International Journal of Scientific Research in ___________________________ Research Paper.

Multidisciplinary Studies E-ISSN: 2454-9312

Vol.6, Issue.10, pp.35-47, October (2020) P-ISSN: 2454-6143

Industry Analysis and Changing Trends of Fmcg Sector in India With

Reference To Selected Major Fmcg Companies
Savita Trivedi1*, Jyothi K.2
1,2
Dept. of Master of Commerce, Dayananda Sagar Institutions,Bangalore, India
*
Corresponding Author: savitatrivedi@yahoo.co.in, Tel.: 08042161771

Available online at: www.isroset.org

Received: 23/Sept/2020, Accepted: 20/Oct/2020, Online: 31/Oct/2020

Abstract— In present scenario Fast Moving Consumer Goods (FMCG) sector is the fourth largest sector in the Indian
economy and a major contributor to the country’s GDP (Gross Domestic Product). The semi-urban and rural share to the
sector is estimated to grow by the end of 2020 and early 2021. The FMCG market is segmented into 4 major categories-
Food and Beverages, Personal Care, Household care and Other Products. Among all the segments Foods and Beverages
category dominates the industry followed by Personal Care, Household Care and Other Products. The growth in the Foods
and Beverages market is aided by change in tastes and preferences, demand for innovative products, easy adaptability to the
new products and interest to try out new brands, of the upward middle- class section of the urban area. Moreover, organized
retail sector, new product launches of the FMCG companies, increase in the demand for branded products or the demand for
the trusted brands etc have a positive influence on the growth of the FMCG sector. Income and spending behaviour provides
a way for the sector to grow at 9-10% in 2020. With the growing population in India, consumerism on rise, where the
FMCG companies have the opportunity to expand their business and the industry can likely grow further on a much
significant pace.
Keywords— FMCG, market segmentation, FMCG sector, contributing factors, Food and Beverages, Personal & Household
care, Urban-Rural contribution.

I. INTRODUCTION

FMCG sector contributes significantly to India’s GDP. The products that are used by people on a regular basis are being sold
at relatively low price. For example, household goods such as packaged foods, beverages, toiletries, over-the-counter drugs,
household accessories and also extends to certain electronic goods. Foods and Beverages dominates the FMCG industry and
contributes majorly in the sector, aided by factors like, change in tastes and preferences, demand for innovative products,
easy adaptability to the new products and interest to try out new brands. FMCG industry is said to be highly competitive
industry due to its strong branding and product advertising. The manufacturers continue to put in efforts to develop and
enhance their products to sustain the huge competition. Similarly, they search for strategies to stay in line with the market
changes and consumer trends.
II. RELATED WORK
A. STATEMENT OF PROBLEM :
FMCG sector is a multimillion dollar sector. This sector is the fourth largest sector in the Indian economy and a major
contributor to the GDP. Over the years the FMCG sector is seen to grow as the income of consumer has increased. There is
increase in the budget for spending. Brand consciousness among consumers has been increased. Booming youth
population, change in lifestyle and E-commerce facilities are also supporting to FMCG sector.

The study aims to provide an overview on FMCG sector and also particularly looks into the segmentation. The study
focuses on percentage growth rate of the sector and growth drivers contributing to the growth rate. Also gives detail about
the leading market players and their strategy to capture the market. The emphasis is also laid on the background, current
position and the future prospects the sector.

B. OBJECTIVES OF THE STUDY

1. To understand fundamental analysis of Indian FMCG market and current position of FMCG sector in India.
2. To know the development and changing trends of FMCG market.
3. To find out the factors contributing towards growth and preference of FMCG products in India.
4. To study the issues and opportunities of major FMCG companies.

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III. METHODOLOGY

The study has been done mainly on the basis of secondary data and information available from books, published works,
articles, reports and research papers. According to the requirement of the research and to serve the purpose of the study,
formalized study is more relevant i.e. descriptive study. Hence descriptive study has been used, to describe the situation of
the selected companies and to analyze their strength and current position. Sample design used in the study is the selection
of the FMCG companies on the basis of total market capital and leading companies of the industry. Sample size used is top
5 FMCG companies in India- ITC, HUL, Nestle, Britannia, and Colgate. Research technique used is analysis of secondary
data through percentages, progress trend and differentiation to address the research objectives and presented in the form of
tables and graphs, while the qualitative data was analysed through content analysis. The experimentation year for analysis
is 2015-2020.

