NielsenIQ Reveals 2024 Breakthrough Innovation Winners and Top Trends Driving Growth in India

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The 2024 Breakthrough Innovation Awards by NielsenIQ recognized 23 winners and 17 Wavemakers honorees across FMCG and Tech & Durables industries for leading products that achieved remarkable success in India, standing out in a competitive marketplace.

NielsenIQ (NIQ), the world’s leading consumer intelligence company, is proud to unveil its latest insights, showcasing how innovation remains the cornerstone of business growth. During an exclusive event in India, NIQ BASES celebrated the winners of the 2024 Breakthrough Innovation Awards, honoring brands that have disrupted the market and captivated consumers with exceptional new product launches.

“Innovation is not just a moment; it is a long-term strategy. Launching successful innovations in the market is a highly effective way to keep your brand competitive and relevant by fostering consumer-driven growth and securing retailer support, even during challenging economic conditions.”

These award-winning products launched between 2022 and 2023 and have successfully navigated an ever-evolving consumer landscape.

Driving Growth Through Innovation

According to NIQ BASES, top innovators in India achieve four times higher velocity and double the distribution in their launch year compared to category averages for new launches. This demonstrates how strategic innovation can propel brands ahead of the competition.

“In fast-evolving marketplace, where consumer expectations are constantly shifting and market conditions remain unpredictable, innovation continues to be the driving force behind sustainable growth,” said Vijay Udasi, Strategic Analytics & Insights Leader – India, NIQ. “Innovation is not just a moment; it is a long-term strategy. Launching successful innovations in the market is a highly effective way to keep your brand competitive and relevant by fostering consumer-driven growth and securing retailer support, even during challenging economic conditions.”

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Emerging Innovation Trends

The 2024 Breakthrough Innovation analysis highlights significant opportunities for brands in Indian markets across FMCG and Tech & Durables to drive growth in the future, including:

Health & Wellness: Low-calorie, low-fat, and gut-health-focused products dominate, with 1 in 5 snacks linked to health. Millets and mindful snacking are on the rise, alongside health-oriented consumer tech.
Cultural Influence: Korean-inspired personal care and food innovations gain traction, emphasizing unique flavors and textures.
Local & Sustainable: Demand grows for sustainably sourced FMCG, and energy-efficient consumer tech tailored to local needs.
Performance & Convenience: Urbanization drives demand for innovative, high-quality products that simplify life.

Celebrating Breakthrough Innovators

This year’s winners of the Breakthrough Innovation Awards exemplify excellence in execution, with products that not only broke through the marketplace clutter but also addressed evolving consumer needs. Winning products in India saw on average a remarkable 90% increase in sales during their second year compared to their first—a testament to the power of purposeful innovation.

Vidya Sen, Executive Director, Customer Success – BASES, NielsenIQ said, “India’s innovation landscape reveals a clear path to growth. In 2022, the launch period for this analysis, Foods dominated successful product launches, with Biscuits, Salty Snacks, and Confectionery leading the charge, while Skin Creams and Toilet Soaps stood out in non-Foods.

“NIQ Consumer Survey reveals that 34% of urban consumers prioritize new product availability and 40%—especially Gen-Z and women—actively seek innovation claiming to shop for new products before the others did. The appetite for novelty is undeniable. For brands, this presents a strategic opportunity to capture consumer interest and drive sustained growth through meaningful and timely innovations.”