FMCG Market to Reach $18,939.4 Billion, Globally, by 2031 at 5.1% CAGR: Allied Market Research

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Feb 08, 2023, 11:30 ET

Growing consumer awareness about FMCG products, effective advertisement of brands, a strong distribution channel system of the market, changes in the lifestyle of consumers, and increase in disposable income of population drive the global FMCG market.

PORTLAND, Ore., Feb. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "FMCG Market by Product Type (Food and Beverage, Personal Care and Cosmetics, Health Care, Home Care, Footwear, Footwear Accessories, and Others), Production Type (Inhouse and Contract Based), and Distribution Channel (Supermarkets and Hypermarkets, Grocery Stores, Specialty Stores, E-Commerce, and Others): Global Opportunity Analysis and Industry Forecast 2022-2031." According to the report, the global FMCG industry generated $11,490.9 billion in 2021 and is estimated to accrue $18,939.4 billion by 2031, witnessing a CAGR of 5.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

Increase in global population, growth in consumer awareness about FMCG products, frequent launch of new products by manufacturers, effective advertisement of brands, a strong distribution channel system of the market, changes in the lifestyle of consumers in developed and the developing countries and increase in disposable income of middle-class population fuel the growth of the global FMCG market. However, increase in competition among major market players and retail execution hinder the global market growth. On the other hand, the growing trend of online shopping, R&D in new brands and products, and expansion of FMCG network in rural areas of developing countries present new growth opportunities for the global FMCG market in the coming years.

Covid-19 Scenario

The consequences of the COVID-19 pandemic on the FMCG market have been both positive and negative. The industry faced a difficult physical environment, supply-chain disruptions, and unprecedented demand volatility while trying to get products onto shelves while ensuring the safety of personnel and customers.
The beverages sector was impacted negatively by the pandemic as revenues for beverages reduced slightly, as restaurants and bars witnessed a drop in business. Transport was interrupted by lockdowns, which affected other aspects of the market, such as ingress, the availability of inputs, and the quality of consumables.
However, during the pandemic, people focused more on their health and hygiene, buying more personal care products and as a result, the FMCG industry saw a rise in its revenue.
The market situation slowly improved with the number of Covid-19 cases coming down and easing of restrictions imposed by government worldwide.

The food and beverage segment to dominate the market in terms of revenue during the forecast period

Based on product type, the food and beverage segment contributed to the largest share of more than four-fifths of the global FMCG market in 2021 and is expected to rule the roost during the forecast period. The segment is driven by rising disposable income, intercultural interaction, and population growth. However, the healthcare segment is projected to witness the fastest CAGR of 6.6% from 2022 to 2031. Since regular food fails to provide proper nutrition, several people use supplements to meet the nutritional requirement. The trend of using supplements has become increasingly popular among athletes and elderly consumers.

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The inhouse segment to dominate the market in terms of revenue during the forecast period

Based on production type, the inhouse segment contributed to the largest share of more than 90% of the global FMCG market in 2021 and is expected to rule the roost during the forecast period. Major FMCG companies from all around the globe are carrying out in-house manufacturing processes. They are investing a large sum of money in opening new facilities in different regions to expand their businesses. However, the contract based segment is projected to witness the fastest CAGR of 7.2% from 2022 to 2031, as contract manufacturing helps save on production costs, increased technical insight, increased flexibility, scalability, valuable end-to-end options, accurate cost estimates, and deadlines. The beverages and personal care & cosmetics industry use contract manufacturing for their bottling and packaging processes to improve the production process.

Asia Pacific to achieve a noteworthy growth by 2031

Based on region, the market in Asia-Pacific was the largest in 2021, accounting for over one-third of the global FMCG market and is likely to maintain its dominance during the forecast timeframe. The same market is likely to show the fastest CAGR of 6.8% during the forecast period. Asia-Pacific is an emerging market where countries such as India and China witnessed substantial economic growth in the past decade. This region has a large population and the demand for consumer goods is very high.

Leading Market Players

Procter & Gamble
Unilever Group
The Coca Cola Company
Pepsico Co. Inc.
Kimberly-Clark Corporation
Patanjali Ayurved Ltd.
Dr Pepper Snapple Group, Inc.
Revlon, Inc.
Johnson & Johnson
Nestle

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