For the FMCG Industry, the following hypothesis has been developed to serve the purpose of the study:

Null Hypothesis (H0)-

There is no statistical significant difference in the mean variance of profitability of FMCG Industry in India.
It attempts to articulate that there is no existence of variation between the variables such as Net Sales, Net Profit, Net worth
and EPS of 5 years of 5 major FMCG companies namely: ITC, HUL, Nestle, Britannia and Colgate.

Alternate Hypothesis (H1)-

There is statistical significant difference in the mean variance in the profitability of FMCG Industry in India.

In order to test the hypothesis, data analysis is done through differentiation, progress trend, percentages, variances and
ANOVA test analysis.

IV. RESULTS AND DISCUSSION

Findings of the study are presented as below:

 Indian FMCG market witnessed a growth over the years irrespective of the economic situation. The revenue trend of the
FMCG market increased from US$ 30 Billion to US$ 100 Billion past a decade.
 Leading FMCG companies maintained its mark in its Sales growth over the years leading to a upward growth curve.
 ITC was found to be the market leader in terms of reporting a healthy sales growth over past 5 years, maintaining its
costs, having the highest profits, and net worth.
 Nestle India Limited reported the highest EPS (Earning Per Share) comparingly over past 5 years. This shows that the
Nestle has a better profitability rate and would be a good measuring factor for the investors to analyze and invest in.
 Nestle also have been reported with better liquidity state comparing to the other companies, which means that it is able
to meet its daily expenses in no time having the highest liquidity ratio.
 Food and Beverages segment in the industry marks for highest contribution in the industry of 53%. The Food processing
segment also have the highest revenue earning state accounting for US$ 37.18 Billion and is estimated to earn up to US$
45.95 Billion in the year 2020. This provides with an opportunity and demands for more investment into the segment to
maintain the consistent growth and occupy a larger market share in the future
 In the meltdown years like 2008 and 2009, the industry sustained a growth rate of 14% and 11% respectively, being a
recession proof sector. This growth is due to increase in demand, developments in supply chain networks of the company
and favorable government policy towards the sector.
 E-Commerce, value addition to the product, and innovation in marketing methods helped companies to improve their
service quality and expand their businesses.
 Factors like availability of raw materials, low labor costs, improvement in economy, favorable government policies, and
infrastructural development have created a favorable environment for the FMCG sector.
 Rural India is the major market potential to tap in as the demographic factors like the increase in literacy rate, awareness
to digital access, increase in consumer spending can make the FMCG business grow in the near future. Rural India
contributes to 37%-40% of total FMCG sector.
 With growing popularity of E-Commerce and the changing shopping habits of people from offline to online purchase the
companies have the opportunity to boost up their business by online selling. The online FMCG market reported to be
1.40% in 2015 out of total and is estimated to grow 4.90% by 2020.

V. CONCLUSION AND FUTURE SCOPE

It has been observed that fast moving consumer goods, which people are buying, are consumable at regular intervals. The
most common products included in the list are packaged foods and beverages, toiletries like soaps, detergents, shampoo,

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toothpaste, personal and skin care products like shaving cream, household accessories, shoe polish etc. The penetration
level to increase the market share comes with the opportunity to tap the market potential in the categories like jams,
toothpaste, skin care, soaps, detergent, shampoo, etc.

Indian FMCG industry witnessed a growth ever since its establishment. Further the industry will keep its mark in growth
path due to the ever increasing demand. FMCG sector saw more or less growth even during the time of economic
slowdown, the reason being the demand for everyday consumed goods, where the consumer happens to buy the products
that are essential for a day-to-day life, no matter what the reason or situation is. This made the industry a less hit sector
during the period of inflation or depression.

Among the five MNCs- ITC, HUL NESTLE, BRITANNIA and COLGATE analysed, ITC is the market leader. The
reason for this being ITC has been reported with healthy sales growth over the years, maintaining its expenditure quiet well
as compared to the rest companies, having huge Net Profits, high Net worth, huge investments in Advertisements and
Promotional activities and offering consumers with a wide range of Product Portfolio.

