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<ul><li>Out-of-home to bounce back from COVID-19 slump with 9% annual growth</li><li>Total FMCG adspend to exceed 2019 levels of spending in 2023</li><li>China leads digital transformation with 71% of FMCG budgets spent digitally</li></ul>Zenith forecasts that fast-moving consumer goods (FMCG) food and drink brands will increase their ad expenditure on digital channels by 7% a year to 2023, according to its Business Intelligence – FMCG Food and Drink report, published today. That’s well ahead of the 4% annual growth forecasts for FMCG adspend as a whole in the 12 markets included in this report*. <keyword id="417653" type="COMPANY" weightage="20" keywordseo="FMCG-brands">FMCG brands</keyword> still rely heavily on traditional TV, spending 39% of their budgets on <keyword id="1376766" type="PERSON" weightage="20" keywordseo="Television-advertising">television advertising</keyword> in 2020, compared to 24% for the average brand. Excluding China, where FMCG brands have already adopted <keyword id="169310" type="PERSON" weightage="20" keywordseo="digital-advertising">digital advertising</keyword> as their main form of commercial communication, FMCG brands spent 52% of their budgets in television, compared to an average of 26%. Their principal goal is to maximise brand awareness and reach so they are front of mind at the point of purchase for as many consumers as possible. This is something that TV has historically excelled at, but its declining reach – particularly among the young – is making it less effective. FMCG brands are therefore following audiences to digital channels. Zenith forecasts that FMCG digital adspend will increase from US$12.3bn in 2020 to US$14.9bn in 2023, and that its market share will rise from 46% to 49%. After the pandemic gave FMCG ecommerce its urgent stimulus in 2020, brands will look to support and expand their ecommerce capabilities, channelling consumers to DTC operations or retail partnerships. But the big challenge will lie in using digital to replace television effectively – creating large-scale brand awareness while managing frequency. The rise of Subscription Video on Demand (SVOD), which locks away high-value audiences from direct advertising, will make this even harder, as will the end of third-party cookies. “FMCG brands need a new comprehensive approach to reach-based planning,” said Ben Lukawski, Global Chief Strategy Officer, Zenith. “That means combining TV, paid advertising in online video, virtual placement in SVOD platforms and perhaps even a presence in gaming, using first-party and second-party data to prevent duplication and optimise incremental reach.” Out-of-home is the exception to the declining reach of traditional media. As traffic returns to normal after the COVID-19 slump, the spread of digital displays will make it even more effective at reaching consumers with targeted and relevant ads near the point of sale. FMCG out-of-home advertising is forecast to grow by 9% a year from 2020 to 2023, while its market share rises from 6.1% to 7.0%, slightly ahead of its pre-pandemic share of 6.8% in 2019. FMCG adspend to track total market growth as it recovers from 11% slump in 2020 Ad expenditure by FMCG brands fell more sharply than the ad market as a whole in 2020, shrinking by 10.7% to US$26.7bn. This was not because of any shortfall in demand. On the contrary, demand soared as people stopped eating in restaurants, cafes and bars and shifted consumption to the home. Instead, FMCG companies were faced with the challenge of ramping up production while supply chains were disrupted, and using limited available distribution to get their products onto shelves in stores, or to consumers’ homes. Many FMCG companies therefore cut back on promotional activity for products they couldn’t get to consumers quickly enough to satisfy demand, and invested in distribution infrastructure instead, especially ecommerce operations and partnerships. Zenith forecasts that the recovery of FMCG adspend will roughly track the market as a whole in 2021-2023. A bounce-back is almost inevitable in 2021 given the comparison with the sharp drop-off in 2020, particularly during Q2, though it will still be 6% below 2019 levels. FMCG companies face uncertainty over how quickly consumers will return to shops, and how much their behaviours have been permanently affected by the pandemic. However, now that FMCG ecommerce infrastructure is being put in place, brands will need to increase their investment in advertising to support it. Zenith forecasts 4.4% annual growth in FMCG adspend between 2020 and 2023, reaching US$30.3bn in 2023. At this point it will have fully recovered from the pandemic-induced drop in adspend, exceeding 2019 levels of spending by US$0.5bn. India leads adspend growth but China leads digital transformation Zenith forecasts that India will be the fastest-growing market by some distance over the next three years, with FMCG adspend expanding by 14% a year. It will benefit from blossoming consumer demand as disposable incomes rise rapidly, coupled with the catch-up expansion of the underdeveloped ad market: advertising accounts for only 0.3% of India’s GDP, less than half of the global average of 0.7%. All of the other markets in the report are predicted to grow steadily at between 2% and 5% a year. Jai Lala, CEO, <keyword id="3929120" type="DOMAIN" weightage="20" keywordseo="zenith-india">Zenith India</keyword> said, “FMCG growth will continue to be robust considering various reasons. Firstly, despite the pandemic, it is one category where the demand is constant, if not seen increasing. Secondly, with evolving consumer demand, FMCG continues to see a slate of new product launches and category expansion. Lastly, with the vast population being in Tier 2 and rural areas - it is one untapped potential market where the FMCG brands continue to increase penetration.” China stands out as the market where brands have most rapidly embraced ecommerce and digital advertising. In 2020, Chinese FMCG brands spent 71% of their budgets on digital advertising, compared to 46% across all 12 markets. Here, these brands focus on online video, which has a high and broad reach, and is open to commercial partnerships. This can mean advertising in online shows, or special livestreams by influencers, in which viewers can directly purchase the items being demonstrated. They also routinely advertise on ecommerce platforms to drive sales at the point of purchase. Chinese FMCG brands spent 35% of their total budgets on online video and 13% on ecommerce advertising in 2020. “Ecommerce will be the key battleground for FMCG brand growth over the coming years,” said Jonathan Barnard, Head of Forecasting, Zenith. “Western brands should look to China for best practice in using digital communication to drive FMCG ecommerce sales.” *The 12 markets included in this report are Australia, Canada, China, France, Germany, India, Italy, Russia, Spain, Switzerland, the UK and the US, which between them account for 73% of total global adspend. FMCG food and drink includes all packaged foods and soft drinks.

