fmcg : industry report ,march 2013

11

FMCG

For updated information, please visit www.ibef.org

MARCH

2013

22

Contents Advantage India

Market overview and trends

Growth drivers

Success stories: Major players

Opportunities

Useful information


FMCGMARCH

2013

33

FMCG

For updated information, please visit www.ibef.org ADVANTAGE INDIA

Advantage India

Advantage

India

• Rising incomes and a growing young population have been the key growth drivers for the sector

• Brand consciousness have also aided demand

• Rural demand is set to rise with rising incomes and greater awareness of brands

• Low penetration levels in rural market offers room for growth

• There is a growing market for premium products

• Exports is another growth segment

• Industry witnessed healthy FDI inflows as the sector accounted for 1.9 per cent of the country’s total FDI inflows over April 2000 - September 2012

• Many players are pursuing inorganic growth by acquiring regional players

• Investment approval of up to 100 per cent foreign equity in single brand retail and 51 per cent in multi-brand retail

• Introduction of Goods and Service Tax (GST) as a single unified tax system likely from April 2013

Market size:

USD74 billion

2018E

Market size:

USD30billion

2011

Notes: Emami, Market size estimates from Technopak 2018E - estimated figure for 2018

Growing demand Attractive opportunities

Increasing investments Policy support

MARCH

2013

44



Growth drivers


Opportunities

Useful information


FMCGMARCH

2013

55For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS

The FMCG market has four main segment

Source: HULNotes: OTC is over the counter products; ethicals are a range of

pharma products

FMCG

FMCG

Household care Personal care Food & Beverages

Fabric wash, Household cleaners

Oral care, hair care, skin care,

cosmetics/deodorants, perfumes, feminine hygiene and paper

products

Health beverages, staples/cereals, bakery

products, snacks, chocolates, ice cream, tea/coffee/soft drinks, processed fruits and

vegetables, dairy products, and branded

flour

Health care

OTC products and ethicals

MARCH

2013


Source: IDFC, Business Today, Aranca ResearchNotes: Gross block of FMCG is the total value of all the assets in the

sector

Evolution of FMCG in India

FMCG

→ FMCG is the fourth largest sector in the Indian economy

Indian FMCG industry (USD billion)

Gross block of FMCG industry (USD billion)

Market size of chocolates (USD

million)

Market size of personal care (USD billion)

HUL’s share in FMCG market (%) >50%

<3

<100

0.6

9.0

<30%

8.6

625

2.3

34.8

2000

2010-11

(2011)

(2010)

(2011)

(2011)

(2011)

MARCH

2013

77For updated information, please visit www.ibef.org

→ The FMCG sector in India generated revenues worth USD34.8 billion in 2011, a 15.2 per cent rise compared to the previous year

→ The strong growth in 2011 should come as no surprise given the impressive performance of the sector over the years

→ Over 2006-11, the sector’s revenues posted a CAGR of 17.3 per cent

Trends in FMCG revenues over the years (USD billion)

Source: Dabur, AC Nielsen, Aranca Research

MARKET OVERVIEW AND TRENDS

FMCG

2006 2007 2008 2009 2010 2011

15.717.8

21.324.2

30.2

34.8

CAGR 17.3 %

Strong growth in the Indian FMCG sector

MARCH

2013


→ ‘Food products’ is the leading segment, accounting for 43.0 per cent of the overall market

→ Personal care (22.0 per cent) and fabric care (12.0 per cent) are the other leading segments

Market break-up by revenues (2009)

Source: Dabur, Aranca Research


FMCG

43%

22%

12%

8%

4%

4% 2%5%

Food products

Personal care

Fabric care

Hair care

Households

OTC products

Baby care

Others

Food products and personal care together make up two-thirds of the sector’s revenues

MARCH

2013


→ The urban segment is the largest contributor to the sector, accounting for over two-thirds of total revenue

→ Semi-urban and rural segments are growing at a rapid pace; they currently account for 33.5 per cent of revenues

→ FMCG products account for 53.0 per cent of total rural spending

Urban-rural revenue break-up (2011)



