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FMCG Full-Form Name: FMCG Meaning
FMCG — Fast Moving Consumer Goods
FMCG Full-Form refers to Fast Moving Consumer Goods. FMCG or Fast Moving Consumer Goods are basically consumer packaged goods. The items present in this segment consist of all consumable goods that are purchased by people at regular time intervals.
One thing to notice is that the groceries and pulses do not come under the FMCG category. The items most commonly present in the list include packaged food, shaving products, shampoos, toilet soaps, household accessories, shoe polish, toothpaste, detergent and some electronic goods. These items are used frequently by people and give a high return.
FMCG or Fast Moving Consumer Goods is among the biggest sectors in the economy of India. FMCG’s market size was thirty billion dollars in the year 2011. It is estimated to be seventy-four billion dollars in the year 2018. The leading category of FMCG is food products. It occupies forty-three per cent of the total market shares of FMCG. It is followed by personal care, which occupies twenty-two per cent, and fabric care, which occupies twelve per cent of the market share. The main factors that have led to the growth of this sector include the ever-changing lifestyle, easy access and increasing awareness in people.
The major region that drives the FMCG sector in the rural areas. The segment is growing by leaps and bounds in these areas. The majority of the FMCG companies, on realizing this fact, rushed to increase their direct distribution network and gave a better infrastructure in these profitable regions. These companies are also focusing themselves on creating certain products that target the rural market.
The rural population is also getting high support from the Indian government in the form of disbursements, loan waivers, and MSPs or minimum support prices. The NREGA or National Rural Employment Guarantee Act program started by the government is making sure that they provide support to these people. The poverty in the rural areas in India has decreased, and the purchasing power of the people in these areas has increased.
The urban areas in India have changed their buying trends from the essential goods to the premium products. This has been made possible due to an increase in the disposal incomes of the high as well as the mid-income consumers in these areas. The companies have also begun to enhance the portfolio of their premium products. The multinational and the Indian FMCG companies are taking full advantage of India as a hub for the manufacturing and development of the cost-competitive products. This helps them in catering to the global markets.
The main focus of the FMCG brands must be in the innovation, development and research. This will provide them with a means to grow. It is expected that the companies that are doing well in the FMCG sector will be the ones to form a culture that does promotion by utilizing the insights of the customers. They will be doing this for creating their products’ next generation, or for creating the new category of products.
There is one area where the FMCG brands, both global and local, may make more investments. This area is health & wellness. This area is a megatrend and can help to shape the shopping habits and preferences of the consumers. The leading Indian and Global brands have already embraced it and are now focusing on the creation of new ones in this area.