FIGURES AND TABLES

Table 1 : Net Sales/Revenue for ITC, HUL, NESTLE, BRITANNIA and COLGATE for 5 consecutive years from 2015 to 2019
ITC NET HUL NESTLE NET BRITANNIA NET COLGATE NET
YEAR SALES (in cr.) NET SALES SALES (in SALES (in cr.) SALES (in cr.)
(in cr.) cr.)
44,995.65 38,224.00 12,368.90 10,482.45 4,462.43
31-MAR-2019
31-MAR-2018 40,627.54 34,525.00 11,292.27 9,304.06 4,187.97
31-MAR-2017 40,088.68 31,890.00 10,009.60 8,414.37 3,981.82
31-MAR-2016 36,837.39 31,061.00 9,223.80 7,947.90 4,162.29
31-MAR-2015 36,507.40 30,805.62 8,175.31 7,175.99 3,981.94
MEAN 39,811.33 33,301.12 10,213.98 8664.95 4,155.29

Anova : Single Factor Summary

SUM AVERAGE
GROUPS COUNT VARIANCE
ITC NET SALES (in cr.) 5 199056.66 39811.33 11845142.05
HUL NET SALES 5 166505.62 33301.12 9742386.82
(in cr.)
NESTLE NET SALES 5 51069.88 10213.98 2746198.13
(in cr.)

BRITANNIA NET 5 43324.77 8664.95 1626430.19

SALES (in cr.)
COLGATE NET 5 20776.45 4155.29 38898.51
SALES (in cr.)
ANOVA
SOURCE OF VARIATION SS df MS F P-value F-crit
Between Groups 5208717613 4 1302179403.30 250.43 0.00 2.87
Within Groups 103996222.8 20 5199811.14
Total 5312713836 24

INTERPRETATION:
Here f is 250.43 which is greater than f-crit 2.87, which signifies a greater difference between the Net Sales of the
companies and the variance within the companies for a period of 5 years is nil, signifying no significant difference within the
Sales of the companies. Here Anova test states that there is a significant amount of difference in the Net Sales of the
companies.

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Figure 1 : Net Sales/Revenue for ITC, HUL, NESTLE, BRITANNIA, and COLGATE for 5 consecutive years from 2015 to 2019

INTERPRETATION : The graph shows increase trend in the Net Sales of all the companies for 5 consecutive years. ITC
and HUL seem to be the leading players in the market as their Sales are higher than the other three companies. The highest
of all is the ITC’s Net Sales for the year 2019. Colgate has comparatively low Sales than the other 4 companies and also
constant and fluctuating between 3,000 to 4,000 crores.

FIGURE 2 : Total Spending/Total Expenditure of ITC, HUL, NESTLE, BRITANNIA, COLGATE for the year 2015-2019

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INTERPRETATION : In terms of cost management ITC occupies first position, as for its highest sales, it maintained its
comparative costs quiet well than HUL, whose Total Expenditure exceeds ITC, whereas in terms of Revenue its stands at
second place, which shows that the company lack cost management in its operations. Nestle and Britannia have a growing
trend in its Total spending. Colgate’s spending remains constant, having very little difference for the period of 5 years.

OPERATING PROFIT/ EB IT (RS IN

CR.) (2015-2019)
20,000.00

18,000.00

16,000.00

14,000.00 31-Mar-19

12,000.00
31-Mar-18
10,000.00
31-Mar-17
8,000.00

6,000.00 31-Mar-16

4,000.00
31-Mar-15
2,000.00

0.00

FIGURE 3 : Operating Profit/Operating Income/EBIT of ITC, HUL, NESTLE, BRITANNIA and COLGATE for the year 2015-2019

INTERPRETATION : Operating profit is the profit from operations before deduction of interest and taxes.
(Operating Profit=Gross Profit-Operating Expenses).
The Operating Profit of the all the companies shows a growth trend over a period of 5 years. ITC here becomes the market
leader as it shows the highest Operating Profit compared to the other companies. Britannia and Colgate shows no much
difference in its Operating profit and have a slower growth rate.

