Deloitte global powers of consumer products 2014

Global Powers
of Consumer
Products 2014
The connected
consumer evolves

Global Powers of Consumer Products 2014 1
Global economic outlook 2
Global trends affecting the industry in 2014 7
Top 250 highlights 11
M&A activity continues to rebound in the consumer 36
products industry

Q ratio analysis 42
Study methodology and data sources 44
Endnotes 45
Contacts 46
Contents

Global Powers of Consumer Products 2014
Deloitte Touche Tohmatsu Limited (DTTL) is
pleased to present the 7th annual Global Powers of
Consumer Products. This report identifies the 250 largest
consumer products companies around the world based
on publicly available data for the fiscal year 2012
(encompassing companies’ fiscal years ended through
June 2013).
The report also provides an outlook for the global
economy, an analysis of market capitalization in the
industry, a look at M&A activity in the consumer
products sector, and a discussion of major trends
affecting consumer products companies.

Last year’s report noted that “barring a fiscal
convulsion, the U.S. economy is likely to accelerate in
the coming year.” Well, there was a fiscal convulsion.
Consequently, growth was not especially strong. It said
that, in China, a hard landing seemed unlikely. That
was correct and the economy has actually stabilized at
a new level of economic growth. We wrote that “the
economic situation in Japan suggests continued weak
sales growth and declining prices.” This was wrong
simply because we did not anticipate that a new Prime
Minister would embark on a radically different path.
Finally, we noted that, despite a recession in Europe, the
decline in the value of the euro combined with wage
restraint had boosted the competitiveness of European
exports. Indeed today, the burgeoning economic
recovery is mainly due to the improvement in export
performance.
Overall, we didn’t do too badly. What we got wrong
was largely due to our failure to anticipate the political
environment in both the U.S. and Japan. What we
got right was due to drawing sensible inferences
from economic trends. Thus, going forward, the
question arises as to what changes in the political
environment might play havoc with the economic
outlook. Around the world, there are some significant
political uncertainties. These include whether and
how the Eurozone will implement a banking union;
whether the ECB will move toward a more aggressive
monetary policy; whether Japan’s government will
endorse a radical program of deregulation; how China’s
government deals with financial imbalances, and
how other emerging markets deal with a new global
economic environment.
The pages that follow offer a view on the economic
outlook for the major markets and the potential
impact on consumer product companies. This
is a baseline view. Yet it should be noted that
unexpected political decisions, by leaders or voters,
can relegate any predictions to the rubbish bin.
Hopefully, what follows still offers a useful road map.
Eurozone
The Eurozone is recovering from a prolonged recession,
itself the result of the sovereign debt crisis. Prior to
the crisis, the creation of a common currency had
led to interest rate harmonization and relatively low
borrowing costs across Europe. With the crisis came a
loss of confidence in the durability of the euro and the
ability of some countries to service their debts.
Consequently, borrowing costs for Southern
European countries increased dramatically leading to
a severe drop in credit market activity. In addition,
most European countries adopted tight fiscal policies
in order to convince financial markets of their
commitment to fiscal consolidation. The result was a
recession which is only now ending.
The recovery came about for three main reasons.
First, the ECB promised to “do whatever it takes” to
save the euro. That meant that the ECB would not
allow sovereign debtors to default. As a result, bond
yields declined, leading to lower borrowing costs.
Moreover, this caused an improvement in the ability
of governments to service their debts. That, in turn,
led to the second reason, which is a loosening of
fiscal policy. Today, government finances in Europe
are in much better shape than a few years ago.
This means that countries can take a more relaxed
attitude toward fiscal discipline—at least in the short
run. Finally, the decline in the value of the euro,
combined with wage restraint and productivity gains,
caused exports to grow once again.
In 2014, the Eurozone is expected to experience
modest growth. Inflation, which is very low, will
remain so, thereby providing the ECB with plenty of
wiggle room should it choose to engage in a more
aggressive monetary policy. The ECB is studying the
possibility of employing unusual policy tools to boost
credit market activity. This could include something
akin to quantitative easing (already in use in the U.S. ,
UK, and Japan) or using fees to compel banks to lend.
At the national level, several countries are increasingly
committed to labor market reforms designed to reduce
the cost of hiring and, therefore, reduce unemployment.
Yet perhaps the biggest obstacle to better economic
performance in Europe is the absence of financial
market integration. European banks are primarily
supervised by their national governments. When
they get in trouble, the national governments have
been forced to assume bank liabilities. Banks holding
Greek sovereign debt have been forced to take
haircuts and banks in Cyprus have been forced to
confiscate deposits. There is no Europe-wide deposit
insurance and no Europe-wide system for resolving
troubled banks. Negotiations have taken place aimed
at creating a banking union, but the outlines agreed
upon so far fall far short of true financial market
integration.
Global economic outlook
2

