The Indian and Multinational FMCG players are leveraging India as a strategic sourcing hub for cost-effective product development and manufacturing to accommodate the international markets. With the rise in the disposable income consumers in recent times have shifted their purchasing from essential to premium products. In response to this, the firms have started enhancing its premium portfolio.
According to a survey conducted, the FMCG sector will reach new heights of USD 103.7 billion by 2020. This value clearly states that, there is a lot of scope in the FMCG sector for well-known as well as emerging businesses and brands.
In the next ten years, the revenue of the FMCG (Fast Moving Consumer Goods) market is set to grow at a higher rate. Trends are a great way, which showcase the current happenings and also give an outlook about the future times. They also have a longer shelf life and are driven by social, cultural and political factors. This describes the marketing strategies for the FMCG companies to learn about it in every possible way. Keeping pace with the trends allows the core team to study, understand and improvise the strategies for profitable outcomes.
Health and Wellness
There is growing awareness amongst the consumers regarding their wellbeing. The global and local FMCG companies are investing majorly in the health and wellness sector, as majority of people today are into fitness and aim to live and experience a healthy lifestyle. The proverb Health is Wealth, truly defines the health of an individual, as it is the most integral aspect to lead a longer and disease-free life.
Health and wellness is a trend, which is shaping the consumer preferences. The leading global and Indian food and beverage companies are embracing this trend and focusing on creating new emerging products in the health care domain.
The market is constantly flooded with products which promise the best of health and an eye-catching label reading ‘100% Organic’, which at times are misleading and undefined. In order for companies to make an impact, they have to offer healthy and organic options on a platter which are best suited for the consumer’s convenience.
The Customized Approach
In recent times, the consumers have become brand conscious as they prefer a high quality lifestyle and premium range products. Consumers briefly want to know what’s in store for them and primarily focus on the benefits and advantages of every product. This, in turn has made the FMCG companies to emphasize on innovating its existing product portfolio and developing new ones.
Also, customization and personalization is the way forward for FMCG companies. With a customized service approach, the FMCG companies add a personalized touch to a consumer’s product. This adds a bonus point on the company’s name and makes the existing consumers to look forward for future collaborations. It also attracts new consumers to experience the customization process. This customization strategy comes with a cost, but also has immense benefits as it offers the FMCG companies an insight into their consumer’s behavior.
Online Marketing Leads the Way
The millennial and Gen Z consumers are growing in numbers and so are their unique sets of demands. A recent survey states that they are more interested to know the experiences to share it on various social media platforms. Living in a digital world, online marketing is definitely a way to reach out to the audience. As everyone today is influenced by social media, it definitely gives an overview to understand or know any specification about products. In order to expand, the FMCG companies should emphasize on experience sharing to attract consumer attention.
Eating the Local Goodness
It is always said that eat what grows close to you. Every country has different climatic conditions and the food that grows in one’s country is best suited for them. People are often intimidated by products that look fancy and are flown down from some country in the world. But, what they don’t realize is it can have adverse effects on their health. So, it is always better to stick to your roots and eat the local produce.
The FMCG companies have also realized this and are increasingly appealing to consumers by launching products with regional flavors, ingredients, recipes and more. The big brands as well as SMEs are connecting with consumers by using regional flavors and ingredients that meet the regional and home country pride.
A Comprehensive Vision
The FMCG sector is full of opportunities and challenges. Uniqueness in services and executions are the primary reins which can drive companies through complexities of the market and roll out unmatched customer experience. Besides, consumers today are getting more attentive than ever before and are looking ahead in a broader perspective. Establishing a stable social platform and sustaining in the longer run can empower the enterprises to trek beyond the traditional horizons of FMCG market. This impact of the FMCG companies is considerably growing in India and also with the consumer behavior evolving at a fast pace, the companies will surely keep up with the marketing trends in 2018.
Notable Trends in the Indian FMCG Industry
