Consumer goods consist of a wide range of daily usable products and include food &beverages, home appliances,healthcare products, cosmetics products, household cleaning products, electrical & electronics goods and so on. The consumer goods industry has been consistently witnessing a high growth rate over the past 20 years. This is due to the sustaineddemand from the ever increasing consumer base â backed by rapid urbanization and growing middle-class population.The consumer goods market is expected to be further bolstered by the rising income levels as well as changing and improved lifestylesin the coming years.
However, there are challenges the industry has to meet and address along the way. These include rapidly changing consumer preferences, demand for quality products at competitive pricing and demand for efficient customer services, among others.The industry also has to keep up with and incorporate thelatest technologiesand trends, like the Internet of Things (IOT), social media, as well as changing government regulations
While North America continues to dominatethe consumer goods market globally, Asia Pacific is playing catch-up backed by the regionâs increasing population, rising income level and changing lifestyle.