Fast moving consumer goods are the 4th largest sector in the Indian economy.Main segments of FMCG sectors are food and beverages, healthcare, household and personal care. Growing awareness, easier access and changing lifestyles have been the key growth drivers for the sector.FMCG market has grown at a faster pace in rural India compared with urban India. Semi-urban and rural segments are growing at a rapid pace and FMCG products account for 50 per cent of total rural spending.
The Retail market in India is estimated to reach US$ 1.1 trillion by 2020 from US$ 840 billion in 2017, with modern trade expected to grow at 20 per cent - 25 per cent per annum, which is likely to boost revenues of FMCG companies. The sector witnessed growth of 16.5 per cent in value terms between 2018-2019; supported by moderate inflation, increase in private consumption and rural income.
Rural consumption has increased, led by a combination of increasing incomes and higher aspiration levels; there is an increased demand for branded products in rural India. The rural FMCG market in India is expected to grow to US$ 220 billion by 2025 from US$ 23.6 billion in FY18.Accounting for a revenue share of around 45 per cent, rural segment is a large contributor to the overall revenue generated by the FMCG sector in India.
Organized retail has also created new channels for FMCG players through diverse retail formats such as departmental stores, hypermarkets, supermarkets and specialty stores. With organized retailing emerging in a major way across the country, the revenues of FMCG companies are expected to surge.
The government has allowed 100 per cent Foreign Direct Investment (FDI) in food processing and single-brand retail and 51 per cent in multi-brand retail. This would bolster employment and supply chains, and also provide high visibility for FMCG brands in organised retail markets, bolstering consumer spending and encouraging more product launches.
The FMCG industry is a stable, diverse, challenging and high profile industry providing a wide range of profiles such as sales, supply chain, finance, marketing, operations, human resources, product development, general management, etc.
FMCG companies remain optimistic and will continue to hire in increasing numbers next year. The growth is expected to continue in the medium-to-long term given the broad based consumption and rising consumer incomes. The trend will create huge demand for manpower requirement for sales and marketing of FMCG products.
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