India will be the fastest-growing advertising market over the next three years, with FMCG adspend expanding by 14% a year: Zenith Report

<ul><li>E-commerce currently contributes 2% to the FMCG market.</li><li>Metros lead the <keyword id="8408593" type="UNKNOWN" weightage="20" keywordseo="e-commerce-fmcg">e-commerce FMCG</keyword> race with a 6% contribution from the channel to total FMCG sales. </li><li>Foods is the biggest contributor with 44%, then it is personal care (40%) and household care (13%). </li></ul><keyword id="6456080" type="ORGANIZATION" weightage="20" keywordseo="nielsen">Nielsen</keyword> India expects the Fast Moving Consumer Goods sales coming from the e-commerce channel to grow to $4 billion by 2022. The channel contributes 2% to the current FMCG market. These are insights were a part of Nielsen’s recently launched <keyword id="8408596" type="UNKNOWN" weightage="20" keywordseo="e-trak-index">E-Trak Index</keyword> - a measurement solution that tracks the FMCG e-commerce industry. The solution is created using aggregated ePOS (electronic point of sale) data from co-operating e-commerce players and data science backed estimation for non-cooperating e-commerce players in India. The index adds a crucial element to the Retail Measurement Services that Nielsen provides by adding a view of the FMCG E-commerce space for All India Metros currently - with monthly read for Total FMCG, Super-categories, Category level for about 20 categories and for 11 categories at a top manufacturer level. Manufacturers and marketers get data, information and insights that can be further used to hone their e-commerce channel sales strategy to help shape a smarter market. Metros lead the e-commerce FMCG race with a 6% contribution from the channel to total FMCG sales. Amongst these, Foods is the biggest contributor with 44%, followed by personal care (40%) and household care (13%). Narrowing in on the value contribution of e-commerce to Metro sales categories with the channel, diapers contribute 26% to the sales; followed by skin creams (12%) and shampoo (10%). <keyword id="3017476" type="PERSON" weightage="20" keywordseo="Prasun-Basu">Prasun Basu</keyword>, South Asia Zone President, Nielsen Global Connect, said, “Measurement is necessary. Measurement is difficult. Best possible measurement.” Explaining it further, Basu adds, “Data and insights from Nielsen’s Retail Measurement Services continue to provide an essential foundation for manufacturers and marketers to understand their market. In this rapidly evolving world of commerce, India’s FMCG industry is now making its presence felt in the E-Comm channel - appealing to consumers’ need for convenience, and in sync with increasing smartphone and internet penetration. To give a truly complete picture of the changing marketplace, we are happy to announce that Nielsen India has launched a specific E-Trak index that will now measure FMCG consumer offtake in the E-Comm space - marrying this with trends seen in modern and traditional trade to get a read on omnichannel in the country.” <keyword id="8408595" type="UNKNOWN" weightage="20" keywordseo="Sharang-Pant">Sharang Pant</keyword>, Head-Retail Measurement Services and Retailer Vertical, South Asia, Nielsen Global Connect said, “While the foundation is taking shape, E-comm’s dynamic nature has made it a disruptor in the marketplace. E-Comm has seen a transformative journey and is now a $1.2Bn Industry growing from 0.5% contribution in 2016 to a 2% contribution in 2019, and slated to be 5% in 2022 - this is in half the time that brick and mortar retail took to evolve. That said, these channels are not cannibalizing each other, and all continue to grow with E-Comm outpacing modern trade and traditional trade. The view that Nielsen presents on understanding channel, category and consumer trends will directly help players understand the right strategy in terms of assortment, pricing and positioning to win with the evolving consumer.” <keyword id="8408594" type="UNKNOWN" weightage="20" keywordseo="Nitya-Bhalla">Nitya Bhalla</keyword>, Head- Data Science, South Asia, Nielsen Global Connect, said, “Given the significance of the channel from both a current as well as future perspective, Nielsen has built a unique state of the art hybrid model for estimating this dynamic and growing channel. The methodology involves leveraging data from key collaborating E-tailers in the FMCG space. We then use crowd sourced data coupled with machine learning techniques from a panel of 200K+ consumers to estimate the Ecommerce sales for FMCG products.”

Nielsen expects FMCG e-commerce to grow at 44% CAGR to $4 Billion by 2022

<ul><li>Globally, a third of FMCG businesses said their most successful influencer campaign increased sales by $250,000-$500,000.</li><li>Nearly half of fast-moving consumer goods (FMCG) companies will spend up to 50% of their marketing budget on <keyword id="3361533" type="PERSON" weightage="20" keywordseo="Social-Media-Influencers">social media influencers</keyword> post-COVID-19.</li><li>Less than a third of FMCG firms (27%) use third-party influencer verification services.</li></ul>According to a report released today by Duff &amp; Phelps and Kroll, 25% of companies have suffered a $100,000-$250,000 loss from a negative influencer experience. The Face Value Report highlights results of a survey of over 900 marketing and brand managers within the FMCG sector and provides insights into the value of <keyword id="2540701" type="PERSON" weightage="20" keywordseo="Influencer-marketing">influencer marketing</keyword>, as well as the financial and reputational impact of negative influencer experiences. Consumer devotion to digital devices during the pandemic has supercharged the influencer industry. During lockdown, two-thirds of <keyword id="84065" type="COMPANY" weightage="20" keywordseo="FMCG-companies">FMCG companies</keyword> have either maintained their influencer spending at pre-COVID-19 levels or increased it slightly, while nearly a fifth (19%) upped it significantly. By 2021, nearly half of FMCG companies (46%) expect to spend 31-50% of their total marketing budget on influencers—up one-fifth compared to the average spent between 2018-2020—while nearly one in 10 (8%)will spend more than 70%. Clear winners across countries emerge when comparing how much companies make from their influencer campaigns against what they spend running them. The average amount spent per influencer among FMCG companies globally is $22,151 per year. However, the UK spends on average $18,602 and boasts a high sales increase to expense ratio at 73%--comfortably above the ‘all countries’ average of 46%. FMCG companies will typically spread their spending across dozens of influencers; 45% of companies stated they usually work with 51-100 at a time, and this could rise as the influencer method of marketing becomes more entrenched. UK companies appear to use the fewest number of influencers than other countries at around 66, compared to the global average of 81. Michael Weaver, Managing Director Valuation Advisory Services at Duff &amp; Phelps, said, “Marketing teams once relied on securing the most expensive celebrity they could afford for a television campaign or billboard, but this strategy is increasingly obsolete in the digital age. FMCG companies are satisfied with the return on investment from influencers and are diverting marketing spend away from other traditional advertising and marketing tactics to keep the momentum going. We can’t deny that the lockdown and subsequent restriction measures have also played a part in boosting the industry. But regardless, we don’t expect influencer marketing to slow down post-COVID-19 either.” Influencer marketing also comes with certain risks—85% of FMCG companies have had their brand negatively impacted due to an association with an influencer, with almost a quarter (24%) of these companies claiming to have been adversely affected multiple times. Shockingly, 25% of FMCG companies report losses between $100,00-$250,000 from a negative influencer experience. The survey found that over two-thirds of FMCG companies (69%) had doubted an influencer’s follower count on one or multiple occasions compared to just a quarter (26%) who had never had any concerns. It is noteworthy that in the UK, where just over half of businesses (51%) had never had such doubts about followers, the use of third-party influencer verification specialists was among the highest at 32%, compared to the global average of 27%. Benedict Hamilton, Managing Director in Kroll’s Business Intelligence and Investigations practice, said, “Companies spend years creating brands built on trust and loyalty, characteristics which are hard-won but can be quickly lost, and are difficult to regain. When a negative incident with an influencer occurs, the reputational damage that follows can have long-term commercial impacts. Companies need to do their due diligence and not just take an influencer at “face value.” We are seeing increasing demand from brands to investigate influencers’ online activity and identify potentially sensitive issues, including those posted many years ago, to allow brands to establish whether or not an influencer’s values match their own, and ensure they are making informed decisions about their influencer programmes.”

