Food and Drug Regulation in FMCG (Fast Moving Consumer Goods) – Thematic Research
- Pages: 40
- Published: June 2021
- Report Code: GDCG-TR-S037
The FMCG sector, retail, and foodservice channels all face a consumer base with an insatiable, growing demand for clarity and information before being willing to give their trust and trade. In tandem, regulators respond to, and also proactively influence consumer opinion and behavior, meaning industry players must remain intimately in touch with consumer trend developments and preempt moves to encourage or legally enforce policing actions stemming from those trends.
Governmental regulation is fundamental in governing FMCG strategy around production, distribution, marketing and sale to consumers. Its complexity means significant resource and expense is necessary to ensure compliance, which can be decisive in some circumstances in a “make or break” manner for product success.
Regulatory non-compliance causes poor company reputation and can damage brand image. It can also cost millions in fines.
GlobalData’s thematic framework shows that safety and trust are the main consumer drivers behind regulation. Strong company ethics and compliance saves costs with less fines and builds consumer trust and repeat purchase behavior.
Consumer trust is increasing in importance, with generation Z becoming more prominent consumers. This generation engage in social media activism and will be more likely to lobby companies with poor governance. Companies at all levels are thus susceptible to reputational damage from non-compliance.
Reasons to buy
GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.
Understand the current trends within FMCG food & drug regulation today and how these will escalate in the near future.
Assess how conversational commerce technologies are being used in the FMCG marketplace today and how these can drive consumer engagement and sales, as well as benefit internal processes.
Acknowledge both the advantages and disadvantages of FMCG food & drug regulation, identifying why it is critical to develop strategic actions that best respond to this governance within the context of your business's specific operations and target markets.
Discover recommendations that will help you navigate the evolving landscape of regulation in FMCG to ensure a safe, sustainable business model that meets consumers' as well as regulators' needs.
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