IRI predicts CPG trends for 2008
CHICAGO Information Resources, Inc. on Wednesday released its annual forecast of emerging consumer trends affecting the CPG industry—Consumer Trend Watch 2008.
According to the report, foods delivering specific health and wellness benefits, including disease management and prevention, will drive sales growth in 2008. “Food as health solution” items primed for exponential growth include those containing digestion-aiding probiotics, immunity-boosting ingredients and antioxidants. Energy enhancement is also a consumer-valued attribute IRI reports is positioned for an increased stake in overall market share. From caffeine-infused snack products to natural herb-formulated foods and beverages, such as Diet Pepsi Max, to breakfast cereals providing complex carbohydrates, new energy delivery systems will be the hallmark of new product growth across numerous categories.
Other emerging product trends IRI anticipates will play significant roles in 2008 include:
- Sustainability-Driven Consumers: Growing consumer awareness of the environmental and social impact of their purchases will drive “green,” organic, fair trade and eco-friendly packaged product innovations and assortment options.
- Multi-Tasking Products: With the mass expansion of product choices, consumers will be on the look out for items that cross categories and “do it all,” such as multiple ailment-treating medications and all-purpose household cleaning products.
- Redefining Fresh: Consumers are broadening their definition of fresh at both ends of the spectrum, with some placing heavier restrictions on fresh to include only local produce and others considering frozen foods “as good as fresh” in taste and nutrition due to new steam-cooking technology and premium ingredients.
- Natural Beauty: Cosmetic and skincare innovations will expand further into all-natural ingredients, offering chemical-wary consumers non-synthetic alternatives across multiple product lines.
L’Oreal initiates third annual Women of Worth program
NEW YORK L’Oreal Paris is once again celebrating and supporting women who serve others in their communities with its third annual Women of Worth grassroots awards program.
The initiative honors and awards women nationwide for their inspiring volunteer work and community enrichment initiatives and was created to bring the L’Oreal Paris brand philosophy, “Because I’m Worth It” to life.
By visiting www.womenofworth.com, visitors can nominate a woman whose volunteerism is making a difference, as well as find helpful tips on how to get involved in volunteering and read and share inspiring stories of worth. Nominations are open from April 1 to June 16.
This year, 10 Women of Worth honorees will receive $5,000 to be donated to the cause of their choice and a $5,000 donation will be made on their behalf benefiting ovarian cancer research and awareness initiatives, the philanthropy of record for L’Oreal Paris. In addition, one national honoree will be chosen via a public vote in the fall on www.womenofworth.com and will receive a $25,000 monetary donation to cherished nonprofit organization.
To date, the L’Oreal Paris Women of Worth initiative has recognized 20 women nationwide for their commitment to their causes—ranging from improving literacy, to protecting the environment to raising awareness of female health issues.
“L’Oreal Paris is committed to celebrating women’s inner beauty and empowering women everywhere to change the world,” stated Carol Hamilton, president of L’Oreal Paris. “Through the Women of Worth initiative, we are able to recognize and applaud the members of our communities who strive to make a difference and provide inspiration for us all.”
New data released on growth of cosmetics, toiletries market
NEW YORK The global cosmetics and toiletries market experienced growth in 2007, fueled in part by innovation in the skin care category, but did exhibit a slight slowdown compared with 2006, according to Euromonitor’s recently released 2008 cosmetics and toiletries data.
Registering a 6 percent growth over 2006, the global cosmetics and toiletries market represented only a slight slowdown compared with Euromonitor’s 2006 figures. The slight slowdown may be due to a weakened economic state in most developed markets and declining penetration of emerging markets, according to Euromonitor. However, the performance of skin care and sun care has helped maintain growth.
Sun care, although slowing slightly from its double-digit growth of previous years, remained the most dynamic sector in the industry reaching U.S. $6.9 billion in global sales for 2007.
The data also showed that Brazil was the largest single contributor to growth, with skin care, hair care and fragrances set to benefit the most from the strong demand in the country.
“Aside from major contributions from both the global skin and sun care sectors, our new data shows Brazil becoming a primary player in the industry and is expected to add U.S. $9.5 billion to global sales over the next five years, supplanting China as the No. 1 contributor to future growth,” stated Alexander Kirillov, global cosmetics and toiletries research manager. “Country rankings had a shake up in Western Europe, with the UK overtaking France and Germany in 2007 to become the region’s top beauty market.”