欧晰析咨询（OC&ampC）：2019年全球50大快速消费品公司报告（英文版）（20页）.pdf

1、THE FMCG GLOBAL 50 2019 Reaping the rewards Recent actions drive improving organic growth and margins uncommon sense 02 | OC 10K OC Annual reports 200820132018200820132018 21 505050 1 8 5 20 7 2 0 4 19 19 7 17 17 3 US Europe Japan China RoW 46% 44%39% 1% 7%7% 5% 9% 43% 9% 2% 40% 40% 10% Over the las

2、t decade, the number of Asia-based companies in the Global 50 increased from 7 to 13. In this period, Chinese companies increased from zero to five, and outperformed their Japanese counterparts in terms of sales growth. This continued success may seem counterintuitive to the headlines telling us tha

3、t the Chinese economy is slowing. However, this is not the case for the Chinese food and drink sector, which is growing at nearly double the rate of its global peers. This is due to three reasons. The first is an emerging middle class in Chinas tier three and tier four cities. To date, these locatio

4、ns have been overlooked by Western brands, leaving them ripe for the picking by local players. Secondly, both Japanese and Chinese companies have invested heavily in product innovation and expanding their geographical reach and sales channels. The third element driving their growth, is expansion int

5、o emerging markets. These three factors ensure that there will no doubt be more Chinese entrants to the Global 50 in coming years. However, their success is not a shoo-in: the average profitability of Asian Global 50 companies in 2018 was 14%, significantly below the 18% global average. As domestic

6、competition heats up, there is also increasing downward pressure on margins, with the majority of Asian giants registering negative margin growth in 2018. The Chinese food and drink sector is growing at nearly double the rate of its global peers 14 | OC&C Reaping the rewards Star company Milking a g