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Studies & Numbers

2024 NPD Report Says F&B Sector is Ramping Up Innovation Efforts Despite Challenges

A new 2024 NPD report conducted by global technology company TraceGains reveals emerging trends in new product development and a significant increase in innovation despite the F&B industry facing various challenges. The survey, which questioned 261 small and large brands worldwide, shows that 76% of respondents plan to increase their NPD spending in 2024, a 12% increase from the previous year. 32% of brands banking on plant alternatives When asked about which food innovation would have the most potential to drive significant industry change in 2024, more than half (60%) of brands said “better for you” formulations would be the main innovation driver, followed by sustainable packaging and plant-based alternatives (32%). Meanwhile, 26% said they would prioritize water and / or carbon-neutral strategies. ESG initiatives, …