The consumer industries touch the lives of everyone through commodities, packaged food and beverages, consumer durables and retail. Over the past few decades, consumer goods companies have managed to grow in the developed markets. In the mid-1960s to mid-1980s, the cumulative annual growth rate was over 10% due to high sales of food, beverages, and household and personal products in markets such as the US. Thereafter, until the first decade of the new millennium, consumer goods companies expanded into new global markets. The most recent recession and recovery period presented challenges in terms of a tough economy, high commodity costs and changing consumer mindsets when it came to high-value purchases.
Major trends and drivers of transformation in the consumer industries in the near and mid-term challenge existing business models and marketing approaches. Trends that could influence performance over the next decade include supply-side trends such as volatile input costs and labour laws in emerging markets; demand-side trends such as shifting demographics and a billion new consumers, especially in emerging markets; rise of the digital consumers and consumer demand for transparency and sustainable products; and macro-trends such as trade protectionism and changing tax policies. These trends and transformations
also create new opportunities and potential for value creation, if strategically explored.
The Global Agenda Council on the Future of Consumer Industries will provide thought leadership to the consumer industries community on the most critical transformations that the sector is facing, by providing vision and strategic insights for the long-term future. Composed of the foremost experts from within and outside the sector, the council will discuss the key transformations that will affect the consumer industries over the next 3-5 years and bring new thinking and tangible solutions through which the sector can prepare for and capitalize on these opportunities.
Council Manager: Mayuri Ghosh, Project Lead, Consumer Industries, Mayuri.Ghosh@weforum.org
Forum Lead: Sarita Nayyar, Managing Director, Managing Board, Sarita.Nayyar@weforum.org