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FMCG industry growth in Asia was flat as many markets in the regions, including India, witnessed a decline in growth due to the pandemic in 2020. According to NielsenIQ, however, growth is set to reignite for the FMCG sector in Asia in 2021.
“India experienced an unprecedented 40 per cent decline in April’ 2020 due to mass store closures, which bounced back to 2019 levels of 8 per cent towards the year-end recording a balanced -1.9 per cent growth, “ the NielsenIQ report noted.
Overall, FMCG growth was flat (-0.1 per cent) in 2020 in Asia compared with 8 per cent growth in 2019.
"When broken down by country, most Southeast Asian markets on the whole, FMCG growth was flat (-0.1%) in 2020 compared with 8% growth in 2019 experienced a significant decline with Singapore being an exception recording the highest growth of 15.5 per cent. Northeast Asian markets saw a lower but reasonable growth with China recording 3.1 per cent,” the report added.
Stating that innovation and affordability remain key factors for Asian consumers, the report stated that more Asian consumers are choosing where to shop based on value for money (95 per cent), low prices (75 per cent ), safety and hygiene , wide product selection, fresh products and convenience in location. Though traditional channels are still dominant, online hyper/supermarket ranked no.1 for Asian consumers when asked where they planned to shop more, the report added.
“2020 was a challenging year, with most Asian markets experiencing a decline or lower growth in FMCG. We believe the pace will pick up and normalize this year, though as consumer and business confidence rebounds,” said Justin Sargent, President of Retail Intelligence, NielsenIQ Asia.
“There is plenty of room for opportunity and growth. We have witnessed remarkable winning stories from some brands, who have paired innovative ideas with the right in-market activation. Growth can be found in the right stores, right categories, right segments, right occasions and right price tiers. Dynamics are still uncertain but those who are more agile will be the big winners in 2021,” he added.