The Fast Moving Consumer Goods Industry has a value of over $570.1/£369.17 billion. This proves just how much of a successful industry it is, in bringing the consumer what they want. It is important to constantly adapt to consumer trends to understand what they really want and this is something this industry does really well in order to sustain its success.
There are a number of different well-known brands throughout the world that FMCG is responsible for. These are the brands that are recognised from things like trips to the supermarket or adverts on the television. They are the brands that everyone knows and loves. Brands like Coca-Cola, Dettol and Dove are just a few of the more high profile ones that make up this sector. It provides products that belong in the living room, kitchen and bathrooms in households throughout the world.
FMCG is a particularly fast paced industry that is constantly evolving. The pace is always fast from the moment that product innovation takes place, to when the product actually leaves the shelves. Even the brands themselves are continually changing. According to the brands listed on the top 100 twenty years ago, 40% of the brands have already changed their names.
FMCG Employment and Economy
Investment in employees working in the FMCG industry is crucial. The industry revolves around understanding the importance of not only customer loyalty, but also employee loyalty. Those working in FMCG understand that customer loyalty play a huge role in the success of a brand. Therefore it is important for the loyalty of employees to be encouraged too, in order for the brands to maintain their successful images.
Another huge success of the FMCG industry is that is has still maintained its successful image, even with results of the recession. Many other companies have failed to survive the recession’s effects. Fast moving consumer goods are always in demand by consumers, which has helped them survive through the tough financial difficulties in the economy.
The FMCG industry is one that offers products on a whole new level. Handling accounts of $150/£97 million gives individuals the chance to become a part of a globally successful industry. Those working in the industry have the chance to influence the way consumers shop and their attitudes towards certain products. Brands under FMCG need to constantly evolve and provide innovation to meet the consumers demanding needs.
Currently in 2015, the FMCG industry is thriving. There has been over £11 million worth of investment from government funding in food technology. This means that the UK has been secured as a leader in the food technology market. This money will help ensure the development of new technologies and processes that will do things like heighten efficiency and reduce waste, particularly in the beef supply chain. More energy efficient air distribution will also be introduced, which will ensure cooling systems for food factories.
The food and drink industry has also been praised for ensuring that they cut their environmental costs of feeding the UK. Manufacturers have worked hard to cut their carbon footprint, reduce water consumption and reduce the amount of waste production. This is great news for making more of the brands aware of the effect they are having on the environment. Being an environmentally aware brand can often make them more appealing for consumers.
Working in FMCG can be very attractive for some consumers. In the UK, there are a huge number of well-known FMCG brands. In 2013, Heinz had the highest penetration of the FMCG brands at 90.6%. However, Warburtons have shown that they are the most frequently purchased brand per year at an average of 25 purchases a year. Heinz came close behind at 16 purchases per year. This huge amount of the market makes them both very desirable brands to work for as they are so credible and widely known.
A career in this sector may mean a lot of hard work, but it is a rewarding industry to work in as it does so well. Work could involve market research, pricing and product development or even advertising. It is also possible to be responsible for more than one brand, making the work exciting.