85% FMCG companies have had a negative influencer experience but half of these companies will spend up to 50% of marketing budget on influencers post-COVID-19: Report

There is a new, shiny marketing trend in Indian FMCG industry. Be it a liquid soap or candies, facelift cream or premium biscuits, marketers are just adding 'gold' before or after the brand name, because of which consumers are attracted to it. 
 
Let alone the FMCG market, even the mobile phones that have 'gold' added to their names or the names of the colour variants, are a hit in the market. 
 
Take, for example, Colgate came out with a new toothbrush, priced it aggressively at Rs 77 per piece, and named it ‘360 Charcoal Gold Toothbrush’. The product was a hit in the market. The tagline, "Wake up to a gold morning... with the gold standard of whole mouth cleaning", hits at Indians’ undying love for gold, which contributed to its popularity. 
 
"The country is besotted with gold. That cuts across the literate and non-literate; it cuts across social, economic, political and religious divides," Harish Bijoor, brand consultant, told <a href="http://economictimes.indiatimes.com/industry/cons-products/fmcg/fmcgs-new-marketing-mantra-is-to-brand-products-gold-and-consumers-dont-seem-to-mind/articleshow/53292120.cms">ET</a>. 
 
Bijoor added that companies now shy away from using platinum and silver, having tried it in the past and failing. "Indians don't understand platinum. And silver remains a distant second to gold," he said. 
 
Some other products that have added ‘gold’ to their names are: Marico's Parachute Gold hair oil, Reckitt Benckiser's Dettol Gold liquid soap and bar soap, confectionery category leader Perfetti Van Melle's Alpenliebe gold candies, and Mondelez's premium biscuit Oreo's Golden Oreo variant. 
 
However, adding ‘gold’ to the name doesn’t always mean that pricing has to necessarily be aggressive since the metal is not always used in the products. Sometimes, companies just want to attract users by this name. 
 
However, every trend is ‘in’ for a limited period of time. Therefore, there are chances that companies might be overplaying with the gold thing. 
 "Marketers attach the gold name to brands to convey quality and premiumness but it needs to be done intelligently, linking it to a good, better, best in their portfolio. Otherwise it loses relevance as different marketers use the gold name for entry-level as well premium-quality products," says Devendra Chawla, group president, food FMCG and brands, <keyword id="44949" type="CITY" weightage="100" keywordseo="Future-group">Future Group</keyword>. 
 
It remains to be seen when the FMCG marketers realise this threat. 
 
<a href="https://mohitze.files.wordpress.com/2015/03/treasure_treasure_chest_euro.jpg">Image source</a>

Indians are so fond of gold that they don’t mind shelling extra money for FMCG products with ‘gold’ in their names

