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FMCG

For updated information, please visit www.ibef.org

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ContentsAdvantage India

Market overview and trends

Growth drivers

Success stories: Major players

Opportunities

Useful information


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33

FMCG

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

Advantage India

AdvantageIndia

• Rising incomes and a growing young 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 heavy FDI inflowsas the sector accounted for 1.8 percent of the country’s total FDIinflows over April 2000-Feburary2012

• Many players are pursuing inorganicgrowth by acquiring regional players

• Automatic investment approval of upto 100 per cent foreign equity in singlebrand retail is allowed

• Introduction of Goods and Service Tax(GST) as a single unified tax systemfrom August 2012

Market size:USD74billion

2018E

Market size:USD30billion

2011

Notes: Emami, Market size estimates from Technopak2018E– estimated figure for 2018

Growing demand Attractive opportunities

Increasing investments Policy support

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

FMCG

Household care Personal care Food & Beverages

Fabric wash, Householdcleaners Oral care, hair care,

skin care,cosmetics/deodorants,

perfumes, feminine hygieneand 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 ResearchNotes: Gross block of FMCG is the total value of all the assets in the sector

Evolution of FMCG in India

→ FMCG is the fourth largest sector in the Indian economy

Indian FMCG industry (USDbillion)

Gross block of FMCGindustry (USD billion)

Market size of chocolates(USD million)

Market size of personalcare (USD billion)

HUL’s share in FMCGmarket (%) >50%

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Strong growth in the Indian FMCGsector

→ The FMCG sector in India generated revenues worthUSD34.8 billion in 2011, a 15.2 per cent r ise comparedto 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 sector’s revenues posted a CAGR of17.3 per cent

Trends in FMCG revenues over the years (USD billion)

Source : Dabur, AC Nielsen, Aranca Research

MARKET OVERVIEW AND TRENDS

15.7 17.8

21.3

24.2

30.2

34.8

0

5

10

15

20

2530

35

40

2006 2007 2008 2009 2010 2011

CAGR17.3 %

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Food products and personal care togethermake up two- thirds of the sector’s revenues

→ ‘Food products’ is the leading segment, accountingfor 43.0 per cent of the overall market

→ Personal care (22.0 per cent) and fabric care (12.0 percent) are the other leading segments

Market break-up by revenues (2009)

Source : Dabur, Aranca Research


43%

22%

12%

8%

4%

4% 2%5%

FoodproductsPersonalcareFabric care

Hair care

Households

OTCproducts

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The urban market accounts for a majorchunk of revenues

→ The urban segment is the largest contributor to thesector, accounting for over two-thirds of total revenue

→ Semi-urban and rural segments are growing at arapid pace; they currently account for 33.5 per cent of

revenues

→ FMCG products account for 53.0 per cent of total ruralspending

Urban-rural revenue break-up (2011)

Source: Dabur, AC Nielsen, Aranca Research


66.5%

33.5%

Urban

Rural

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1010For updated information, please visit www.ibef.org

The rural segment is fast catching up

→ The urban FMCG market in India has been growing ata fairly steady and healthy rate over the years;encouragingly, the growth in rural markets has beenmore fast-paced

→ During FY11, more than 80 per cent of FMCG productsposted faster growth in rural markets as compared tourban 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 ResearchNotes: UR-Urban Rural


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

→ Hair oils, toothpastes and shampoos have significantlyhigh penetration in both urban and rural markets

→ Instant noodles, floor cleaners and hair dyes arepicking up in the rural areas due to increased

awareness

Penetration levels of few top selling FMCG (2010)

Source: Dabur, AC Nielsen, Aranca Research


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

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

→ A total of 7.8 million retail outlets sell FMCG in India

→ Grocers are the dominant retail format, accounting for59.0 per cent

Sales channel breakdown (2010)

Source: AC Nielson, Aranca Research


59%

13%

8%

6%

3% 6%5%

Grocers

General stores

Chemists

Paan plus

Food stores

Modern trade

Others

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Market share of companies in a fewFMCG categories

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

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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

Expanding horizons • A number of companies are exploring the business potential of overseasmarkets and several regional markets

Backward integration • Backward integration is becoming the preferred strategy for increasing profitmargins

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 distributionnetworks

• Companies are now focused on improving their distribution networks to expandtheir reach in rural India

Source: Aranca Research

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Notable trends in FMCG … (2/2)

Third-partymanufacturing

• 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 ofsmaller-sized packs

• Companies are increasingly introducing smaller stock keeping units at reducedprices. This helps them to sustain margins, maintain volumes from price-

conscious customers and expand their consumer base

Increased hiring from tierII/III cities

• Small towns are emerging as significant hiring zones. FMCG companies arehiring field staff from areas such as Kalpa (Himachal Pradesh), Mangaliya(Madhya Pradesh), Kota (Rajasthan), and Shirdi (Maharashtra) to sell diverseproducts

