Fast-moving consumer goods are manufactured and purchased to satisfy consumer requirements in segments such as food, beverages, pharmaceuticals, cosmetics, and household products. Food products, beverages, and pharmaceuticals need durable packaging to prevent any spoilage or contamination.
FMCG includes non-durable, consumable goods such as soft drinks, toiletries, over-the-counter drugs, and processed foods. These products have a short shelf life because of high consumer demand and rapid deterioration of these products..
Other goods like alcohol, toiletries, pre-packaged foods, soft drinks, and cleaning products have high turnover rates. FMCG products are usually purchased through loyalty or from impulsivity; decisions are made often because of brand recognition or price reductions. So it is an industry that is heavily supported through advertisements and promotional events by the manufacturers. Vendors are exploring new outlets and sales locations while traditional retailers have introduced private label brands to capture additional profits.
Technavio's analysts forecast the global FMCG packaging market to grow at a CAGR of 4.4% during the period 2016-2020.
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