Winners of the 2010 Product of the Year Awards – an annual consumer survey of product innovation in the FMCG market – have now been announced.

Product of the Year is open to all FMCG products launched in Australia over the past 18 months.  Products should demonstrate innovation in one or more areas, including (but not limited to) design, function, marketing and packaging.

This year’s winners in the food and Beverage categories are:

Alcohol: Baileys with a hint of Coffee

Chocolate Confectionery: Lindt Essence Assorted Selection

Confectionery: Rio Pink Grapefruit & Honey Melon

Convenience Cooking: Sun Rice Rice & Curry

Dessert: Coles Finest Madagascan Vanilla Ice Cream

Fresh Produce: Sunny Queen Farms Cage Free eggs

Sauces & marinades: Gourmet Garden Fresh Blends

Savoury Snacks: SunRice Vintage Cheddar & Black Pepper Rice Cakes

A new report from Market Research company TNS in the UK shows that winning Product of the Year can have a dramatic impact on the sales of a new product.

Key findings were:
– the average new product has sales of under £1m
– shortlisted UK Product of the Year products average £2.5m
– winners of UK Product of the Year average first year sales of £12m

Peter Kneale of TNS said: “The correlation of average beating sales and Product of the Year is extremely strong”.

For 12 months, manufacturers of the winning products can use the Product of the Year logo on their packaging, promotions and advertising.

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