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CHICAGO The recession is driving down the rate of new product development, with the launch of new foods and drinks declining 51 percent in the first quarter compared to the year earlier period, according to new data from Mintel’s Global New Products Database.
Compounding the rate of decline is the fact that Q1 new product introductions plummeted 32 percent from the fourth quarter. Marketers typically release fewer new products during the first quarter, but 2009’s drop is higher than in recent years, according to Mintel.
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