Market Researcher Highlights Survival of Ethical and Premium Products
Innova Market Insights (Duiven, Netherlands) is reporting survival signs for ethically-positioned products and premium products, even in tough economic times.
Innova Market Insights (Duiven, Netherlands) is reporting survival signs for ethically-positioned products and premium products, even in tough economic times.
Tracking new product launches throughout the years of the U.S. economic collapse, Innova states that ethical positioning of new food products (e.g. “minimally processed,” “locally sourced,” “sustainable,”) has increased from 3.7% in 2008 to 6.0% in the first quarter of 2011. “Fair Trade” product launches have doubled from 2008 to 2010.
“Consumers believe that products manufactured with more respect toward animal or human welfare and the environment are worth the extra charge,” says Lu Ann Williams, head of research at Innova. “This, in turn, led to a surge in third-party certification from organizations such as FairTrade, Rainforest Alliance Certified, and the Marine Stewardship Council.”
Premium products have also seen an unexpected increase as new products with premium positioning have jumped to 14.0% in 2011 compared to 10.5% in 2010 and 8.4% in 2008.
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