Table 2 : Table showing Reported Net Profit of the companies ITC, HUL, NESTLE, BRITANNIA and COLGATE for the year 2015-
2019

ITC NET NESTLE COLGATE

YEAR HUL NET BRITANNIA NET
PROFIT (in NET PROFIT NET PROFIT
PROFIT (in cr.) PROFIT (in cr.)
cr.) (in cr.) (in cr.)

31-MAR-2019 12,464.32 6,036.00 1,966.55 1,122.20 775.57

31-MAR-2018 11,223.25 5,237.00 1,606.93 947.89 673.37
31-MAR-2017 10,200.90 4,490.00 1,225.19 843.69 577.43
31-MAR-2016 9,844.71 4,137.00 926.54 749.09 576.51
31-MAR-2015 9,607.73 4,315.26 563.27 622.41 558.98
857.06 632.37
MEAN 10,668.18 4,843.05 1,257.70

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Anova: Single Factor Summary

SUM AVERAGE
GROUPS COUNT VARIANCE
ITC NET PROFIT 5 10668.18
(in cr.) 53340.91 1388807.31
HUL NET PROFIT 5 24215.26 620009.87
(in cr.) 4843.05
NESTLE NET PROFIT 5 6288.48 304346.70
(in cr.) 1257.70
BRITANNIA NET 5 36361.55
PROFIT (in cr.) 4285.28 857.06
COLGATE NET 5 3161.86 632.37 8428.02
PROFIT (in cr.)

ANOVA
SOURCE OF SS df MS F P-value F-crit
VARIATION
Between Groups 366539855.3 4 91634963.81 194.31 0.00 2.87
Within Groups 9431813.81 20 471590.69
Total 375971669.1 24

INTERPRETATION:
Here f is 194.31 which is greater than f-crit 2.87, which signifies a greater difference between the Net Profits of the
companies and the variance within the companies for a period of 5 years is nil, signifying no significant difference within the
profits of the companies. Here Anova test states that there is a significant amount of difference in the Net Profits of the
companies, which can be used by the investor while considering their investment options in one of the companies.

FIGURE 04 : Reported Net Profit of the companies ITC, HUL, NESTLE, BRITANNIA and COLGATE for the year 2015-201

INTERPRETATION: Net profit is the profit of a company after deducting operating expenses and all other charges
including depreciation, interest and taxes from the total revenue. It is also called as Net Income or Net earnings.
(Net Profit=Total Revenue-Total Expenses)

The Net Profit of the companies ITC, HUL, NESTLE, BRITANNIA and COLGATE shows a trend of growth over the past
5 periods. Here the ITC plays a leading role by having highest Net Profits. Net Profit plays a role of value metric of the
company, which can be used by the investors in taking investing decisions and by owners to analyze the profits of the
company.

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Table 3 : EPS (Earning Per Share) of ITC, HUL, NESTLE, BRITANNIA and COLGATE for the year 2015-2019
ITC EPS HUL NESTLE EPS BRITANNIA COLGATE EPS
(in cr.) EPS (in (in cr.) EPS (in (in cr.)
YEAR cr.) cr.)
31-MAR-2019 10.17 27.88 203.96 46.70 28.52

31-MAR-2018 9.20 24.19 166.67 78.95 24.76

31-MAR-2017 8.40 20.75 127.07 70.31 21.23

31-MAR-2016 12.23 19.12 96.10 62.44 21.20

31-MAR-2015 11.99 19.95 58.42 51.90 41.10

MEAN 10.398 22.378 130.444 62.06 27.362

Anova : Single Factor Summary

SUM AVERAGE
GROUPS COUNT VARIANCE
ITC EPS (in cr.) 5 51.99 10.40 2.84
HUL EPS (in cr.) 5 111.89 10.40 13.18
NESTLE EPS (in cr.) 5 652.22 130.44 3273.82
BRITANNIA EPS (in 5 310.30 62.06 173.16
cr.)
COLGATE EPS (in cr.) 5 136.81 27.36 68.10

ANOVA
SOURCE OF SS df MS F P-value F-crit
VARIATION
Between Groups 47295.29 4 11823.82 16.74 0.00 2.87
Within Groups 14124.41 20 706.22
Total 61419.70 24

INTERPRETATION:
Here f is 16.74 which is greater than f-crit 2.87, which signifies a greater difference between the EPS of the companies and
the variance within the companies for a period of 5 years is nil, signifying no significant difference within the EPS of the
companies. Here Anova test states that there is a significant amount of difference in the Earnings Per Share of the
companies, which can be used by the investors in order to make more informed and prudent investment decision.

