LEAP赢：印度消费品跨国公司的剧本

Learn how to navigate—and win—in one of theworld’s most promising emerging consumer products Acknowledgments Vignamitra Karthikeyan is a partner with Bain & Company’s Consumer Products practice and is based inBengaluru. You can contact him at Vignamitra.Karthikeyan@bain.com. Nikhil Ojha is a senior partner who leads Bain & Company’s Strategy practice in the Asia-Pacific regionand is based in Mumbai. You can contact him at Nikhil.Ojha@bain.com. Ravi Swarup is a partner who leads Bain & Company’s Consumer Products practice in India and is basedin New Delhi. You can contact him at Ravi.Swarup@bain.com. The authors extend gratitude to all those who contributed to this report, including Charlotte Apps, MiyaWang, Yifei Gao, Sharanya Nayak, Daashrathy Srikanth, Anandh Natarajan K R, Avishi Agarwal, and the At a Glance In an accelerating trend, growth in the consumer products segment continues to shift toward Over the past decade, India has become the third-largest contributor to consumer products Evolutions in digital infrastructure, the channel landscape, and middle class expansion haveremoved traditional barriers, making India a friendly battleground for multinational corporations `India affiliates of CP MNCs often deliver superior total shareholder returns and strategic value in `Tenure isn’t a requirement to win in India. Many companies have recently entered and scaled `India remains a complex market. To win in India, MNCs must LEAP: Lead in a core category;Expand their portfolios; Adapt the 4Ps; and Perform at peak levels. Emerging markets: A critical battlefield for global consumer products Emerging markets are an increasingly important driver of global consumer products market growth, andby extension, an increasingly important growth platform for CP companies (CPGs). Rising populations, As of 2024, emerging markets represent nearly half of the global CP market value. Their growthcontribution will jump from about 60% in the past decade to as much as 75% (or $2 trillion) over the next As the world shifts toward a post-global economy, many CPGs will need a new global portfolio model toseize the emerging markets opportunity. To compete, CPGs need to consider each emerging market’sunique risks, growth levers, consumer groups, channels, competitors, price realizations, and cost To explore this opportunity, Bain & Company analyzed growth drivers and risk factors across the top 30emerging CP markets. This report focuses on India, which has one of the most compelling consumerstories in the world. We describe promising growth opportunities and winning strategies for India’s CP LEAP to Win: A Playbook for Consumer Products Multinational Corporations in India India is becoming a robust growth engine for CP MNCs India’s strong fundamentals are driving both volume and value growth for CPGs. Between 2024 and 2030,India will see the highest increase in working-age population globally, with over 100 million peopleexpected to be added. In addition, India’s real disposable income per capita has increased at a ~6% CAGR India is a dynamic market, brimming with exciting opportunities. Over the past five years, India’s volumegrowth contribution outpaced its volume share by 2–8 times across several categories (see Figure 1). Newcategories are rapidly emerging, demand spaces are being created, and consumer behaviors are being Existing categories offer significant growth potential, too. Carbonated soft drinks and chocolate bothexperienced volume growth over a 15% CAGR in the past decade, yet penetration remains below 40% as of2024. Premium consumption and spending on services are also rising. In the last five years, premium The truth about operating in India today Historically, MNCs have viewed India as a difficult market to operate in. Many MNCs have been deterredby underperformance or “false starts,” in which affiliates in India delivered lower-than-expected revenue •a highly diverse and dispersed consumer base, requiring a tailored marketing playbook; •a fragmented and complex channel landscape dominated by traditional trade; and •a high prevalence of unorganized competitors operating at low price points and with lean cost However, many challenges associated with operating in India have dissipated or significantly improved inrecent years. As incomes rise, India is transitioning from a bottom-of-the-pyramid economy to one largely India has also leapfrogged many adoption curves, which helped it overcome historical barriers. Forexample, India transformed from having a few fixed Internet lines to becoming the world’s second-largestmobile subscriber base and having some of the highest mobile data consumption per capita. Rapid digital E-commerce and quick commerce have grown 2–3 times faster in value than traditional and modern tradechannels in India, diminishing the need for an extensive traditional trade network to enter the market.Insurgent brands increasingly use e-commerce and quick commerce to launch