<ul><li>The year 2020 was a roller coaster ride for businesses of all kinds and sizes and negatively impacted <keyword id="47276" type="PERSON" weightage="20" keywordseo="Economic-growth">economic growth</keyword> worldwide. </li><li>However, after June 2020, one industry that continued to see stable cash flow and income was FMCG. </li><li>In today’s feature, we speak to leading FMCG brands on their outlook for 2021 as we move forward. </li></ul>The pandemic has taught the brandverse to be prepared for the unexpected. Owing to the fear of contracting the virus by going out, brands had to rethink and realign their strategies to reach out to consumers in new ways. Online shopping platforms opened up their services to deliver 24*7 and people started hoarding daily essentials, including FMCG products. So, many FMCG brands partnered with e-commerce platforms like Dunzo, Flipkart, Grofers, BigBasket, etc to deliver within the comfort of consumers’ homes. Consumer habits also evolved with COVID and ‘immunity’ became the buzzword in the FMCG industry. Marketers reverted by launching ready-to-eat meal options and immunity-based packaged goods. However, with COVID vaccine now a reality, consumer sentiment is already picking up and the economy is in revival mode. Going by the latest reports, 2021 will augur well for small retailers leading to an increased sales from local markets and <keyword id="6513856" type="COMPANY" weightage="20" keywordseo="kirana-stores">kirana stores</keyword>. According to <keyword id="346535" type="COMPANY" weightage="20" keywordseo="Nielsen-India">Nielsen India</keyword>, after an unprecedented decline of -19% in the Jan-Mar quarter, FMCG industry displayed signs of recovery in Q3’20 with a 1.6% growth (versus Q3 ‘19). In 2020, rural markets outperformed urban India and became critical for FMCG giants. Brands relied on rural markets to drive growth during the trying times. FMCG witnessed a double digit growth of 10.6% in Q3’20 in Rural India, while the bigger cities (&gt;1 Lakh population including metros and Town Class 1) played catch-up. The rural markets bounced back in Q3 handsomely on the back of support provided by the government as well as good agriculture, reverse migration and a lower unemployment rate. With immunity being the focus in the ‘new normal’, new launches have been made in the health and hygiene basket including categories like hand sanitisers, floor cleaners, toilet cleaners, antiseptic liquids. These new launches contributed to 37% (in value) of all new launches in the COVID period (Nielsen India). According to Kantar Worldpane, FMCG sector in India is expected to report a 4-5% volume growth in FY21, driven by rural areas that are expected to grow two percentage points ahead of the urban regions that are hit harder by COVID-19 pandemic. While COVID-19 has curtailed economic growth in the FMCG sector, experts are now optimistic that the industry will see an appreciable improvement this year. Here are some of the trends they expect to see in 2021: R S Sodhi, MD, GCMMF (AMUL): <cmsannotation type="cmsannotation" annotationid="The biggest impact i" comment="inlineshare" text="The biggest impact in FMCG food is the shift among the consumers from loose and unbranded to trusting packed food and affordable brands in Tier II and III. There, people have come from loose to smaller packs and brands.">The biggest impact in FMCG food is the shift among the consumers from loose and unbranded to trusting packed food and affordable brands in Tier II and III. There, people have come from loose to smaller packs and brands.</cmsannotation> I don't think the demand in high end consumer products will grow as much now. There'll be a tremendous increase in demand for branded FMCG products that are affordable, available in smaller packs and mainly cater to Tier II III cities. For the past two years, at Amul, we have been trying to ensure we reach the towns that have over 10,000 population, which helps us cover the 15 to 20 bigger villages around those towns. Currently, we are working with 10,000 distributors. We have already covered 50% of these 10,000 population towns in India and in another one year, we'll cover all the towns. We're mainly investing in Tier II and III cities, opening our own branches and depots all over India. We recently opened a centre in Leh. Anil Viswanathan, senior director, marketing (chocolates), insights and analytics, <keyword id="2200852" type="COMPANY" weightage="20" keywordseo="Mondelez-India">Mondelez India</keyword>: The pandemic has accelerated the growth of snacking. As per Mondelēz International’s recently released second annual State of Snacking report, 9 in 10 Indian adults (88%) say they are snacking more or the same (22%) during the pandemic than before it, with millennials being especially likely to say they prefer snacks over meals (85%). A majority expect this trend to continue, saying they plan to continue eating small snacks throughout the day, as opposed to fewer large meals (82%), and that snacking will be part of their “new normal” even after the pandemic ends (81%). Ultimately, 8 in 10 believe “the current pandemic will have a long-term impact on how we consume snacks as a society” (81%). This unprecedented year has also brought about a significant behavioral change especially on how consumers are purchasing snacks. A majority say they have started to buy snacks online more often than they do in-store or offline (74%), with 8 in 10 planning to continue shopping for snacks online once the pandemic is over (81%). A similar percentage also say the pandemic has opened their eyes to so many more ways to get snacks than they knew existed before (80%), including half who have discovered snacks to try on social media (50%). It was also very heartening to note that, even while at home this year, Indians are social snackers. With health and safety continuing to be a priority, consumers are trying to strike a balance between indulging and being mindful (80%), and in doing so; they (80%) are relying on trusted snacking brands like Cadbury, OREO, and Bournvita, seeking assurance of safety and superior quality. At Mondelez India, we understand the role our products play in our consumers’ life and the aim is to leverage these trends to empower them with more choice, creating greater shopping opportunities and innovating, while keeping our promise of consumer-centricity intact, throughout our growth journey. Sudhir Langer, CEO, Raymond Consumer Care: Conscious Communication Today’s young ‘woke’ consumers were already moving away from the excesses of consumerism and leaning towards sustainable conscious brands before the pandemic and lockdowns hit their lives. The all-round strain of the pandemic from volatile job markets and a possible looming global recession to health and environment concerns; along with the way lockdowns were framed as health versus economy predicaments—as if one has to be sacrificed for the other—has left many questioning the very basis of our consumer-driven economy. I feel, the months in lockdown have only strengthened that introspection and has further fueled the young consumers’ move towards purpose and value, making them think-twice before buying by taking in to consideration the long-term impact of their spends not only on their finances, but on their own beliefs, on society and on the planet. So, with conscious consumption here to stay, when consumers buy, it is going to be as much for brand values as it is for product payoff. Keeping this in mind a big communication trend I see emerging as we move into 2021 is brands engaging more purposefully with deeper more sentient conversations. These could include brands talking about their environmental and sustainability efforts, community initiatives, health impact and most importantly value addition. Fortunately for us this is not a shift to adapt to; but a way of operating. We have always believed in empowering, enabling and operating consciously. Hence, it’s not only our communication like our recent Park Avenue Germ Protect soap film about our protagonist helping his community but at every level we are constantly taking steps to enhance efficiencies for a better world like our soon to be launched sustainable and eco-friendly packaging. Sumit Mathur, Director Marketing Kellogg South Asia: The pandemic is a black swan event that brought several changes at the economic and societal levels. Consumers had to face economic stress which made them more discretionary in their consumption choices. Our virtual connects with over 450 consumers amidst the lockdown made it clear that items which they do not deem to be too essential are unlikely to find a place in their shopping carts. Come 2021, only brands solving a real consumer problem or adding value to their lives will be on top of their minds. It has become increasingly important for brands to feel the pulse of the consumer and provide authentic solutions to stay relevant. Kellogg’s has paid attention to the consumer’s shifting needs and adapted with agility to ensure it solves consumers’ nutritional demands in the most convenient manner and this will continue to be our focus in the coming year.

FMCG: The trends to watch out for in 2021

Just at the time when you thought that the dark cloud of slowdown hovering over the economy is gone, let’s remind you, the air is heavy with volatility. As the urban demands look bullish and rural markets assertive, <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>’s decision to liberalize the economy in the last budget seem to have worked, at least to some extent. 
 However with the recent demonetization of Rs 500 and Rs 1000 notes, <keyword id="34523" type="CITY" weightage="20" keywordseo="fmcg">FMCG</keyword> sector that comprises of a big chunk of growth in the retail economy seems to have faltered. While we still have logic to justify our failure, China’s decimated growth over last few years is certainly a matter of concern for the western economists. The 2015-16 had shown just 0.6% growths, which has been the least in the decades. 
What makes India and China different in FMCG are a lot of factors. 
 
Go through the slideshow below for more details.

