Fast Moving Consumer Goods (FMCG) goods are popularly named as consumer packaged goods. Items in this category include all consumables (other than groceries/pulses) people buy at regular intervals. The most commonly know ones being – Toilet soaps, detergents, shampoos, toothpaste, shaving products, shoe polish, packaged foodstuff, and household accessories. These items are meant for daily or frequent consumption.
FMCG is the 4th largest sector in the Indian economy The overall FMCG market is expected to increase at a compound annual growth rate (CAGR) of around 10% to touch US$ 110 billion by 2020, with the rural FMCG market anticipated to increase at a CAGR of 18% to reach US$ 100 billion during by 2025. The FMCG sector has grown at an annual average of about 11 per cent over the last decade. Food products is the leading segment, accounting for 43 per cent of the overall market. Personal care (22 per cent) and fabric care (12 per cent) come next in terms of market share. Growing awareness, easier access, and changing lifestyles have been the key growth drivers for the sector.
It has a strong MNC presence and is characterised by a well established distribution network, intense competition between the organised and unorganised segments and low operational cost. Availability of key raw materials, cheaper labour costs and presence across the entire value chain gives India a competitive advantage. Penetration level as well as per capita consumption in most product categories in India is low indicating the untapped market potential. Burgeoning Indian population, particularly the middle class and the rural segments, presents an opportunity to makers of branded products to convert consumers to branded products. Growth is also likely to come from consumer ‘upgrading’ in the matured product categories.
There is a lot of scope for growth in the FMCG sector from rural markets with consumption expected to grow in these areas as penetration of brands increases. Also, with rising per capita income, which is projected to expand at a CAGR of 18% over the next few years.
India’s population is growing and so is the economy, and with that the resultant demand for food and beverages is also increasing. This is driving the growth and expected growth of the organised and packaged food and beverage sector. This is also an area where there is considerable potential for innovation and value addition as also the scope for value creation through reduction in waste.
The Indian food industry is poised for huge growth, increasing its contribution in world food trade every year. In India, the food sector has emerged as a high-profit sector on the back of the scope it offers for value addition, particularly with the food processing industry getting recognised as a high-priority area.
The Indian food and grocery market is the world’s sixth largest, with retail contributing 70 per cent of the sales. It is projected to grow to US$ 482 billion by 2020. The Indian food processing industry accounts for 32 per cent of the country’s total food market, 14 per cent of manufacturing GDP, 13 per cent of India’s exports and six per cent of total industrial investment. Indian food service industry is expected to reach US$ 78 billion
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