Mature food markets can be jump-started for growth, says global consulting and research firm Promar International. “Contrary to conventional wisdom, companies and brands in mature markets are not necessarily destined for a slow and agonizing death,” according to Promar Vice President Don Westfall. “Abundant examples can be found where steady decline has been the case. Yet you can also find a number of instances of companies and brands that dared to think boldly, like Stonyfield Farm® and Power Bar®, and struck gold as a result.”
Promar has assembled case studies of companies and brands that have defied mature market odds in a new study, “Beyond the Share Battle: Reinventing categories for top-line performance and profit.” “We’ve done more than just chronicle success stories,” notes Westfall. “A special focus has been given to identifying and assessing the various approaches that companies have used to reenergize sales, or in some cases create entirely new product segments. These approaches are in turn illustrated with case studies from within and outside of the food industry.”
The point of the study Promar says is to motivate food and beverage companies to break free of the mature market syndrome characterized by endless trench warfare and expectations of shrinking returns. “We believe it will generate some healthy discussion in companies big and small, and, ideally, motivate them to become greater innovators and risk takers,” remarks Westfall. “The alternative, of course, is a self-fulfilling prophecy.”
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