India picking up above China? Here’s how the FMCG sector of
India is different from China

<ul><li>After an unprecedented decline of -19% in the Jan-Mar quarter, FMCG industry displayed signs of recovery in Q3’20 with a 1.6% growth (versus Q3 ‘19).</li><li>FMCG witnessed a double digit growth of 10.6% in Q3’20 in Rural India, while the bigger cities (&gt;1 Lakh population including metros and Town Class 1) played catch-up. </li></ul>Nielsen India’s latest report gives us an insight into the consumers’ brains, <keyword id="34529" type="ORGANIZATION" weightage="20" keywordseo="fmcg-sector">FMCG sector</keyword>’s performance and how different parts of our countries are dealing with the current situation. With the pandemic achieving stability and markets and economy opening up, green shoots were visible in the July-August-September quarter for the year. There was an appreciable improvement in the performance of manufacturing, witnessed with an arrest of the declining Index of Industrial Production (IIP) from -57.3% in April’20 to +0.2% in Sep’20. Drop in unemployment rate from 23.7% at its peak in April’20 to 6.7% in Sep’20. Some of the macro variables still reflect the overall economic scenario with inflation rate continuing to rise and the Consumer Confidence Index (RBI) dropping to a low 49.9 in Sep’20 from a 85.6 in March’20 The above-mentioned positivity was reflected in the FMCG industry too. After an unprecedented decline of -19% in the Jan-Mar quarter, FMCG industry displayed signs of recovery in Q3’20 with a 1.6% growth (versus Q3 ‘19). Using proprietary Nielsen Retail Audit data, this note will further delve into the trends of Q3’20 and the outlook for 2020: FMCG INDUSTRY MOVES INTO A POSITIVE GROWTH SPACE The FMCG slowdown in Q2’20 saw a value decline of 19% as compared to the same period of 2019. This was fueled by massive disruptions in the production and supply chain, and low consumer confidence. The unlock from Q3’20, saw a revival in the industry with a growth of 1.6% versus a year ago. The revival was aided by businesses opening up with the pandemic reaching stable levels. Markets started opening up in a phase-wise manner and store closures came down to an average of 3 days a month in Q3’20 from an average of 9 days a month in Q2’20. After being cooped at home for a long time, consumers also started looking at resuming normal consumption levels. RURAL CONTINUES TO DRIVE GROWTH With easing of pandemic and markets unlocking in various phases in the third quarter of the year, we saw recovery across town classes with the rural and Rest of Urban (ROU) regions continuing to lead growth. FMCG witnessed a double digit growth of 10.6% in Q3’20 in Rural India, while the bigger cities (&gt;1 Lakh population including metros and Town Class 1) played catch-up. The rural markets have bounced back handsomely on the back of support provided by the government as well as good agriculture, reverse migration and a lower unemployment rate. Various favorable macro-environment factors have helped drive rural revival in Q3’20 <ol><li>Government dialing up on rural stimulus in the form of increased MGNREGA allocation- <ol><li>11% increase in average wages at an All India level (Sep vs Mar’20).</li><li>83L new households joined MGNREGA labour force </li></ol></li><li>'Garib Kalyan Rojgar Abhiyan’, support to agriculture and upskilling programs for migrant workers that returned to their villages.</li><li>A bountiful <a href="https://www.livemint.com/topic/indian-monsoon">monsoon </a>also brought cheer to farmers with a record output in the kharif crop season. </li></ol> HEALTH &amp; HYGIENE DOMINATES THE NEW LAUNCHES There have been a higher number of new launches per se during the Covid period and a higher number in the non-foods space. As Covid has prompted consumers to re-frame their habits into health and hygiene, more new launches have been made in the health &amp; hygiene basket including categories like hand sanitisers, floor cleaners, toilet cleaners, antiseptic liquids. New launches in the health &amp; hygiene space contributed to 37% (in value) of all new launches in the COVID period. The value contribution of new launches in the health &amp; hygiene category was higher during Covid period at 2.9% OUTLOOK 2020 (Including Traditional Trade, Modern Trade and E-Commerce) After the FMCG industry had a double digit drop in Q2’20 due to intense lockdown stressing the overall economy, it bounced back to positive +1.6% growth in Q3’20 which reflects the onset of green shoots. While the market has initiated a recovery, the demand and supply disruptions caused by the world’s severest lockdown from end-March have severely curtailed economic activity. It is gradually returning to normal as restrictions are relaxed. However, continued spread of the pandemic is keeping the economy watchful. Given the significant headwind built in the start of COVID-19 pandemic in March’20, <keyword id="10336754" type="UNKNOWN" weightage="20" keywordseo="Nielsen-forecast">Nielsen forecast</keyword> for 2020 to remain in the negative single digit (-3% to -1%). The key factors influencing the growth trajectory so far and the forecast for the future include: COVID-19 Impact On The Economy: Annual consumer price inflation in India increased to 7.5 percent in September of 2020 It is the highest rate since May 2014. Food inflation went up to 11.07 percent from 10.68 percent, the highest since January and ahead of the festival season impacting the overall expenditure and consumer confidence muted. The trajectory of the FMCG industry once again reinforces the inherent strength of the consumption story in India irrespective of the fact that we had a GDP which shrank 23.9% year-on-year in the second quarter of 2020. There are steps being actioned by the Government that can help counter these changes in the coming quarter in the farm sector and has sought to deliver labour market flexibility: <ul><li>The Interest-On-Interest waiver is expected to bring some relief and additional cash in hand for individuals and MSME businesses</li><li>The cash voucher scheme for central government employees is expected to boost spending in big proportions in upcoming months</li><li>About 83 lakh households enrolling from April to August under MNREGA saw an all time high providing livelihood in Rural</li></ul>A bountiful monsoon has brought cheer to farmers, with a record output expected in the kharif crop season. With reservoirs filled to the brim, output is expected to be high in the rabi season as well. Increasing purchasing power in the hands of farmers is expected to increase rural demand. There has also been an appreciable improvement in the performance of both manufacturing and service sectors in October. FMCG Q3’20- TO SUM UP <ul><li>AFTER A DISMAL PERFORMANCE IN Q2 (AMJ’20), FMCG INDUSTRY MOVES INTO A POSITIVE GROWTH SPACE</li><li>BHARAT (SMALL TOWNS &amp; RURAL), NORTH ZONE &amp; SMALL MANUFACTURERS DRIVING GROWTH</li><li>CONSUMER PREFERENCE FOR AFFORDABLE OFFERINGS CONTINUE</li><li>INNOVATION (NEW PRODUCTS LAUNCHED) DOMINATED BY HEALTH &amp; HYGIENE CATEGORY</li><li>NIELSEN OUTLOOK FOR FMCG INDUSTRY GROWTH FOR 2020 REVISED TO THE RANGE OF -1 TO -3%</li></ul>

Nielsen predicts degrowth in the FMCG sector by 1 to 3% in Q3’20

Aimed at curbing black money, demonetization has taken a toll on India’s <keyword id="34523" type="CITY" weightage="100" keywordseo="fmcg">FMCG</keyword> sector. After a good monsoon this year, traders believed that the winter would be better than ever. However Modi’s decision to demonetize old notes of higher denomination has dipped the sales by 1-1.5% or Rs 3,840 crore in November, as compared to October. 
 
