The past few years have been challenging for businesses of all sizes and across the economy. The COVID-19 pandemic caused widespread disruptions to supply chains, leading to shortages of products and materials. As a result, many companies had been forced to trim their product offerings.
However, research and development groups continued to work. As a result, there are a lot of products in the pipeline preparing for launch in a wide variety of industries now that supply chains are becoming more predictable and delivery times are starting to return to normal.
Conversations our analysts are having with primary research contacts and industry news we’re reading point to a wave of new product launches in 2023 and beyond. Factors driving this trend include:
- Need for Value in an Inflationary Environment -- customers are back to expecting more for their money. With prices high in so many areas, people are more likely to spend their money on products that offer real value. This means that businesses need to be more creative and innovative in order to stand out from the competition.
- Supply Chains Normalizing – with improved access to materials and production capacity, suppliers are beginning to expand beyond core product offerings again to enable greater product diversity.
- E-Commerce – e-commerce creates new opportunities for product launches, making it easier for businesses to reach a wider audience and new customers. This is especially beneficial for small businesses that don't have the track record to get shelf space at brick-and-mortar stores.
Freedonia Group analysts will continue to keep an eye out for market opportunities and disruptive factors impacting sales in 2023 and the years to come.