FIGURE 5 : EPS (Earning Per Share) of ITC, HUL, NESTLE, BRITANNIA and COLGATE for the year 2015-2019

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INTERPRETATION : EARNING PER SHARE (EPS) indicates the profitability of a company. It is an important
financial measure to know the company profitability. EPS is arrived by dividing the company’s net income with its total
number of outstanding shares. The higher the EPS of a company, better the company’s profitability state is.
(EPS=Net Income Outstanding Shares).

Nestle has the highest EPS among all other companies and second place is occupied by the Britannia Industries Limited.
All the companies EPS have a fluctuating trend over the years, inconsistently changing in either higher or lower range.
Here ITC seems to have the lowest of all. EPS is widely used as a metric for corporate profits. EPS states how much
amount of money a company makes for each share of its stock. EPS is used by the investors in order to analyse the
company’s profitability, for investing decisions. Here investing in Nestle would be recommended as its Earnings Per Share
is high. Britannia would be second option for the investment.

FIGURE 6 : Cash and Equivalents of the companies ITC, HUL, NESTLE, BRITANNIA and COLGATE for the year 2015-2019

INTERPRETATION :High liquidity states the ability of a company to pay of its current liabilities, debt obligations and
other operational costs without raising any external capital or take loans. It means that the company can easily meet its
short term debts and not face any bankruptcy, unlike the low liquidity. Nestle is the only company showing highest
liquidity among all the other companies and also the liquidity state shows a growth trend over past 5 years. ITC and
Brirannia records for lowest Cash & Equivalents. HUL has a decreasing trend of cash Equivalents over the years. Colgate
is the only company for recording a growth trend in its liquidity ratio for the period of 5 years.

Table-04 : Networth of ITC, HUL, NESTLE, BRITANNIA and COLGATE for the year 2015-2019
ITC HUL NET- NESTLE NET- BRITANNIA COLGATE NET-
NETWORTH (in WORTH (in cr.) WORTH (in cr.) NETWORTH (in cr.) WORTH (in cr.)
cr.)
YEAR
57,949.79 7,659.00 1,932.26 4,039.45 1,446.75
31-MAR-2019
31-MAR-2018 51,400.07 7,075.00 3,673.74 3,235.28 1,524.61
31-MAR-2017 45,350.96 6,490.00 3,420.59 2,581.98 1,273.80
31-MAR-2016 32,876.59 6,279.00 3,013.70 1,700.16 1,019.47
31-MAR-2015 30,683.28 3,724.11 2,817.84 1,235.62 770.32

MEAN 43,652.14 6,245.42 2,971.63 2,558.50 1,206.99

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Anova : Single Factor Summary

GROUPS COUNT SUM AVERAGE VARIANCE

ITC NETWORTH 218260.69
(in cr.) 5 43652.14 137910752.93

HUL NETWORTH
(in cr.) 5 31227.11 6245.42 2276090.63
NESTLE 14858.13
NETWORTH (in cr.) 5 2971.63 450058.69
BRITANNIA
NETWORTH (in cr.) 5 12792.49 2558.50 1284638.61
COLGATE
NETWORTH (in cr.) 5 6034.95 1206.99 97168.83

ANOVA
SOURCE OF VARIATION SS df MS F P-value F-crit
Between Groups 6599252430.36 4 1649813107.59 58.08 0.00 2.87

Within Groups 568074838.75 20 28403741.94

Total 7167327269.11
24

INTERPRETATION:
Here f is 58.08 which is greater than f-crit 2.87, which signifies a greater difference between the Networth of the companies
and the variance within the companies for a period of 5 years is nil, signifying no significant difference within the EPS of the
companies. Here Anova test states that there is a significant amount of difference in the Networth of the companies, stating a
huge variance in the financial position of the companies, which may be used by the investors in judging the financial health
and making investing decisions.

