Innovation Spending: A Tale of Two Giants

In the ever-evolving landscape of industrial innovation, Deere & Company and Avery Dennison Corporation stand as titans of their respective fields. Over the past decade, Deere & Company has consistently outpaced Avery Dennison in research and development (R&D) spending, with an average annual investment nearly 15 times greater. This commitment to innovation is evident in Deere's 2023 R&D expenditure, which surged to approximately $2.18 billion, marking a 50% increase since 2014.

Conversely, Avery Dennison's R&D spending has shown a more modest growth, peaking at around $136 million in 2021. Despite this disparity, both companies have demonstrated a steady commitment to innovation, with Avery Dennison increasing its R&D budget by nearly 32% over the same period. As we look to the future, the missing data for 2024 leaves us anticipating how these industry leaders will continue to shape their innovation strategies.