Mayra FMCG Industry
The consumer packaged goods are popularly known as FMCG. Items in this category include all consumables (other than groceries/pulses) persons buy at regular intervals. Toilet soaps, detergents, shampoos, toothpaste, shaving products, shoe polish, packaged foodstuff, and household accessories and extends to certain electronic goods are the most common in the list. These items are meant for daily of frequent consumption and have a high return. Indian consumers become more global in their aspirations and desires, as they travel abroad and are exposed to global products this makes the Indian consumers to increase their appetite to consume Indian products manufactured in their home market. So, research and development and innovation have approved the global FMCG market in a new way to reach their products to rural and urban market. Innovation also increases launching and marketing new products and improving shopping processes, providing consumers with a range of tools to purchase products. Most FMCG brands are rushing to design, create, test and launch new products to capture the attention of Indian consumers. The CEOs of FMCG believe that long-term demand and growth are significant in markets like India, Brazil, Russia, etc. The major challenges which the FMCG CEOs faces are majorly focused on questions such as-
- How do I get my team to think about the next big game-changing innovation?
- Should I set up an R&D lab/innovation cell and how much funding should I allocate to it?
- What kind of time to markets is reasonable for a large innovation?
- What are the current pain points in time to market and how do I reduce these?
- Are my priorities for innovation and development clear?
- How do I identify and hire the best talent?
The sector has grown at an annual average of about 11 per cent over the last decade. Data showed that FMCG market is expected to increase at (CAGR) of 14.7 per cent to touch US$ 110.4 billion during 2012-2020. Food products, Personal care, and fabric care accounts in the ratio of 43:22:12 percent in terms of market share. Surveys of different organizations showed FMCG industry may not expect to see a significant spurt in new hiring this year. However they prefer to focus on largely on revamping current sales methods and targeting online talent acquisition, while maintaining special hiring teams. In a survey Aon found that employers are broadening their hiring methods, but only 11% organizations report more than 90% selection ratio across these channels. So, companies are deciding to move forward structuring hiring teams is the way for greater effectiveness.