Focus on enhancingpresence 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 carbonfootprint and eco-friendly products

• FMCG players in India are increasingly focussing on reducing their carbonfootprint by creating eco-friendly products. They generate the required energyfrom renewable sources and earn CER credits for the same

Source: AC Nielson, Aranca ResearchNotes: CER – Certified Emission Reductions; SSI- Small Scale Industry

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Growth drivers


Opportunities

Useful information


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1717For updated information, please visit www.ibef.org GROWTH DRIVERS

Growth drivers of the FMCG sector inIndia

Rise of ruralconsumers

Growingpopularity of

organised retail

FDI support

Increasing percapita income of urban and rural

population

Government’spro-industry

policiesSource : Aranca Research

Notes: FDI-Foreign Direct Investment

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Higher incomes have aided growth inboth urban and rural markets

→ Per-capita income in the country rose at a CAGR of11.5 per cent over 2001 - 11

→ Strong income growth is set to continue in future aswell; IMF forecasts point to a CAGR of 8.2 per cent

over 2011-

17 to USD2,225.9

→ An important consequence of rising incomes isgrowing appetite for premium products, primarily inthe urban segment

India’s per capita income at current prices (USD)

Source : IMF, Aranca ResearchNotes: CAGR-Compound Annual Growth Rate

GROWTH DRIVERS

-5%

0%

5%

10%

15%

20%

25%

30%

0

500

1000

1500

2000

2500

2001 2003 2005 2007 2009 2011E 2013F 2015F 2017F

Per capita income, USD, LHS Annual growth rate, RHS

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→ The Indian government has been supporting the ruralpopulation with higher MSPs, loan waivers, anddisbursements through the NREGA programme

→ These measures have helped in reducing poverty inrural India and have thus propped up ruralpurchasing power

Total funds released by government for NREGA (USD billion)

Source : NREGA, Aranca Research

GROWTH DRIVERS

Notes: MSP is Minimum support price, NREGA is NationalRural Employment Guarantee Act

6.2

7.0 7.3

6.1

0.0

2.0

4.0

6.0

8.0

FY09 FY10 FY11 FY12

Government initiatives for ruraldevelopment

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→ Growing awareness, easier access, and changinglifestyles has meant growing consumer spending inmodern 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 toUSD5 billion in 2015 from USD1.8 billion in 2011

Contribution of private label in modern trade (2011)

Source : AC Nielson, Aranca Research

Increasing awareness and easier accessis driving growth of modern retail

GROWTH DRIVERS

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

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→ The sector has been witnessing strong FDI inflowsover the years; in fact, during FY01-12*, FMCGaccounted for 1.8 per cent of total inflows

→ Within FMCG, food processing was the largest

recipient; it’s share was 44.9 per cent

Cumulative FDI inflows * (USD million)

Source : DIPP, Aranca Research

FDI inflows have also gone up over the years

GROWTH DRIVERS

* April 2000 – Feb 2012

1381.0

860.4

414.7

276.6

100.3

44.5

0 500 1000 1500

Food processing

Paper, pulp

Soap, cosmetics

Vegetable oil

Tea,Coffee

Retail trading

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Policy and regulatory framework

GROWTH DRIVERS

Goods and service tax(GST)

• Introduction of GST for the purpose of integrating multiple indirect taxes undera unified tax system from August 2012

• The rate of GST on services is likely to be 16 per cent and on goods is proposedto 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 licenserules

• Industrial license is not required for almost all food and agro-processingindustries, barring certain items such as beer, potable alcohol and wines, canesugar, and hydrogenated animal fats and oils as well as items reserved forexclusive 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 andRemunerative Price (FRP) and the State-Advised Price (SAP)

FDI in organised retail

• India currently allows 100 per cent FDI in cash & carry segment as well as single-brand retail

• India is also expected to allow 51 per cent FDI in multi-brand retail, which willboost the nascent organised retail market in the country

Source : Aranca Research

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2323For updated information, please visit www.ibef.org GROWTH DRIVERS

New Goods and Service Tax (GST) wouldsimplify tax structure

Source : Aranca Research

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 t ransition to the GST regime – through employee training, compliance underGST, customer education and inventory credittracking

Supply chain structure• Introduction of GST as a unified tax regime will

lead to a re-evaluation of procurement anddistribution arrangements

• Removal of excise duty on products would resultin 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 endof 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

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Key M&A deals in the industry … (1/2)

GROWTH DRIVERS

Source: Bloomberg, Aranca ResearchSource : Company websites, Bloomberg, Aranca Research

Target name (segment) Acquirer name (segment) Merger/Acquisition

Halite Personal Care India Private Limited (Personal Care ) Marico Ltd (Food and Personal Care) Acquisition

