 400 CPG companies with annual U.S. retail sales of more than $100 million and discusses the ways in which companies are harnessing consumer understanding for growth.