"While 1¬1.5% net impact of demonetisation does not look huge, considering the size of the FMCG industry at Rs 2.56 lakh crore, this is a large drop in terms of absolute value," said Nielsen. 
 
Data revealed also shows that retailers across the country are stocking less goods that earlier. 
 
Purchase of personal care items such as toilet soaps, toothpaste and shampoo has seen the steepest decline by retailers. The fall in off-take is driven by urban India (-3.1% Nov vs Oct), while rural India has managed to stay flat at 0.4% mainly due to smaller packs, smaller currency transactions and a flourishing barter system. However chemists were relieved of this because they were allowed to take old notes and grew better in rural India.

India’ FMCG sector has lost Rs
3,840 crore last month, thanks to demonetization

<ul><li>The slowdown in FMCG sector started in 2016, however was camouflaged by trade disruptions, demonetisation and GST implementation. </li><li>Agricultural incomes are crawling at a slow pace of 3%, which is less than half of the country’s growth projections for the year. </li><li>FMCG companies themselves have been cutting advertising spends, as they have resorted to price cuts. </li></ul> India’s economic problems are not temporary, not if global research firm Credit Suisse is to be believed. Agricultural incomes are crawling at a slow pace of 3%, which is less than half of the country’s growth projections for the year ---at 6.7% It also affects over 60% of the country’s population which resides in villages. As fewer villagers are spending, the fast moving consumer goods (FMCG) sector is facing its worst ever growth in the last 15 years. But, unlike the story of<a href="https://www.businessinsider.in/discounts-on-cars-and-two-wheelers-have-not-helped-sales/articleshow/71177071.cms"> automobile slowdown</a>, it did not start 11 months back. <keyword id="8119854" type="UNKNOWN" weightage="20" keywordseo="fmcg-sector-slowdown">FMCG sector slowdown</keyword> started three years back. “In our assessment, the slowdown started in 2016, however, was camouflaged first by trade disruptions in 2017 caused by demonetisation and GST, and then by the low base effect leading to high growth in FY19. The CAGR of FMCG revenue growth over FY16-19 was very low at around 7%,” said a report by Credit Suisse. A large number of micro and macro factors led this slowdown which will not be easy to fix either, the report warns. The GDP in the agricultural sector hit a 15-year low in 2018. “Liquidity worsened post Oct-2018 as non-banking financial companies faced pressures. Employment challenges for small businesses started with demonetisation and implementation of goods and services tax (GST), and was aggravated due to liquidity,” the report said. Weak sentiment and ad spend cuts As all these factors took effect, something worse has derailed it—weak sentiment. FMCG companies themselves have been cutting advertising spends to save their margins, as a few have resorted to price cuts, especially with soaps. “We see most companies doing this as it does not impact immediate growth. There is also a rationalisation that in an environment of weak consumer sentiment, one could cut down the pace of innovation,” Credit Suisse said. All eyes are now on the government to aid rural growth. And one of such was already kickstarted in February 2019, a scheme called PMKSN which provides an income of ₹ 6,000 per annum to 140 million rural homes. The scheme has reached only half of the intended beneficiaries. If the scheme picks up, it will add 2-3% growth in the FMCG sector. It will also help Indian villagers spend on little comforts like biscuits, the sales of which have taken a drastic hit in the last few months. SEE ALSO <a href="https://www.businessinsider.in/indian-villagers-are-not-buying-clothes-and-cutting-back-on-hair-oil/articleshow/70856804.cms">After biscuits, Indian villagers are cutting down on clothes and hair oil too</a>

India's FMCG sector has been slowing down since 2016 under cloak and dagger

In the coming years, macro-economic trends are expected to make India the fifth largest <keyword id="34526" type="UNKNOWN" weightage="100" keywordseo="consumer-market">consumer market</keyword> in the world by 2030, providing a big opportunity for retail and consumer goods sectors, especially FMCG, as per a recent KPMG-FICCI report. The growth in India's FMCG and retail sector has been primarily driven by the increase in consumption brought about by economic prosperity, as a result of strong <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword> growth post liberalization in 1991. A combination of growing income levels and rising urbanisation among over 1.29 billion consumers in India is expected to continue driving the increase in overall spending in the country. 
	 
	 
	 
	However, the industry is making a few mistakes too. The report cites that despite being one of the world's largest agricultural producers for years, the level of food processing in India is among the lowest in the world. 
	 
	 
	There is also 40 per cent loss of food grain is reported annually due to inefficiencies in the agricultural procurement and supply; there is large demand potential but FMCG hasn't made inroads into rural India; and modern retail is absent out of tier 1 cities. 
	 Let's just hope that with a new wave of consumerism, the cons will get diluted. The <keyword id="50041" type="CITY" weightage="100" keywordseo="KPMG">KPMG</keyword> report signals a three-fold opportunity for the FMCG and retail sectors through Modi's 'Make In India' program, by reducing burden on imports and creating opportunity for exports, bringing about cost efficiencies in manufacturing and supply chain, and availability of skilled manpower. 
	 

	 
	The report also highlights the challenges in realizing 'Make in India'. It states that manufacturing for consumer goods sector can be revived on three pillars- raw material availability, Labour availability and cost competitiveness - three things India has, but lack of adequate infrastructure and a complex regulatory business environment can cost it dearly. 
	 In a global survey conducted by the <keyword id="6354424" type="ORGANIZATION" weightage="100" keywordseo="World-Bank">World Bank</keyword>, India had dismal ratings on most of the key determinants of investment attractiveness such as starting a business, acquiring land, getting construction permits etc. In addition, India's perception in terms of corruption is also very poor, ranked at a low 85 out of 175 countries. 
	 
