Volume volatility

Most fast-moving consumer goods categories (FMCG) such as packaged food, personal care, home products and beverages were characterized by low sales volume growth of about 1% prior to the Covid-19 pandemic. Substantial disruption occurred during the pandemic with beverage consumption declining sharply and home products consumption rising substantially. Then, normalization of consumption and high-cost inflation occurred simultaneously, both impacting sales volumes negatively. Throughout this period of unusual FMCG volatility, several strong categories and brands have fared much better and have actually grown sales volumes. Now that cost inflation is waning and price increases are lower, consumers are expected to increase their consumption volumes again.

Source: company filings, Bloomberg, November 2023.