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Consumer packaged goods with a rapid turnover rate—i.e., those that are created, delivered, advertised, and consumed in a brief period of time—are what define the fast-moving consumer goods (FMCG) industry.
Detergents, personal care items, dental care goods, cosmetics, and other FMCG products currently rule the market. Pharmaceuticals, consumer electronics, soft drinks, packaged food items, and chocolates are also included in the FMCG industry.
Due to the wide variety of products in the industry, different businesses control the market in different sub-sectors.
The Russia FMCG market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
In anticipation of a supply crisis, RUSSIA FMCG food businesses have built up inventories of sunflower oil to match customer demand. In case the supply line runs dry in the months owing to an increase in tension, they are now looking to Argentina for imports of sunflower oil.
The changing geopolitical environment may cause crude oil and other commodity prices to spike, which will have a domino effect on raw materials and packaging materials.
Businesses will need to prepare and take action to absorb some of the costs through aggressive optimization programmers and possibly transfer some of the pressure to customers in a controlled way.
Costs of raw materials are becoming a bigger concern for manufacturers of food products. Costs associated with packaging and logistics will be directly impacted by factors like the increase in crude oil prices. Prices for edible oils are also anticipated to rise slightly more.
Together, Russia and Ukraine supply a large portion of the world’s need for sunflower oil. Of all the oils, sunflower oil has the lowest dependence on the nation.
Having said that, if the situation persists and oil factories continue to be shuttered and there are no vessels available, then there may be some shortages and a switch from sunflower oil to soyabean and palm oils.
