Thousands of new brands hit retail shelves during 2014, yet only 200 achieved best-of-the-best IRI New Product Pacesetter status. These products captured cumulative year-one sales of more than $7 billion.

Decreasing unemployment rates, falling gas prices and an improving housing market bolstered the U.S. economy in 2014.

There is no question that private label products became more popular as consumers looked for new ways to save on everyday purchases during the economic downturn. In fact, U.S. consumers spent $120 billion on private label products during the past year, marking a year-over-year increase of 2.1 percent. However, this growth seems to be leveling off, and this small uptick was largely driven by price increases.

Today, Hispanics account for one-sixth of the U.S. population, totaling 53 million people. These shoppers have increased their spending more than 200 percent since 2000, with purchasing power projected to surpass $1.7 trillion by 2017.