FIGURE 8 : Trends in FMCG Revenue over past 10 years (2011-2020)

INTERPRETATION : The Revenue trend of the FMCG sector in India had significant amount of growth over past 10
years and shows a huge contribution to the country’s GDP over the years. The reason for the growth of this sector even in
the meltdown years is the demand of the products consumed on regular basis, increase in the purchasing power of the

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consumers, increase in the rural consumption, brand value of the company, trusted brands of the company, leading
company’s image, etc which made this sector a recession proof sector.

FIGURE 9 : Indian Food and Beverages Market Size under FMCG Food and Beverages segment for the year 2015-2020

INTERPRETATION : The reason being for the increase in the Market Size of the Food and Beverages Segment is the
affordability and increase in purchasing power and increase in income level among the different income groups in rural and
urban sectors, easy accessibility of products due to better distribution, faster urbanization, easy acceptability to the newer
products and services, etc. This segment has a very smaller share in the Indian E-Commerce market as people prefer
buying consumables more of offline than online. But due to the change in shopping habits and more convenience,
significant growth has been witnessed in online purchases.

FIGURE 10 : Indian Personal Care Market Size under FMCG Personal Care segment for the year 2015- 2020

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INTERPRETATION: The Personal Care market grew from 9.91, 11.35, 13.38, 16.07, to 19.70 from the year 2015 to
2019 and is estimated to grow upto US$ 24.71 Billion in the year 2020. In the Personal care segment bath and shower
products like the body wash, shampoo, soap, shower gel occupied the maximum market share followed by Hair Care
products. The growing literacy levels, increased income, product awareness, and digital era also plays a major role in
boosting the urban and rural demand for FMCG Personal Care products.

FIGURE 11 : Indian Household Market Share under FMCG Household Care segment for the year 2015-2020

INTERPRETATION : The Household Care grew moderately over a period of 4 years from the year 2015 to 2018 and
took a larger growth in the year 2019 and is estimated to grow to by 31.17% in the year 2020. The reason for contributing
to the growth be the leading brands in Household Care category such as Laundry Care and the Toilet Care have launched
variety of their regular products with values added features like better cleaning, fragrance, germ protection and packaging
in order to increase their sales value. E-Retailing has also emerged as a factor for the growth of this segment.

FIGURE 12 : Indian Other FMCG Product Market Size for the year 2015-2019

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INTERPRETATION: The Other Products segment in FMCG sector grew gradually for the first 3 years and grew
significantly from the year 2018, and had a growth rate of 16.11% in 2018, 18.47% in2019, and is estimated to grow by
21.21% in the year 2020.

FIGURE 13 : Indian FMCG Industry Market Segmentation for the year 2019

INTERPRETATION :
The above graph shows the major segmentation of the FMCG sector into 5 different categories, where the Food and
Beverages segment occupies major portion that is over 50% and the second largest segment is Personal Care holding 20%
of the FMCG market. Over past 5 years the Food and Beverages segment went up to 53% from 46% (2015). The growth
resulted from the factors like change in consumer purchasing, growing interest for the new variants of products,
urbanization, economic growth of the cities and rural areas and also companies focusing more on innovation and value
addition to the products and increasing their product portfolio.

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 Int. J. Sci. Res. in Multidisciplinary Studies Vol.6, Issue.10, Oct 2020

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AUTHORS PROFILE
Dr.Savita Trivedi is Master in Commerce (with first rank in university),MBA and Ph.D.She participated in various
interuniversity debate competitions and also secured best debater award in all India debate competition from Banaras
Hindu University.She is currently working as Professor and head,in Department of Master of Commerce, Dayananda Sagar
Institions, Bangalore. She has 20 years of teaching experience.She has published numerous papers in national and
international journals and also guided numerous projects in the fields of finance, accounting and management. Students are
benefited with her text books which are written on accounting and taxation. A Ph.D has been awarded under her guidance.
She also worked as a paper setter for VTU, KSOU and external examiner for VTU, DSU and Christ University. She is
selected as a member of BOE for Dayananda Sagar University.

Ms.Jyothi K is B.Com.(rank holder) pursing M.com in Dayananda Sagar Institutions. Her area of interest is research in
accounts, taxation and banking. She has hosted cultural events, seminars and also received awards and appreciations in
various dance competitions.Her hobbies are reading books,listing music and dancing. She is also studying research work
done by the scholars.

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