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Mintel Launches ‘Mintel Spark’ as CPG Product Innovation Slumps

This new product concept generator allows CPG brands to visualize packaging ideas and concepts.

By: Beauty Packaging Staff

Mintel launched the Mintel Spark. This new product concept generator is a catalyst for market-leading innovation for consumer packaged goods (CPG) brands.
 
Mintel Spark was designed to address this slump and assist brands throughout the innovation process.   
 
Matt Nelson, Mintel CEO, said: 
 
“By combining trusted Mintel expertise with AI, Spark connects the dots between consumer, innovation, and market insights to reveal the opportunities with strong market potential, giving brands the confidence to move forward.” 
 
According to Mintel Global New Products Database (GNPD), innovation is at a nearly 30-year- low. * 
 
So far in 2024**, only a third (35%) of global CPG launches were genuinely new products, while two-thirds (65%) were renovations of existing products or brands. 
 
Mintel Spark helps create new concept generations based on closed-looped Mintel research and expert insights. It generates AI-powered mock-up images, empowering users to visualize their product concepts and packaging ideas. 
 
It also allows for customization and refinement throughout the creation process.
 
Nelson added, 
 
“Mintel Spark is yet another milestone for Mintel, continuing our track record of developing first-of-its-kind AI to solve our clients’ most strategic challenges. I’m constantly inspired by what our team can achieve.”

References:

*The lowest proportion of innovation Mintel has recorded since it began tracking new products in 1996.
**January to September 2024. 

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