The consumer goods and FMCG market continuously adapts to evolving consumer demand and trends. Digital innovation, the coronavirus pandemic, and an increased focus on sustainable and healthy habits have been just some of the biggest influences on the consumer goods market in recent years. Digitalization has put the customer in the drivers seat and enables endless comparison and scrutinizing of products on the spot. Consumer goods companies must optimize their marketing strategies and brand awareness to maintain customer loyalty in this competitive market.
The pandemic altered how consumers shop and became a huge market disruptor; cleaning products, shelf-stable food and beverages, and toilet paper became hard to come by within days in some regions. Additionally, the role of sustainability is having a growing impact on the consumer goods market; there is an increasing demand for more sustainably and ethically produced products across the whole consumer goods spectrum.
Consumer goods are products which are intended for everyday private consumption. They cover a large product portfolio including food and non-food categories. They can be further classified into fast moving consumer goods (FMCG) and slow moving consumer goods (SMCG). The definitions are based on how frequently products are sold to the customer, a determining factor in the rotation of goods.
FMCG products have a useful life shorter than a year and are, therefore, products bought relatively frequently with recurring expenditure. This includes categories such as food and beverages, personal care, cleaning products, apparel and footwear, tobacco and pet food/pet care. SMCG products have a useful life longer than a year, comprising items such as household appliances, furniture and home improvement products. These items have a lower sales frequency and are not rotating as rapidly as FMCG. Statista provides data on consumption trends, market values, and market leaders.
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