FMCG Industry in India Report 2013

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FMCG

For updated information, please visit www.ibef.org

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2013


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Contents

Advantage India

Market overview and trends

Growth drivers

Success stories: Major players

Opportunities

Useful information


FMCGMARCH

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FMCG

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

Advantage India

Advantage

India

Rising incomes and a growingyoung population have been thekey growth drivers for the sector

Brand consciousness have alsoaided demand

Rural demand is set to rise withrising incomes and greaterawareness of brands

Low penetration levels inrural market offers room forgrowth

There is a growing marketfor premium products

Exports is another growthsegment

Industry witnessed healthy FDIinflows as the sector accounted for1.9 per cent of the countrys total FDI

inflows over April 2000 - September2012

Many players are pursuing inorganicgrowth by acquiring regional players

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

retail

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

Market size:

USD74

billion

2018E

Market size:

USD30

billion

2011

Notes: Emami, Market size estimates from Technopak

2018E - estimated figure for 2018

Growing demand Attractive opportunities

Increasing investments Policy support

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Contents

Advantage India


Growth drivers


Opportunities

Useful information


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

The FMCG market has four mainsegment

Source: HUL

Notes: OTC is over the counter products; ethicals are a range of pharma products

FMCG

FMCG

Household care Personal care Food & Beverages

Fabric wash, Householdcleaners 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

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Source: IDFC, Business Today, Aranca Research

Notes: 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 FMCGindustry (USD billion)

Market size of chocolates

(USD million)

Market size of personal

care (USD billion)

HULs share in FMCG

market (%) >50%


7/3877For 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 r ise compared

to the previous year

The st rong growth in 2011 should come as no surprise

given the impressive performance of the sector overthe years

Over 2006-11, the sectors 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

15.717.8

21.3

24.2

30.2

34.8

2006 2007 2008 2009 2010 2011

CAGR

17.3 %

Strong growth in the Indian FMCGsector

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88For updated information, please visit www.ibef.org

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 togethermake up two-thirds of the sectors revenues

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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)

Source:Dabur, AC Nielsen, Aranca Research


FMCG

66.5%

33.5% Urban

Rural

The urban market accounts for a majorchunk of revenues

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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 productsposted 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 Research

Notes: UR - Urban Rural


FMCG

24%28%

42%

27%

11%11%

14%

16% 19% 21%

0%

5%

10%

15%

20%25%

30%

35%

40%

45%

0%

10%

20%

30%

40%

50%

60%

70%

Urban Rural UR Growth %

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The rural segment is fast catching up


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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)

Source:Dabur,AC Nielsen, Aranca Research


FMCG

42%

37%

67%

18%

18%

3%

2%

4%

77%

57%

80%

32%

59%

19%

5%

26%

0% 20% 40% 60% 80%

Toothpaste

Shampoo

Hairoil

Skin cream

Mosquito repellent

Instant noodles

Hair dye

Floor cleaner

Urban Rural

Penetration levels vary; grocers remainthe main sales channel (1/2)

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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)



FMCG

59%

13%

8%

6%

3%6%

5%Grocers

General stores

Chemists

Paan plus

Food stores

Modern trade

Others

Penetration levels vary; grocers remainthe main sales channel (2/2)

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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 fewFMCG categories

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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 andpremium 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

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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 offerincentives 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


Notes: CER - Certified Emission Reductions; SSI - Small Scale Industry

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Contents

Advantage India


Growth drivers


Opportunities

Useful information


FMCGMARCH

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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

Governments

pro-industry

policies

Source: Aranca Research

Notes: FDI - Foreign Direct Investment

Growth drivers of the FMCG sector inIndia

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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

Indias per capita income at current prices (USD)

Source: IMF, Aranca Research

Notes: F - Forecasted, CAGR - Compound Annual Growth Rate

GROWTH DRIVERS

FMCG

-5%

0%

5%

10%

15%

20%

25%

30%

0

500

1,000

1,500

2,000

2,500

3,000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012F

2013F

2014F

2015F

2016F

2017F

Per capita income,USD Annual growth rate

Higher incomes have aided growth inboth urban and rural markets

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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 ruralpurchasing 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

6.2

7.0 7.3

6.1

FY09 FY10 FY11 FY12

Government initiatives for ruraldevelopment

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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

37%

27%

23%

23%

22%

17%

17%

15%

13%

13%

0% 10% 20% 30% 40%

Packaged rice

Floor cleanser

Tissue paper

Glass cleansers

Packaged atta

Phenyls

Bread

Toilet cleansers

Packaged ghee

Jams and jelly

Increasing awareness and easier accessis driving growth of modern retail

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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; its share was 46.8 per cent

Cumulative FDI inflows * (USD million)