	If these challenges are met in near future, export-oriented food and agri parks, as well as incentives for global FMCG companies to set up greenfield projects in India would help in making the country a regional FMCG manufacturing hub for South Asia, Middle East and Africa.

India to become world's 5th largest consumer market by 2030

<ul><li>Finance Minister of India Nirmala Sitharaman presented the Union Budget on February 1, 2022.</li><li>Struggling with high inflation and tepid rural demand, FMCG companies were hopeful for some positive news, steps and reforms that would help boost consumption in the economy.</li><li>However, with no changes in personal tax, there isn’t for hope for a drastic change in consumption and demand.</li><li>At the same time, there are enough subsidies to support the rural areas of the country.</li><li>Here’s what leading FMCG companies have to say about the Union Budget 2022-2023.</li></ul>The Union Finance and Corporate Affairs Minister Nirmala Sitaraman presented the Union Budget for 2022-2023 on February 01, 2022. The government announced that 5% of the annual collections under the Universal Service Obligation Fund will be allocated to improve broadband and mobile service penetration in rural India. This move will allow Fast Moving Consumer Goods (FMCG) brands and all businesses to cast their net a little wider in rural areas via mobile services. The government’s plan to expand the National Highway network by 25,000 KM, the Gati Shakti plan to strengthen seven engines of infrastructure, the launch of 100 new cargo terminals, will further open up new roads for brands and improve logistics efficiency. It will also create new job opportunities in rural areas, improving consumption and demand. The finance minister also mentioned that the government intends to pay ₹2.7 lakh crore worth of minimum support price (MSP) direct payments to wheat and paddy farmers. The government is also looking to deploy drones for agriculture monitoring, crop assessment, digitisation of land records and spraying of insect pesticides. These initiatives will help boost rural incomes and aid the growth of FMCG companies. The Union Budget aims to facilitate ease of doing business and give a push to consumption by providing employment opportunities, improving infrastructure, focusing on technological advancement and accessibility. Here’s how these subsidies for rural India will pave the way for FMCG growth: Mayank Shah, Senior Category Head, Parle Products: First of all, putting money in the hands of consumers really helps, so they go out and buy products. So that was more on the front of ensuring that the demand remained robust given that we have gone through two years of pandemic. That was something that industry expected, either by tax cut, or by increasing the slabs tax brackets or by probably increasing the standard deduction limit. Those were the things that we expected but not much has been done there. However, on the second front of job creation, the government has done a lot. The budget talks about seven engines driven by PM GatiShakti that will definitely boost employment and increase the number of jobs. The budget also talked about 60 new jobs to be created in the next five years. That is relatively a longer process compared to the first expectation which was putting money in the hands of consumers, which would have yielded immediate results. A 20,000 crore boost in transportation infrastructure will definitely help in terms of job creation going forward. Another thing the government would have ensured on the rural front was increased allocation to MGNREGA or direct benefit transfer. In Fact they chose the other way. In terms of rural demand, when you're talking about putting money in the hands of rural consumers by increased MSP and increased MSP allocation, it is also going to have an impact on the inflation because if you increase the MSP, that eventually is going to increase the cost of agri products, primary inputs in food processing. So procurement is going to be increased. The current challenge ahead of most FMCG companies, which is managing inflation, probably would be aggravated, so I consider it to be neutral. Probably placing this money in the hands of consumers through MGNREGA or DBT would have ensured demand to remain robust. Ahmed ElSheikh, President, PepsiCo India: Reviving economic growth, increasing consumption, and fostering investment to fuel post-pandemic growth have been key objectives for the government, and the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">Union Budget 2022</keyword> reflects this very intent. This year's Union Budget lays forth a vision for India at 100 years. The Government is leading from the front by raising public sector spending to keep the economic recovery on track. Digitization combined with infrastructural creation will accelerate economic development, stimulate innovation and entrepreneurship enhance living standards while keeping sustainability at its core. The increased outlay for PM Gati Shakti projects for multi-modal connectivity including 100 new railways logistics hubs coupled with steps like enhancing local oilseed production, extending the last date for starting production for new manufacturing units, encouraging alternate cropping will aid growth of the FMCG sector and further strengthen Govt’s vision of an Atmanirbhar Bharat. Saugata Gupta, MD and CEO, Marico Limited: With this Union Budget, the government has laid out a growth oriented, future focused blueprint for India. By prioritising job creation, infrastructure growth and strengthening digital capabilities while making ‘inclusive development’ and ‘financing of investments’ two of the key focal points of the Budget, the government is successfully laying the groundwork for faster financial inclusion and expansion of the credit ecosystem. It has undertaken some key initiatives targeted towards credit growth, farmer welfare, improving the health and education infrastructure, digital currencies and start-ups which will benefit young aspirational Indians. If executed well, the budget will trigger the virtuous cycle of economic growth and employment creation, leading to momentum in growth. I believe that the budget has several inclusive measures and policies that balance consumer needs with industry requirements. It encapsulates the spirit of an Atmanirbhar Bharat and takes strong steps towards fulfilling that vision. Venkatesh Vijaraghavan, Director &amp; CEO - FMCG, CavinKare: We welcome the futuristic, investment-led, growth-oriented Budget with a strong impetus to infrastructure and capability building, which would boost GDP, Atmanirbartha, economic stability and job creation, thereby reaping demographic dividend. Ghanshyam Khandelwal, Chairman, BL Agro: The budget was as expected. We didn't anticipate the industry to take centre stage because several schemes for the FMCG sector have already been implemented in recent years. However, the mention of a rationalised strategy to improve domestic oilseed production and minimise reliance on imports was welcomed. A more promising statement was the package that centers on farmers adopting appropriate fruits and vegetables, as well as proper harvesting practices. The move will go a long way towards uplifting the food processing sector. Harsha V. Agarwal, Director, Emami: A very forward-looking budget with focus on capital expenditure which should drive growth. The ease of business in India has also been prioritised. So over all the budget pulls no surprises and focuses on growth of the Indian economy. Amrinder Singh, Director, Bonn Group of Industries: As the social security benefit of state and central government employees has been enhanced in this Union budget 2022, we are expecting that it will spur the consumption. The government has put money in consumer’s hands and ensured that the demand is not getting affected by increasing the tax deduction limit by 14 percent of the state government employees. Vikram Agarwal, Managing Director, Cornitos: The Union Budget 2022-23 is a progressive budget, our Government is concentrating on infrastructure, employment generation, and future developments. This appears to be a growth-oriented budget as efforts are being made to reduce compliance burdens and improve ease of doing business. The Budget has given an extension of the ECLGS Scheme which would provide much-needed help to the MSME sector especially the hospitality and related food processing segments. The past few years have been tumultuous for the hospitality segment and I am hopeful that this initiative gives the industry a much-needed boost.

