ITC, Ruchi Soya among 50 fastest growing global consumer product firms

• Global powers of the consumer products industry 2011- Deloitte report
• List dominated by food, drink, tobacco and electronic product companies

India’s ITC Limited and Ruchi Soya Industries limited ranked #15 and #20 respectively among the 50 fastest growing consumer companies globally. The 4th annual ‘Global powers of the consumer products industry 2011’ Deloitte report highlights that compared to the 1.2 percent decline in sales that plagued the Top 250 as a whole, the 50 fastest growing companies increased sales at a composite rate of 18.2 percent. The fastest 50 list witnessed a long list this year of Asia/ Pacific and Latin American companies.

Indicative of the tough economic times, for the second year in a row, all but seven of the fastest growing companies were in the food, drink and tobacco or the electronic product sectors. Also, there were three companies in the personal and household products sector, two home improvement product companies, one tire manufacturer and one fashion good company amongst the fastest 50.

“Currently,  while India is represented by only two companies among the 50 fastest growing consumer product companies, there is  a huge potential as large Indian conglomerates in the consumer business sector are witnessing strong growth due to growing consumerism and  the modernization of Indian retailing,” said Rajan Divekar, Senior Director, Deloitte in India. “As the Indian retail industry modernizes, the cost of distribution is likely to fall, suppliers will have an incentive to invest in technology and consumers will gain access to cheaper, fresher  and safer products.”

The report suggests that the biggest single opportunity for global consumer product companies  comes from the emerging middle classes in developing economies, with an estimated 70 million new consumers expected to enter the global middle classes each year. However, to fully exploit this opportunity, companies must prepare for radical innovation to deliver the right products at price points that are typically well below equivalent products in the developed world.

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