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1、,Global Powers of the consumer products industry 2011 Getting back to growth,March 2011,2,7,11,31,Contents The economic situation for consumer products manufacturers Global trends and issues affecting the consumer products industry in 2011 Global Powers of the consumer products industry Top 250,Top
2、250 highlights M&A market slow to recover in consumer products sector Q ratio analysis,17 38,1,Global Powers of the consumer products industry 2011,Deloitte Touche Tohmatsu Limited (DTTL) is pleased to present the 4th annual Global Powers of the consumer products industry. This report identifies the
3、 250 largest consumer products companies around the world based on publicly available data for the companies fiscal year 2009 (encompasses fiscal years ended through June 2010). The report also provides an outlook for the global economy, a discussion of major trends affecting consumer products compa
4、nies, a look at M&A activity in the consumer products sector, and an analysis of market capitalization in the industry.,Global Powers of the consumer products industry 2011,The economic situation for consumer products manufacturers,As 2011 begins, consumer products companies must worry about inadequ
5、ate demand in rich countries and overheating in emerging countries. In addition, they face challenges about exchange rate volatility, rising commodity prices, changing fiscal policies, and the sustainability of recovery in some markets.,Overall, the outlook for 2011 is for strong global economic gro
6、wth with the preponderance of growth taking place in emerging markets. In the developed world, growth is not expected to be exceptional. Let us examine the outlook in each major market and consider the potential impact on the market for,consumer products. One problem is that imbalances continue to h
7、aunt,the global economy. Interest rates in developed countries are unusually low, reflecting aggressive monetary policy and weak demand for credit. Hence, money is flowing out of these countries into higher interest rate emerging markets. Yet in those countries, where growth is strong, the inflow of
8、 capital is putting upward pressure on currency values, thereby hurting export competitiveness. At the same time, rapid growth in emerging markets is creating new inflationary pressures, which have led some central banks to tighten monetary policy-putting upward pressure on currencies yet again. Als
9、o, many emerging governments are intervening in currency markets to hold down their currencies in order to improve export competitiveness. This risks exacerbating inflation. Moreover, if every country tries to devalue its currency, no currency will decline in value, but all countries will increase t
10、heir money,United States The U.S. economy did not perform especially well in 2010, but 2011 looks to be more promising. This is due to several factors. First, the tax policy agreement reached in December will result in lower payroll taxes in 2011, thereby putting extra cash in the pockets of low and
11、 middle income consumers. Second, the aggressive expansionary policy of the Federal Reserve, known as quantitative easing, is likely to push down real interest rates and, therefore, boost demand for credit. It could also lead to increased values for various financial assets. The result, it is hoped,
12、 will be a stimulus for consumer and business spending. Finally, although a high degree of structural unemployment remains, there are indications that job growth will pick up speed in 2011. This would boost consumer spending and help to reduce worrisome budget deficits at the federal and state level
13、s.,supplies, thus generating inflation. On the other hand, there are some negative factors,2,Hence, the global economy remains imbalanced. Countries that have traditionally relied on exports (such as China, Japan, and Germany) and need to move toward domestic led growth, continue to depend heavily o
14、n exports. Countries that relied too heavily on their consumers (such as the United States and United Kingdom) and need to export more, now face competitive devaluations in their target export markets, thereby hurting their own export competitiveness. Failure to adjust to new realities will only del
15、ay the day of reckoning. Yet making the necessary adjustments involves short-term pain. Affluent countries that nearly experienced financial meltdown now face tattered financial markets. Credit fails to grow as consumers and businesses hoard cash and continue to deleverage. Debate rages over whether
16、 central banks and governments should respond by becoming more aggressive. Yet an aggressive stance risks continuation of global imbalances.,that are likely to restrain growth. Slowing growth overseas could hamper export growth, which was strong throughout 2010. In addition, a weak housing market could have a negative impact on overall economic activity. Finally, continued private sector deleveraging in the wake of the financial crisis could hamper growth. As for U.S. consumers, they appe
