A few years ago coconut water became the must-drink beverage from London to NY, a new food star was born. As a result, market segment sales went from almost zero in 2004 to nearly $400m by 2013. Coconut water leads the coconut-based products market closely followed by coconut oil and many manufacturers are thinking of launching new products that include coconut in their formula.
From the top five markets which were vegetarian/vegan, premium, organic, all-natural product and no additives/preservatives, consumers can now easily find on-shelf coconut-based products such as: ice creams, yogurts, milk, alcoholic beverages, cereals, snacks, rice, sauces, sugar, tea, candies or even lunchables. They usually view these coconut products as healthier and more flavored alternatives to their old staple foods.
NPD is a complex process. Lascom CPG assists food and beverage manufacturers in developing new products providing them:
- A robust formulation tool to elaborate new formula from existing one or from scratch. It automatically calculates costs, nutritional values and product weight facilitating the R&D team’s tasks.
- A safer quality process to better comply with local and global certifications (INCO, FDA, etc.)
- A supplier portal to trace raw material origins
- A repository to gather data, documents and any kind of information about new and existing products