An industry survey carried out in December 2016 to better understand industry’s attitudes to innovation found that:
- Most companies plan to focus innovation on range extension and developing entirely new products over the next two years
- The majority of companies plan their innovation pipeline 9–12 months ahead
- Time and resource are the biggest barriers to innovation
The majority of respondents said they will target innovation on extending their range and developing entirely new products over the next two years. Other common drivers of innovation were targeting new markets, reformulating for health and cost saving.
Time and resource were the most common barriers to innovation, but facilities and generating ideas were also cited.
While all those surveyed said their company planned to innovate in at least one area over the next two years, only 28% said it was a top priority.
Contact: Emma Hanby