Source: DIPP, Aranca Research

GROWTH DRIVERS

FMCG

* April 2000 - Sep 2012

1661.9

861.4

509.9

366.6

100.9

42.7

0 500 1,000 1,500 2,000

Food processing

Paper, pulp

Soap, cosmetics

Vegetable oil

Tea,Coffee

Retail trading

FDI inflows have also gone up over theyears

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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


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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) wouldsimplify tax structure

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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 Acquisition

Halite Personal Care India PrivateLimited (Personal Care ) Marico Ltd (Food and Personal Care) AcquisitionParas 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

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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 Ltds 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 venturepartner Fonterra Cooperative Group Ltd) (food)

Britannia Industries Ltd (food) Acquisition

FMCG

Source:Bloomberg, Aranca Research

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Advantage India


Growth drivers


Opportunities

Useful information


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115.9

130.7170.3

230.7

284.0 302.8

145.8

FY07 FY08 FY09 FY10 FY11 FY12 H1FY13

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 theirrespective categories

Portfolio includes Zandu, one of the strongestAyurvedic brands

Over 80 per cent of business comes from wellness

categories

The company's revenues has expanded at a CAGR of21.2 per cent over the last five years

Net sales (USD million)

Source: Company reports, Aranca Research

CAGR 21.2 %

Emami - one of the fastest growingFMCG companies (1/2)

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

FMCG

Strategy to

drive revenue

Celebrity

promotion

New

geographies

Brandextension

Rural reach

Productinnovation

Leveraging

existingdistribution

network

Differentiated

value for

moneyproducts


Emami - one of the fastest growingFMCG companies (2/2)

Awards and recognitions

Among Asia's 'Best Under A Billion' 2010 list of

companies compiled by Forbes magazine

Emamis Zandu Balm, Navratna andBoroplus wereranked among the top 20 brands in the countrybyBrand Equity Survey of Economic Times, 2012

Ranked 125th among BT (Business Today) Most

Valuable Companies of India in private Sector

Ranked 272ndamong Fortune 500 Indias largest

corporations on profitability

C

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433.4499.2

596.7711.8

856.2

1,100.6

624.7

FY07 FY08 FY09 FY10 FY11 FY12 H1FY13

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 inIndia (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 millionretailers across the country

17 world-class manufacturing plants catering to

needs of diverse markets

Over 30 per cent of revenues generated from

international markets

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

FMCG

Strategy

Expand

AcquireInnovate


Dabur - riding on strong brand equity inIndia (2/2)

Awards and recognitions in 2011-12

Ranked 53rdamongst the worlds top 100 beauty

companies in WWD Beauty Inc.s top 100 2012

Ranked 33 in Indias 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 productslisted amongst the '30 New Beauty Finds' by India

Today Woman

During FY12, Dabur ranked as the second-most Social

Brand of India

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Growth drivers


Opportunities

Useful information


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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 mens 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 tointernational 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 IndianFMCG industry

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Advantage India


Growth drivers


Opportunities

Useful information


FMCGMARCH

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

IndustryAssociations (1/3)

Indian Dairy AssociationSecretary (Establishment)

Indian Dairy Association, Sector - IV, New Delhi - 110022

Phone: 91-11-26170781, 26165355, 26179780; Fax: 91-11-26174719

E-mail: [email protected]

Website: w ww.indairyasso.org

All India Bread Manufacturers AssociationPHD House, 4/2, Siri Institutional Area, August Kranti Marg,

New Delhi - 110016

Phone: 91-11-26515137; Fax: 91-11-26855450

E-mail: [email protected]; [email protected]

Website: www.aibma.com

All India Food Preservers Association206, Aurobindo Place Market Complex

Hauz Khas, New Delhi - 110016Phone: 91-11-26510860, 26518848; Fax: 91-11-26510860

Website: www.aifpa.net

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Industry Associations (2/3)

Federation of Biscuit Manufacturers of IndiaPHD House, 4/2, Siri Institutional Area, August Kranti Marg,

New Delhi - 110016

Phone: 91-11-26515137; Fax: 91-11-26855450

E-mail: [email protected]; [email protected]

Website: www.biscuitfederation.com

Indian Soap & Toiletries Manufacturers AssociationRaheja Centre, 6th Floor, Room No 614, Backbay Reclamation,

Mumbai - 400021

Phone: 91-22-2824115; Fax: 91-22-22853649


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

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Industry Associations (3/3)

The Solvent Extractors' Association of India142, Jolly Maker Chambers, No 2, 14th Floor, 225, Nariman Point,

Mumbai - 400021

Tel: 91-22-22021475, 22822979; Fax: 91-22-22021692


Website: www.seaofindia.com

Vanaspati Manufacturers Association of India903, Akashdeep Building, 26 - A, Barakhamba Road,

New Delhi -110001

Phone: 91-11-23312640; Fax: 91-11-23315698

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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

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FMCG 2013

Disclaimer

FMCG Industry in India Report 2013

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