FMCG

66.5%

33.5% Urban

Rural

The urban market accounts for a major chunk of revenues

MARCH

2013


→ The urban FMCG market in India has been growing at a fairly steady and healthy rate over the years; encouragingly, the growth in rural markets has been more fast-paced

→ During FY11, more than 80 per cent of FMCG products posted faster growth in rural markets as compared to urban ones

→ Notable high growth sectors include salty snacks, refined edible oil, healthcare products, iodised salt, etc

Growth in urban and rural FMCG markets (FY11)

Source: AC Nielson, Aranca ResearchNotes: UR - Urban Rural


FMCG

Biscuits

Refined

oils

Salty

snack

s

Non-refined

oils

Toile

t soap

s

Wash

ing powder

Packag

ed te

a

Iodised sa

lt

Hair oils

Sham

poo0%

10%

20%

30%

40%

50%

60%

70%

0%5%10%15%20%25%30%35%40%45%

24%28%

42%

27%

11%11% 14%

16% 19% 21%

Urban Rural UR Growth %

MARCH

2013

The rural segment is fast catching up


→ Hair oils, toothpastes and shampoos have significantly high penetration in both urban and rural markets

→ Instant noodles, floor cleaners and hair dyes are picking up in the rural areas due to increased awareness

Penetration levels of few top selling FMCG (2011)



FMCG

Toothpaste

Shampoo

Hairoil

Skin cream

Mosquito repellent

Instant noodles

Hair dye

Floor cleaner

0% 20% 40% 60% 80%42%

37%

67%

18%

18%

3%

2%

4%

77%

57%

80%

32%

59%

19%

5%

26%

Urban Rural

Penetration levels vary; grocers remain the main sales channel … (1/2)

MARCH

2013


→ A total of 7.8 million retail outlets sell FMCG in India

→ Grocers are the dominant retail format, accounting for 59.0 per cent

Sales channel breakdown (2010)

Source: AC Nielson, Aranca Research


FMCG

59%

13%

8%

6%

3% 6%5%

Grocers

General stores

Chemists

Paan plus

Food stores

Modern trade

Others

Penetration levels vary; grocers remain the main sales channel … (2/2)

MARCH

2013


Market Leader Others

Hair Oil 42%

15%

8%

5%

Shampoo

46%

24%

10% 6%

Oral care

50%

23%

13%

Skin care

59%

7%

7%

6%

Fruit juice

52%

35%

Source: Industry estimates

FMCG

Market share of companies in a few FMCG categories

MARCH

2013


Notable trends in FMCG … (1/2)

Consolidation• Indian FMCG companies are consolidating their existing business

portfolios

Product innovation• Several companies have started innovating or customising their

existing product portfolios for new consumer segments

Brand consciousness• Consumers are becoming more brand conscious and prefer

lifestyle and premium range products given their increasing disposable income

FMCG

Expanding horizons• A number of companies are exploring the business potential of

overseas markets and several regional markets

Backward integration• Backward integration is becoming the preferred strategy for

increasing profit margins

Focus on rural market• Companies are now focusing on the rural market segment which is

growing at a rapid pace and contributes about 33 per cent to the total FMCG market

Expanding distribution networks

• Companies are now focused on improving their distribution networks to expand their reach in rural India

Source: Aranca Research

MARCH

2013


Notable trends in FMCG … (2/2)

Third-party manufacturing

• This approach has helped FMCG companies focus on front-end marketing

• Reservation of several items for SSI as well as additional tax incentives have made third party manufacturing a popular route for many big players

Rising importance of smaller-sized packs

• Companies are increasingly introducing smaller stock keeping units at reduced prices. This helps them to sustain margins, maintain volumes from price-conscious customers and expand their consumer base

Increased hiring from tier II/III cities

• Small towns are emerging as significant hiring zones. FMCG companies are hiring field staff from areas such as Kalpa (Himachal Pradesh), Mangaliya (Madhya Pradesh), Kota (Rajasthan), and Shirdi (Maharashtra) to sell diverse products

FMCG

Focus on enhancing presence in Africa

• FMCG companies entering Africa as it helps to be close to consumption markets within Africa

