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Innovation is at the core of a multibillion-dollar battle currently being waged for consumers’ hearts and minds. In fact, over the last five years, $18 billion in market share has shifted from the 25 biggest consumer brands to smaller brands offer-ing authentic experiences and more exciting alternatives to long-languishing categories like fast-food and personal care items, according to CircleUp.
It has never been easier for startups and new product concepts distributed through many unique vehicles or mediums to find a consumer base ready to wear, taste or try new ideas and products. This is resulting in a big hit to market share and revenues for the largest CPG and fashion players.
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