The CII National FMCG Summit held in Mumbai recently took off to a great start with Nitin Paranjpe, President, Foods and Refreshment Division, Unilever delivering the keynote address. He said that our world today is defined by extreme polarization, anti-globalization with protectionism raising its head, changing notions of value and increasing impatience among the new generation. The environment is under stress with 16 of the 17 hottest years occurring since 2001. In this context, only brands that matter are those that stand up for an issue – societal or environmental and are defined by authenticity and consistency. Business came into existence because of society’s need. The purpose of business is not wealth maximization, it is fulfilling consumers’ needs and that is the principal driver of growth.
Earlier welcoming the gathering Bharat Puri, Chairman, CII National Committee on FMCG and MD, Pidilite Industries highlighted that the India consumption story is a big story. As per the famous S curve, when per capita income touches $4000 when consumption really takes off and as per the market valuations of many consumer companies it looks like the stock market already believes it’s about to happen. It’s clear, India is already one of the largest markets. At the heart of all of this is the consumer. The real winners are those who will benefit from increased consumption. Those who continuously delight the consumers will prevail and therefore this is the right time to discuss the consumer of the future.
The Sessions saw a host of key industry leaders from FMCG giants like Unilever, Tata Chemicals , Godrej Consumer Products, Marico, ITC , Facebook , Mondelez International, and some new age FMCGs like Nykaa , Mamaearth , Locus and the Mumum Co.
The Summit was a wonderful opportunity to understand the future of the FMCG sector in terms of the consumer dynamics and consumption pattern. The summit analysed and discussed issues to be addressed which are critical enablers to drive the FMCG Consumption and Consumer growth in next decade.