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Products that sell quickly and for a low price are known as fast-moving consumer goods (FMCG). Non-durable items include packaged food, drinks, toiletries, over-the-counter medicines, and other consumables are some examples.
Due to high customer demand or because the product degrades quickly, many fast-moving consumer goods have a limited shelf life. Foods that go bad quickly include FMCG items like meat, produce, dairy, and baked goods. The turnover rates for other products are significant, including hygiene, soft beverages, candy, and prepackaged foods. Holidays and seasons can occasionally have an impact on sales.
The Malaysia FMCG market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
For more than a year, Malaysia dealt with the consequences of the coronavirus outbreak. At the height of the pandemic, Malaysia ordered the temporary closing of non-essential businesses, including pubs, restaurants, and entertainment venues. They also prohibited large public gatherings and urged people to work from home if possible.
As vaccination rates rise and the incidence rate declines, this is currently gradually easing. The demand for consumer packaged goods (CPG) increased dramatically in Malaysia, which was severely hit, and growth in household goods spending also increased. As a result, the market for fast-moving consumer products saw significant changes.
By attending to the grocery store less frequently, consumers initially attempted to lower their risk of contracting the virus. A few consumers started hoarding food and water. Others bought items they would typically find in a store using online commerce.