Union Budget 2022-2023: Here’s how FMCG brands reacted to the budget

PM <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword>’s policy of demonetisation that scrapped off Rs 500 and Rs 1000 notes from circulation overnight has badly affected the businesses in India. <a href="http://www.businessinsider.in/you-may-have-to-pay-an-extra-tax-for-eating-pizza-and-burgersafter-budget-if-pm-modi-says-a-yes/articleshow/56736441.cms">FMCG category</a>, which relates to our daily consumption, has been badly hit. While the impact of a dip in sale in double in the urban markets as compared to the rural, date from <keyword id="4096912" type="UNKNOWN" weightage="20" keywordseo="brickworks-media">Brickworks Media</keyword> (a concern of Chrome DM), a research and data analytics company shows, tea has been the least affected item of demonetization at 10.77% and noodles ranks as the mostly affected at 33.23%. Even daily necessities like soaps and toothpaste saw a dip of <a href="http://www.businessinsider.in/you-may-have-to-pay-an-extra-tax-for-eating-pizza-and-burgersafter-budget-if-pm-modi-says-a-yes/articleshow/56736441.cms">16.17% and 18.5%</a> in the urban market respectively. <a href="http://www.businessinsider.in/you-may-have-to-pay-an-extra-tax-for-eating-pizza-and-burgersafter-budget-if-pm-modi-says-a-yes/articleshow/56736441.cms">ALSO READ: You may have to pay an extra tax for eating pizza and burgers after budget, if PM Modi says a yes</a> 
 With the annual <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">finance</keyword> budget been pre-poned this year, the <keyword id="34523" type="CITY" weightage="100" keywordseo="fmcg">FMCG</keyword> companies are pinning high hopes on a growth oriented budget this time. 
 
“We are expecting a growth-oriented Budget with various stimuli to revive<a href="http://www.businessinsider.in/you-may-have-to-pay-an-extra-tax-for-eating-pizza-and-burgersafter-budget-if-pm-modi-says-a-yes/articleshow/56736441.cms"> consumer confidence</a>… proactive reforms to stimulate demand by increasing the money in the hands of the emerging middle class and rural India, this will help bring FMCG growth back on track,” <keyword id="152630" type="COMPANY" weightage="20" keywordseo="Godrej-Consumer-Products-Ltd">Godrej Consumer Products Ltd</keyword> Managing Director <keyword id="218886" type="PERSON" weightage="20" keywordseo="Vivek-Gambhir">Vivek Gambhir</keyword> told the media. 
 With every other budget, restraining deficits and delivering higher growth is going to be a great challenge. <keyword id="40233" type="COMPANY" weightage="20" keywordseo="emami">Emami</keyword> group, leading FMCG brand in <keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword> expects the budget to address issues related to GAAR, POEM, GST. Also a growth oriented budget is what they need at this hour to boost consumption, increase public investment, promote <a href="http://www.businessinsider.in/you-may-have-to-pay-an-extra-tax-for-eating-pizza-and-burgersafter-budget-if-pm-modi-says-a-yes/articleshow/56736441.cms">digitisation</a>, broaden tax base and lead higher growth”. <a href="http://www.businessinsider.in/statutorywarning-cigarettes-to-cost-more-after-budget/articleshow/56726842.cms">ALSO READ: Statutory Warning: Cigarettes to cost more after budget?</a> 
 
“While tax rates are expected to reduce with increased basic exemption limits, but taxpayers base is expected to broaden. Ease of doing business would be another focus area in currently subdued business environment. Agriculture, infrastructure and service sectors are also expected to get due attention and support,” said Emami CFO &amp; CEO Finance Strategy &amp; Business Development N. H Bhansali. 
 To believe an agency news report, the sales of <keyword id="6365619" type="CITY" weightage="20" keywordseo="Hindustan-UniLever">Hindustan Unilever</keyword> and <keyword id="127653" type="COMPANY" weightage="20" keywordseo="Jyothy-Laboratories">Jyothy Laboratories</keyword> have dipped quite during the year end months. The agency has learnt that they admitted the fact that ‘adverse liquidity’ in the market has affected them. 
 
 ​ “We are expecting an all-inclusive, progressive Budget to assist the sustainable economic growth of our country. In order to do so, it is essential for the government to focus on three crucial factors – boosting the rural sector and agricultural productivity, providing benefits to the salaried tax payers in order to increase disposable income in the urban markets, and encouraging private investment along with generation of employment because for the demographic dividend to be leveraged, job creation is very critical. These steps coupled with last year’s good monsoon will drive both urban and rural consumption,” said Saugata Gupta, MD &amp; CEO, Marico Limited.

You Searched For "fmcg" and got 12 results

India will be the fastest-growing advertising market over the next three years, with FMCG adspend expanding by 14% a year: Zenith Report

BI India Partner

Nielsen expects FMCG e-commerce to grow at 44% CAGR to $4 Billion by 2022

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85% FMCG companies have had a negative influencer experience but half of these companies will spend up to 50% of marketing budget on influencers post-COVID-19: Report

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Indians are so fond of gold that they don’t mind shelling extra money for FMCG products with ‘gold’ in their names

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FMCG: The trends to watch out for in 2021

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India picking up above China? Here’s how the FMCG sector of India is different from China

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Nielsen predicts degrowth in the FMCG sector by 1 to 3% in Q3’20

BI India Partner

India’ FMCG sector has lost Rs 3,840 crore last month, thanks to demonetization

BI India Bureau

India's FMCG sector has been slowing down since 2016 under cloak and dagger

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India to become world's 5th largest consumer market by 2030

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Union Budget 2022-2023: Here’s how FMCG brands reacted to the budget

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These are major expectations in Budget 2017 from FMCG sector, the worst affected by demonetization

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