• Such foreign investments are encouraged by local governments, as they offer incentives to enter the markets

Reducing carbon footprint and eco-friendly products

• FMCG players in India are increasingly focussing on reducing their carbon footprint by creating eco-friendly products. They generate the required energy from renewable sources and earn CER credits for the same

Source: AC Nielson, Aranca ResearchNotes: CER - Certified Emission Reductions; SSI - Small Scale

Industry

MARCH

2013

1616



Growth drivers


Opportunities

Useful information


FMCGMARCH

2013

1717For updated information, please visit www.ibef.org GROWTH DRIVERS

FMCG

Rise of rural consumers

Growing popularity of

organised retail

FDI support

Increasing per capita income of urban and

rural population

Government’s pro-industry

policies

Source: Aranca ResearchNotes: FDI - Foreign Direct Investment

Growth drivers of the FMCG sector in India

MARCH

2013


→ Per-capita income in the country expanded at a CAGR of 12.5 per cent over 2001-11

→ Strong income growth is set to continue in future as well; IMF forecasts point to a CAGR of 8.8 per cent over 2012-17 to USD2,428.5

→ An important consequence of rising incomes is growing appetite for premium products, primarily in the urban segment

India’s per capita income at current prices (USD)

Source: IMF, Aranca ResearchNotes: F - Forecasted, CAGR - Compound Annual

Growth Rate

GROWTH DRIVERS

FMCG

20012002

20032004

20052006

20072008

20092010

20112012F

2013F2014F

2015F2016F

2017F0

500

1,000

1,500

2,000

2,500

3,000

-5%

0%

5%

10%

15%

20%

25%

30%

Per capita income,USD Annual growth rate

Higher incomes have aided growth in both urban and rural markets

MARCH

2013


→ The Indian government has been supporting the rural population with higher MSPs, loan waivers, and disbursements through the NREGA programme

→ These measures have helped in reducing poverty in rural India and have thus propped up rural purchasing power

Total funds released by government for NREGA (USD billion)

Source: NREGA, Aranca Research

GROWTH DRIVERS

FMCG

Notes: MSP - Minimum support price, NREGA - National Rural Employment

Guarantee Act

FY09 FY10 FY11 FY12

6.27.0 7.3

6.1

Government initiatives for rural development

MARCH

2013


→ Growing awareness, easier access, and changing lifestyles has meant growing consumer spending in modern retail stores

→ Spending at modern retail stores in India shot up by 31 per cent in 2011 compared to the previous year

→ Modern retail spending is expected to shoot up to USD5 billion in 2015 from USD1.8 billion in 2011

Contribution of private label in modern trade (2011)

Source: AC Nielson, Aranca Research

GROWTH DRIVERS

FMCG

Packaged rice

Floor cleanser

Tissue paper

Glass cleansers

Packaged atta

Phenyls

Bread

Toilet cleansers

Packaged ghee

Jams and jelly

0% 5% 10% 15% 20% 25% 30% 35% 40%

37%

27%

23%

23%

22%

17%17%

15%

13%

13%

Increasing awareness and easier access is driving growth of modern retail

MARCH

2013


→ The sector has been witnessing healthy FDI inflows over the years; in fact, during FY01-13*, FMCG accounted for 1.9 per cent of total inflows

→ Within FMCG, food processing was the largest recipient; it’s share was 46.8 per cent

Cumulative FDI inflows * (USD million)

Source: DIPP, Aranca Research

GROWTH DRIVERS

FMCG

* April 2000 - Sep 2012

Food processing

Paper, pulp

Soap, cosmetics

Vegetable oil

Tea,Coffee

Retail trading

1661.9

861.4

509.9

366.6

100.9

42.7

FDI inflows have also gone up over the years

MARCH

2013


Policy and regulatory framework

GROWTH DRIVERS

FMCG

Goods and service tax (GST)

• GST for the purpose of integrating multiple indirect taxes under a unified tax system is likely to be implemented in 2013

• The rate of GST on services is likely to be 16 per cent and on goods is proposed to be 20 per cent

Excise duty

• The current excise duty is 12 per cent • However, for consumers, it is expected that there will be more

money to spend on FMCG products as income tax exemptions limits have been hiked to INR200,000

