1 in 3 brands launched in 2022 discontinued by 2023: report

Analysts said there is less than 60% chance for new products to survive in the market in the long term.

Nearly one-third of brands introduced in 2022 were discontinued by the end of 2023, according to findings by Euromonitor International’s Passport Innovation platform.

The platform, which tracks 54 disruptive fast-moving consumer goods categories in 32 countries, assesses the success or failure of new brands.

The findings showed that there is over 4,000 new brands and more than 33,000 new sub-brand launches across 32 global markets and various online retailers in 2023.

Over the span of just two years, from 2021 to 2023, analysts observed the launch of more than 11,000 new brands and approximately 105,000 sub-brands onto the global market, with the majority being line extensions for existing brands.

Moreover, the report said there is less than 60% chance for new products to survive in the market in the long term.

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The US, Germany, India, France, Brazil, and the UK collectively accounted for over 50% of all new brands and sub-brands identified by Euromonitor's Passport Innovation platform in 2023.