Paras 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) AcquisitionHobi Kozmetik, Turkey (Personal Care Products) Dabur India (Personal Care) 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

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Key M&A deals in the industry … (2/2)

GROWTH DRIVERS

Target name (segment) Acquirer name (segment) Merger/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) AcquisitionGreenol 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 Ltd Acquisition

Garden Namkeens Pvt Ltd (food ― misc.) Cavinkare Pvt Ltd (food) Acquisition

Bacardi Martini India Ltd’s 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

Source: Bloomberg, Aranca Research

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Growth drivers


Opportunities

Useful information


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

SUCCESS STORIES: MAJOR PLAYERS

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 wellnesscategories

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

Net sales (USD million)

Source : Company reports, Aranca Research

115.9130.7

170.3

230.7

284.0302.8

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

FY07 FY08 FY09 FY10 FY11 FY12

CAGR 21.2 %

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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

• Ranked 125th among BT (Business Today) MostValuable Companies of India in private Sector

• Ranked 272nd among Fortune 500 India’s largestcorporations on profitability

Strategy todrive revenue

Celebritypromotion

Newgeographies

Brandextension

Rural reach

Productinnovation

Leveragingexisting

distributionnetwork

Differentiated‘value formoney’products


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Dabur – riding on strong brand equity inIndia … (1/2)


Sales (USD million)Salient features

• Among top four FMCG companies in India

• 10 brands with sales worth over USD20 million each

• Wide distribution network covering 2.8 million retailersacross the country

• 17 world-class manufacturing plants catering to needsof diverse markets

• Over 30 per cent of revenues generated frominternational markets


433.4499.2

596.7711.8

856.2

1,100.6

0.0

200.0

400.0

600.0

800.0

1,000.0

1,200.0

FY07 FY08 FY09 FY10 FY11 FY12

CAGR20.4 %

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

Awards and recognitions in 2011-12

• 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 products listedamongst the '30 New Beauty Finds' by India Today Woman

• During FY12, Dabur ranked as the second- most ‘Social Brandof India’

Strategy

Expand

AcquireInnovate

Dabur – riding on strong brand equity inIndia … (2/2)


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Growth drivers


Opportunities

Useful information


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3232For updated information, please visit www.ibef.org OPPORTUNITIES

Growth opportunities in the IndianFMCG industry

Source: Assorted articles and reports; AC Nielson ,Aranca Research

Rural market

• Leading players of consumer products have a strong distribution network in ruralIndia; they also stand to gain from the contribution of technological advances suchas 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 men’s 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 sourcinghub 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

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Growth drivers


Opportunities

Useful information


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

Industry Associations … (1/3)

Indian Dairy AssociationSecretary (Establishment)Indian Dairy Association, Sector-IV, New Delhi –110022Phone: 91 - 11 - 26170781, 26165355, 26179780; Fax: 91 - 11 - 26174719E-mail: [email protected]: www.indairyasso.org

All India Bread Manufacturers’ Association PHD House, 4/2, Siri Institutional Area, August K ranti Marg, NewDelhi –110016Phone: 91 - 11 - 26515137; Fax: 91 - 11 - 26855450E-mail: [email protected]; [email protected]: www.aibma.com

All India Food Preservers’ Association 206, Aurobindo Place Market ComplexHauz Khas, New Delhi –110016Phone: 91 - 11 - 26510860, 26518848; Fax: 91 - 11 - 26510860Website: www.aifpa.net

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Federation of Biscuit Manufacturers of IndiaPHD House, 4/2, Siri Institutional Area, August K ranti Marg, NewDelhi –110016Phone: 91 - 11 - 26515137; Fax: 91 - 11 - 26855450E-mail: [email protected]; [email protected]: www.biscuitfederation.com

Indian Soap Toiletries Manufacturers’ Association Raheja Centre, 6th Floor, Room No 614, Backbay Reclamation,Mumbai – 400021Phone: 91 - 22 - 2824115; Fax: 91 - 22 - 22853649E-mail: [email protected]

Indian Soft Drinks Manufacturers Association

702, Ansal Bhawan, 16 KG Marg, New Delhi – 110001Phone: 91 - 11 - 46470200; Fax: 91 - 11 - 23327747

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The Solvent Extractors Association of India142, Jolly Maker Chambers, No 2, 14th Floor, 225, Nar iman Point,Mumbai – 400021Tel : 91 - 22 - 22021475, 22822979; Fax: 91 - 22 - 22021692E-mail: [email protected]: www.seaofindia.com

Vanaspati Manufacturers’ Association of India 903, Akashdeep Building, 26-A, Barakhamba Road,New Delhi –110001Phone: 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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This presentation is for information purposes only. While

due care has been taken during the compilation of this

presentation to ensure that the information is accurate tothe best of Aranca and IBEF’s knowledge and belief, thecontent is not to be construed in any manner whatsoeveras a substitute for professional advice.

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