Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Covid-19 Impact Research Report on the Global COVID-19 Outbreak Impact of FMCG Market.
The FMCG Industry across the globe is experiencing strong turbulence after the outbreak of global pandemic, Covid-19. The industry across the world is experiencing a sudden steep demand for essential products. Demand for hand hygiene products such as hand washes and hand sanitizers, household cleaning products and many more are increasing at an exponential rate. Such products are anticipated to recover the loss incurred by the FMCG Industry up to some extent. However, stringent lockdowns, transportation issues, stock piling and lack of labors for efficient operations are some of the key challenges that most FMCG companies are facing during the outbreak of global pandemic, Covid-19.
For instance, food and beverage industry which includes packaged, processed food & beverage, fresh fruits and vegetables and many more is anticipated to incur strong demand for next couple of months. For instance, in North America, the food & beverage industry is bracing for major adjustments due to outbreak of Covid-19. However, its full impact remains uncertain apart from major issues such as labor and supply chain disruptions. US population has witnessed a strong surge in demand for shelf stable food & beverages. Additionally, demand for milk and milk products along with bakery products have grown since January 2020. FMCG companies in the region are adjusting its operation by focusing in essential products only by increasing product lines along with multiple shifts.
Across the globe, the FMCG industry has witnessed an exponential demand for hand hygiene & household cleaning products. This was as a result of increasing awareness for hand hygiene etiquettes. Europe, currently being the epicenter of Covid-19 outbreak, the region is facing crisis for hand sanitizers and hand wash. In order to meet the growing demand for such products, European governments are partnering with brewers and distillers for production of hand sanitizers. Additionally, many multination corporations in Europe whose major revenue generation is not from FMCG products are entering into the market as a result of shortage of hand hygiene products. For instance, Louis Vuitton SE entered the production of hand sanitizers owing to rising demand in France in early 2020. Additionally, chemical company such as INEOS is setting up hand sanitizer plants in UK & Germany to manufacture 1 million bottles to address a critical shortage across Europe.
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The global clothing & apparel industry has also not been spared by the impacts of COVID-19. Asian countries such as China and India, being the major market for apparel & clothing’s has triggered a huge loss in last two months. Steel decline in new clothing and apparel sales, transportation issues and lack of labors have been some of the major factors for the loss. However, governments are trying to mitigate the damage through relief packages. For instance, The Confederation of Indian Textile Industry (CITI) has requested urgent relief package for textile and apparel industry to mitigate the crisis face by the capital- & labor-intensive industry.
Therefore, the overall FMCG industry is anticipated to incur heavy loss post Covid-19 outbreak. However, the industry is expected to mitigate this loss up to some extent by focusing only on manufacturing of key essential products, keeping in mind different economic factors such as government restrictions related to lockdown, government relief packages, intensity of Covid-19 outbreak across the globe.