The only year in the past 15 that saw an aggregate decline in new product launches by consumer-goods companies was 2008. But going into the COVID-19 pandemic, the industry kept up the pace of innovation.
Chart: The consumer-goods industry's innovation activity in the United States was muted during the last recession before exploding in the years that followed.
| Year | Product launches | Year-over-year change |
|---|---|---|
| 2005 | 167,000 | |
| 2006 | 194,000 | +16% |
| 2007 | 238,000 | +23% |
| 2008 | 230,000 | -3% |
| 2009 | 255,000 | +11% |
| 2010 | 264,000 | +4% |
| 2011 | 269,000 | +2% |
| 2012 | 307,000 | +14% |
| 2013 | 326,000 | +6% |
| 2014 | 362,000 | +11% |
| 2015 | 397,000 | +10% |
| 2016 | 427,000 | +8% |
| 2017 | 440,000 | +3% |
| 2018 | 449,000 | +2% |
| 2019 | 455,000 | +1% |
Notes
Source: Mintel Global New Products Database, Mintel, mintel.com; McKinsey analysis.
McKinsey & Company
To read the article, see “Reimagining consumer-goods innovation for the next normal,” October 16, 2020.