Are there any good resources to help with new product development?
In 2003, consumer product manufacturers introduced 33,678 new products to the U.S. market, according to Information Resources Inc., Chicago. And the rate of innovation is accelerating. The 2003 figure represents a 6% increase in new product rollouts over 2002, and a whopping 94% increase in introductions over the last decade. That fast pace is necessary to make sure that enough new products survive to become profitable. If you can latch onto the right food trend with the right product at the right moment, the return on investment can be worth millions. While estimates place the failure rate at somewhere between 40% and 90% for product introductions, there are also plenty of success stories. Fortunately, a wide variety of resources can help smooth the path from concept to market. Need expert guidance in new dairy processes or ingredients? Wonder about the latest dairy research and technology? Need to boost the protein content or nutritional profile of a product? Have questions regarding
