New Product Innovation Is In

It’s not that innovation was ever “out,” but with the recessionary pullback much of the food industry’s R&D efforts seemed stuck on safe. However, recently Unilever― the world’s second-largest consumer-goods maker, with more than a few food and beverage products on its roster―announced it soon will be unveiling “big innovations” based on its Genesis project, according to Bloomberg.

While the initial offerings will be in the personal care business according to Chief Innovation Officer Genevieve Berger, the project reportedly includes scientific breakthroughs usable across Unilever’s product lines, which, given the company’s portfolio, likely means food products.

While innovation is risky, the rewards can be enormous. One financial analyst in the article summed it up by saying, “Compared to marketing and price cuts, which boost volume in the short term, innovation will lift volumes in a more sustainable way and will help lift prices.”

While the food industry is by in large a cautious bunch, we need to take heed of that outlook.

   -Lynn A. Kuntz