【出版时间及名称】：2010年4月印度消费行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：PPT
        【页数】：39
        【目录或简介】：

FMCG Industry growth slows to 9% in Mar-2010:
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FMCG industry grew by 9.1% yoy in Mar-10 as against 11.7% in Feb-10.
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The growth during the month was driven by Chocolates (+20%), Noodles (+18%), biscuits (+15%), Skincare (+12%) and Tea (+11%).
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While Shampoo (+7%), Soaps (+5%), Hair Oils (+1%), Laundry (-3.2%) and Coffee (-5%) categories dragged down the overall industry growth in Mar-2010.
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HUL witnessed the highest loss in market share while Nestle saw the highest gain in market share (yoy basis) across the top 10 FMCG companies.
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In Jan-Mar’10, FMCG sales grew by 10% yoy compared to 12% in F2010.Top 10 FMCG players grew 5% in Jan-Mar’10 vs. 7% in F2010.

Mar-2010 witnessed discounting in laundry, slowdown in skincare: Due to heavy discounting being witnessed in the Laundry, laundry revenues declined for the first time in 3 years. HUL and P&G both also interestingly lost volume share by 20bp and 30bp respectively on MoM basis. Skincare growth slowed to 12% in Mar-10 (vs. 20% in F-10) with both L’Oreal (+70bp) and P&G (+40bp) gained market share (MoM) at the expense of HUL(-100bp).
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HUL (-1% in Jan-Mar’10 vs. 4% F2010) Lost market share on a Yoy basis in all categories (except shampoo), while on a sequentially basis HUL lost share in soaps, laundry, skincare and tea.
1.
In Laundry segment, HUL has lost share 230bp yoy and 20bp MoM basis, while on the other hand P&G has as gained by 50bp yoy and interestingly lost market share by 50bp MoM in Mar-10. In Q1C10, P&G volumes grew by 20% while HUL grew by 13-14%.Rin and Surf have lost share by 20bp and 30bp while Wheel gained 80bp on MoM basis (Mar-10). Laundry revenue for HUL growth in Mar-10 declined for the first time in 3 years .
2.
HUL lost 50bp MoM share in soaps and interestingly Lifebuoy and Lux put together gained 35bp MoM. HUL is witnessing a decline in soap revenues and volume since Sep-09, although the decline in Soaps seems to be getting arrested and the market share stabilizing around 44.5%.
3.
HUL lost 120bp in Skincare market share MoM, as revenue growth decelerated by by 500bps in Mar-10 (vs. F-10).
4.
In Oral care, for the first time in 14 months, HUL’s volume growth was positive. HUL lost 170bp market share yoy but gained 40bp MoM.
5.
In Shampoo, HUL gained share 150bp yoy and 70bp MoM, led by 100bp yoy and 80bp MoM gain in market share by Clinic plus shampoo
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Dabur (4% in Jan-Mar’10 vs. 7% F2010). Mixed month for Dabur while on one hand they gained share in toothpaste (+80bp yoy) and toothpowder (+290bp yoy), they lost share in Hair oils (-50bp yoy) and Digestives (-330bp yoy).
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Colgate (8% in Jan-Mar’10 vs. 9% F2010) although has been able to maintain its seven-year high market share in toothpaste. Colgate Dental cream decline in market share by 20bp while Cibaca gained 10bp MoM respectively. Colgate’s toothpowder vale and volumes have been de- growing since Apr-09, losing 340bp yoy and 100bp MoM.
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Nestle (13.7% in Jan-Mar’10 vs. 13.8% F2010) Except baby foods (-20bp), Nestle gained market share across categories (between 25bp-350bp) on yoy basis.
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GCPL (14.8% in Jan-Mar’10 vs. 16% F2010) improved (15% in Jan-Mar’10 vs. 16% F2010) GCPL maintained its soaps market share while improved Hair color market share improved by 35bp on MoM basis. GCPL’s Soap revenues have grown 1000bps faster than the industry in F2010. Hair color growth (16% in Mar-10) has been impacted by a lower base.
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Marico’s (-3% in Jan-Mar’10 vs. 4% F2010) Marico Coconut oil revenues declined 7% (the largest fall for at least the past three years) and lost 320bp yoy and 70bp MoM. Parachute coconut oil has witnessed volume and value share has decline on yoy basis since Jun-09. In Hair oils, Marico lost 110bps MoM with all their brands losing share.
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P&G (13.7% in Jan-Mar’10 vs. 14.4% F2010) Tide (-70bp) and Ariel (-10bp) lost value share value on MoM basis. Decline in value share in Tide could be due heavy discounting by P&G. In skincare, P&G continues to do well with market share increasing by another 40bp in Mar-10.
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Britannia’s (6% in Jan-Mar’10 vs. 2% F2010) Although biscuits are showing some signs of recovery, Britannia continues to lose market share.
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ITC (11% in Jan-Mar’10 vs. 9% F2010) gained 130bp yoy and 25bp MoM in soaps. ITC lost share in the wheat flour category by 330bp yoy and 80bp MoM
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L’Oreal (25% in Jan-Mar’10 vs. 26% F2010) continued to witness market share gains on a yoy basis. L’Oreal witnessed a robust month, with Hair colour growing by 33% and skincare growing by 36%