Kraft Foods Australia/New Zealand on Saturday revealed the name of the new Vegemite: Vegemite iSnack2.0.

Launched in July 2009 as Vegemite 'Name Me', Vegemite iSnack2.0 is the result of a three-month nation-wide search that attracted over 48,000 name suggestions for the new Vegemite experience.

Kraft Foods Australia/New Zealand drew on Vegemite's history by asking Australians and New Zealanders to come up with the name for the new product, like it did in 1923 when Vegemite was first launched in this country.

"With tens of thousands of entries received, it was 27 year old Dean Robbins, from Western Australia, who was the first person to suggest a name that really took the eye of the judges," the company said in a statement on Saturday.

Dean, a web-designer, husband and father to two young girls, is the key inspiration behind the innovative new Vegemite name, and could hardly believe his luck when he received the phone call last week.

"When I submitted my entry, I didn't consider for a second that I could be chosen. It's been difficult to contain my excitement; I actually leapt out of my chair when I heard the news. To think that I could go down in Australia's history is overwhelming," said Dean.

When asked about where his idea for the name came from, Dean said: "It was all a bit tongue in cheek really, the 'i' phenomenon and Web 2.0 have been recent revolutions, and I thought the new Vegemite name could do the same!"

Kraft Foods Australia/New Zealand head of corporate affairs, Simon Talbot, said: "The name Vegemite iSnack2.0 was chosen based on its personal call to action, relevance to snacking and clear identification of a new and different Vegemite to the original. We believe these three components completely encapsulate the new brand."

Since hitting shelves on July 7, the new Vegemite has already sold over 2.8 million jars.

"We believe the success of the new product comes down to continually engaging with Australians to understand what they want. It is also our understanding that Vegemite iSnack2.0 is one of the first Australian food products to be developed as a result of online consumer engagement," continued Talbot.

The development of the new Vegemite iSnack2.0 was based on information gathered from more than 300,000 Australians who engaged in the online How Do You Like Your Vegemite census and forums in 2008. Consumers said that they wanted a Vegemite that doesn't require combining it with butter, and one that's easier to spread.

The new Vegemite offers a completely different eating experience, and has been created for snacking occasions.

As part of recognising Dean for inspiring the new name, he and his family are currently enjoying VIP service, including business class flights, an extended long weekend of five star accommodation, and two September Club tickets to the AFL Grand Final - amongst other things.

Some of the more unusual names suggested for the new Vegemite included; Ruddymite, Wow Chow and 2ritemite.

The named Vegemite iSnack2.0 will be on supermarket shelves from week commencing October 5.