Relaxation of license rules

• Industrial license is not required for almost all food and agro-processing industries, barring certain items such as beer, potable alcohol and wines, cane sugar, and hydrogenated animal fats and oils as well as items reserved for exclusive manufacture in the small-scale sector

Statutory Minimum Price

• In October 2009, the government amended the Sugarcane Control Order, 1966, and replaced the Statutory Minimum Price (SMP) of sugarcane with Fair and Remunerative Price (FRP) and the State-Advised Price (SAP)

FDI in organised retail

• The government recently approved 51 per cent FDI in multi-brand retail, which will boost the nascent organised retail market in the country

• It also allowed 100 per cent FDI in the cash and carry segment and in single-brand retail


MARCH

2013

2323For updated information, please visit www.ibef.org GROWTH DRIVERS


Goods and Service Tax (GST)

System changes and transition management

• Changes need to be made to accounting and IT systems in order to record transactions in line with GST requirements

• Appropriate measures need to be taken to ensure smooth transition to the GST regime - through employee training, compliance under GST, customer education and inventory credit tracking

Supply chain structure • Introduction of GST as a unified tax

regime will lead to a re-evaluation of procurement and distribution arrangements

• Removal of excise duty on products would result in cash flow improvements

Cash flow • Tax refunds on goods purchased for

resale implies a significant reduction in the inventory cost of distribution

• Distributors are also expected to experience cash flow from collection of GST in their sales, before remitting it to the government at the end of the tax-filing period

Pricing and profitability• Elimination of tax cascading is expected

to lower input costs and improve profitability

• Application of tax at all points of supply chain is likely to require adjustments to profit margins, especially for distributors and retailers

FMCG

New Goods and Service Tax (GST) would simplify tax structure

MARCH

2013


Key M&A deals in the industry … (1/2)

GROWTH DRIVERS

FMCG

Target name (segment) Acquirer name (segment)Merger/

Acquisition

United Spirits Diageo Plc. Acquisition

Hobi Kozmetik, Turkey Dabur Acquisition

L.D. Waxson, Singapore Wipro Consumer AcquisitionHalite Personal Care India Private Limited

(Personal Care )Marico Ltd (Food and Personal Care) Acquisition

Paras Pharma (Personal Care) Marico Ltd (Food and Personal Care) Acquisition

Namaste group (Personal Care) Dabur (Food) Acquisition

Cosmetica Nacional (Cosmetics) Godrej Consumer Products Ltd Acquisition

CC Health Care Products Pvt Ltd (Cosmetics)Colgate-Palmolive India Ltd ( Cosmetics and

Toiletries)Acquisition

Eastern Condiments Pvt Ltd (Food -

Misc/Diversified)McCormick & Co Inc (Food-Misc/Diversified) Acquisition

Vietnam Spice Unit (Food and beverages) Bafna Enterprises (Food and Beverages) Acquisition

Noble Hygiene Pvt Ltd (Household and Personal

Products)Bennett Coleman & Co Ltd (Publishing) Acquisition

Hobi Kozmetik, Turkey (Personal Care Products) Dabur India (Personal Care) Acquisition

Source: Company websites, Bloomberg, Aranca Research

MARCH

2013


Key M&A deals in the industry … (2/2)

GROWTH DRIVERS

Target name (segment) Acquirer name (segment)Merger/

Acquisition

Argencos, Argentina (Hair Care Products)Godrej Consumer Products Ltd (Home and

Personal Care) Acquisition

Lotte India Corp Ltd (Food)Lotte Confectionery Co Ltd, South Korea

(Food) Acquisition

Megasari, Indonesia (Soap and cleaning products )

GCPL (Home and personal care) Acquisition

Issue Group, Argentina (Hair products) GCPL (Home and personal care) Acquisition

Tura, Nigeria (Soap and cleaning products ) GCPL (Home and personal care) Acquisition

Tern Distilleries Pvt Ltd (beverages - wine/spirits)

United Spirits Ltd (beverages) Acquisition

Vale Do Ivai SA Acucar E Alcool (sugar and ethanol)

Shree Renuka Sugars Ltd (food) Acquisition

Greenol Laboratories Pvt Ltd (tea) Asian Tea & Exports Ltd (food - tea) Acquisition

Olyana Holding LLC (tea)UK-based Borelli Tea Holdings Ltd, a wholly-

owned unit of Mcleod Russel India LtdAcquisition

Garden Namkeens Pvt Ltd (food - misc.) Cavinkare Pvt Ltd (food) Acquisition

Bacardi Martini India Ltd’s 26 per cent shares from Gemini Distillery Private Ltd (beverages)

Bacardi Martini BV, Netherlands (beverages) Acquisition

Godrej Hygiene Care Pvt Ltd (home care)Godrej Consumer Products Ltd

(home care)Merger

Britannia New Zealand Foods Pvt Ltd (joint venture partner Fonterra Cooperative Group

Ltd) (food)Britannia Industries Ltd (food) Acquisition

FMCG

Source: Bloomberg, Aranca Research

MARCH

2013

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Growth drivers


Opportunities

Useful information


FMCGMARCH

2013

2727

FY07 FY08 FY09 FY10 FY11 FY12 H1FY13

115.9130.7

170.3

230.7

284.0 302.8

145.8

For updated information, please visit www.ibef.org SUCCESS STORIES: MAJOR PLAYERS

FMCG

Salient features

• Niche category player and innovator

• Key brands are strong market leaders in their respective categories

• Portfolio includes Zandu, one of the strongest Ayurvedic brands

• Over 80 per cent of business comes from wellness categories

• The company's revenues has expanded at a CAGR of 21.2 per cent over the last five years

Net sales (USD million)

Source: Company reports, Aranca Research

CAGR 21.2 %

Emami - one of the fastest growing FMCG companies … (1/2)

MARCH

2013

2828For updated information, please visit www.ibef.org SUCCESS STORIES: MAJOR PLAYERS

FMCG

Strategy to drive revenue

Celebrity promotion

New geographies

Brand extension

Rural reach

Product innovation

Leveraging existing

distributionnetwork

Differentiated ‘value for money’ products


Emami - one of the fastest growing FMCG companies … (2/2)

Awards and recognitions• Among Asia's 'Best Under A Billion' 2010 list

of companies compiled by Forbes magazine

• Emami’s Zandu Balm, Navratna and Boroplus were ranked among the top 20 brands in the country by Brand Equity Survey of Economic Times, 2012

• Ranked 125th among BT (Business Today) Most Valuable Companies of India in private Sector

• Ranked 272nd among Fortune 500 India’s largest corporations on profitability

MARCH

2013

2929

FY07 FY08 FY09 FY10 FY11 FY12 H1FY13

433.4 499.2

596.7711.8

856.2

1,100.6

624.7

For updated information, please visit www.ibef.org SUCCESS STORIES: MAJOR PLAYERS

FMCG

Sales (USD million)


CAGR 20.4 %

Dabur - riding on strong brand equity in India … (1/2)

Salient features

• Among top four FMCG companies in India

• 10 brands with sales worth over USD20 million each

• Wide distribution network covering 2.8 million retailers across the country

• 17 world-class manufacturing plants catering to needs of diverse markets

• Over 30 per cent of revenues generated from international markets

MARCH

2013

3030For updated information, please visit www.ibef.org SUCCESS STORIES: MAJOR PLAYERS

FMCG

Strategy

Expand

AcquireInnovate


Dabur - riding on strong brand equity in India … (2/2)

Awards and recognitions in 2011-12

• Ranked 53rd amongst the world’s top 100 beauty companies in ‘WWD Beauty Inc.’s top 100’ 2012

• Ranked 33 in India’s 100 most valuable brands, 2012 by 4Ps Business and Marketing magazine

• Ranked 184 in Fortune India 500 list

• Ranked 78 in Super - 100 (Business India)

• Ranked 45 among Most Trusted Brands in India (Brand Trust Report, India Study, 2011)

• Dabur Uveda range of Ayurvedic skin care products listed amongst the '30 New Beauty Finds' by India Today Woman

• During FY12, Dabur ranked as the second-most ‘Social Brand of India’

MARCH

2013

3131



Growth drivers


Opportunities

Useful information


FMCGMARCH

2013

3232For updated information, please visit www.ibef.org OPPORTUNITIES

Source: Assorted articles and reports, AC Nielson, Aranca Research

FMCG

Rural market

• Leading players of consumer products have a strong distribution network in rural India; they also stand to gain from the contribution of technological advances such as internet and e-commerce to better logistics

• Rural FMCG market size is expected to touch USD100 billion by 2025

Innovative products• Indian consumers are highly adaptable to new and innovative

products. For instance there has been an easy acceptance of men’s fairness creams, flavoured yoghurt, and cuppa mania noodles

Premium products

• With rise disposable incomes mid- and high-income consumers in urban areas have shifted their purchase trend from essential to premium products

• In response, firms have started enhancing their premium products portfolio

Sourcing base• Indian and multinational FMCG players can leverage India as a

strategic sourcing hub for cost-competitive product development and manufacturing to cater to international markets

Penetration

• Low penetration levels offer room for growth across consumption categories

• Majors players are focusing on rural markets to increase their penetration in those areas

Growth opportunities in the Indian FMCG industry

MARCH

2013

3333



Growth drivers


Opportunities

Useful information


FMCGMARCH

2013

3434For updated information, please visit www.ibef.org USEFUL INFORMATION

Industry Associations … (1/3)

Indian Dairy Association Secretary (Establishment)Indian Dairy Association, Sector - IV, New Delhi - 110022Phone: 91-11-26170781, 26165355, 26179780; Fax: 91-11-26174719E-mail: [email protected] Website: www.indairyasso.org

All India Bread Manufacturers’ AssociationPHD House, 4/2, Siri Institutional Area, August Kranti Marg,New Delhi - 110016 Phone: 91-11-26515137; Fax: 91-11-26855450E-mail: [email protected]; [email protected] Website: www.aibma.com

All India Food Preservers’ Association206, Aurobindo Place Market ComplexHauz Khas, New Delhi - 110016Phone: 91-11-26510860, 26518848; Fax: 91-11-26510860 Website: www.aifpa.net

FMCGMARCH

2013



Federation of Biscuit Manufacturers of IndiaPHD House, 4/2, Siri Institutional Area, August Kranti Marg,New Delhi - 110016 Phone: 91-11-26515137; Fax: 91-11-26855450E-mail: [email protected]; [email protected] Website: www.biscuitfederation.com

Indian Soap & Toiletries Manufacturers’ AssociationRaheja Centre, 6th Floor, Room No 614, Backbay Reclamation, Mumbai - 400021Phone: 91-22-2824115; Fax: 91-22-22853649E-mail: [email protected]

Indian Soft Drinks Manufacturers' Association702, Ansal Bhawan, 16 KG Marg, New Delhi - 110001Phone: 91-11-46470200; Fax: 91-11-23327747

FMCGMARCH

2013



The Solvent Extractors' Association of India142, Jolly Maker Chambers, No 2, 14th Floor, 225, Nariman Point, Mumbai - 400021Tel: 91-22-22021475, 22822979; Fax: 91-22-22021692E-mail: [email protected] Website: www.seaofindia.com

Vanaspati Manufacturers’ Association of India903, Akashdeep Building, 26 - A, Barakhamba Road,New Delhi -110001Phone: 91-11-23312640; Fax: 91-11-23315698

FMCGMARCH

2013


Glossary

→ FDI: Foreign Direct Investment

→ MSP: Minimum Selling Price

→ NREGA: National Rural Employment Guarantee Act

→ FY: Indian financial year (April to March)

→ So FY09 implies April 2008 to March 2009

→ SEZ: Special Economic Zone

→ MoU: Memorandum of Understanding

→ USD: US Dollar

→ Conversion rate used: USD 1= INR 48

→ Wherever applicable, numbers have been rounded off to the nearest whole number

USEFUL INFORMATION

FMCGMARCH

2013

38

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FMCGMARCH

2013

Disclaimer

fmcg : industry report ,march 2013

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