France
France has become the weakest link in the Eurozone.
The economy is barely growing and 2014 is expected
to be a weak year. Poor business confidence,
engendered by a failure of the government to
enact significant labor market reforms, will suppress
investment. A partial reversal of the government’s
plans for very high tax rates has not convinced
businesses to invest. France has lost competitiveness
as productivity has lagged. Consequently, it is
not experiencing the export revival seen in other
Eurozone economies.
Spain
Spain is finally recovering from a long recession and
growth in 2014 is expected to be modest. Spain’s
financial situation has improved, with bond yields now
at relatively low levels. Fiscal austerity has been eased
and the export sector is performing well following an
improvement in competitiveness. On the other hand,
the financial sector remains weak, with bank lending
continuing to decline. The economy remains fragile.
Italy
Italy’s longest post-war recession is finally ending.
Moreover, the ascension of a new reform minded
Prime Minister could lead to new efforts to reform
the economy. The government is shifting away
from fiscal austerity and towards more labor market
reforms. In addition, Italy is gradually becoming
more competitive, thereby boding well for export
performance. The result is likely to be modest growth
in 2014. On the other hand, Italy faces a number of
problems. These include continued high government
debt, poor demographics, high unemployment, and
continued weakness in credit market activity.
Japan
Japan’s economy, having grown rapidly in the
first half of 2013, slowed in the second half. Still,
economic performance in 2013 was the best in
years. This was largely a result of the monetary policy
component of Abenomics (the other components
are fiscal stimulus and deregulation). The monetary
policy has involved sizable asset purchases by the central
bank designed to suppress bond yields, create inflation,
suppress the value of the yen, and boost consumer
and business willingness to spend. So far it has been a
modest success. Inflation is finally returning to Japan, albeit
modestly. Bond yields remain low, thereby creating
an environment of low capital costs which encourage
investment. The yen has significantly depreciated,
thereby helping export competitiveness and helping to
revive Japan’s manufacturing sector. A sizable increase
in wealth, due to higher equity prices, has boosted
consumer spending.
The countries have agreed to a modest fund
for bank resolution, a requirement that national
governments get involved if the fund is exhausted,
and a requirement for unanimity among Eurozone
members to approve using bailout funds to support
banks. In other words, there will not be a strong
central authority with the resources to support and
resolve troubled banks. As such, this reform fails
to do what is needed to harmonize credit market
activity. Absent a more integrated approach, it is
hard to see how credit market activity will heal
quickly. It is also hard to see how the Eurozone can
succeed in the long-term. It is increasingly evident
that a successful currency union requires a different
architecture than now exists. It requires integration
of the financial system in which all banks are
supervised and supported by a central authority with
considerable resources and independent decision-
making. This is not going to be the case under the
plan now being discussed.
There remain considerable risks to the Eurozone.
These include potential problems of sovereign
debtors such as Greece; possible election of anti-
European governments in key countries; failure of
countries to enact major economic reforms that
would boost productivity; and failure of Germany
to boost domestic demand, thereby helping its
European compatriots. Indeed much of the failure to
reform the architecture of the Eurozone stems from
disagreements between Germany and the other
countries. Germany is worried that any joint liability
involving financial institutions would effectively be a
German liability. As such, it is reluctant to endorse a
more integrated approach to financial reform.
The outlook across Europe varies by country. Here
are some highlights:
Germany
Growth in Europe’s largest economy is expected
to accelerate in 2014, driven by a combination of
rising consumer spending, business investment, and
exports. The implementation of a minimum wage
will boost consumer incomes, but will also cause a
modest increase in unemployment. Other aspects of
the agreement of the governing coalition will have
a negative impact on competitiveness. Germany
remains highly dependent on exports of capital
goods. A deceleration in investment in China could
have a negative impact on Germany’s economy. The
revival of growth in the rest of Europe, however, will
be helpful.

Despite the positive news from Abenomics, there are
reasons for concern. First, Japan will face a large increase
in the national sales tax in April. This was already in
the pipeline prior to Prime Minister Abe’s accession to
office. It is designed to improve the sustainability of
Japan’s pension system in the future. Yet the increase is
expected to hurt consumer spending. Moreover, earlier
strength of consumer spending was partially due to
consumers purchasing big ticket items before the tax
increase takes place. Although the government intends
to implement a sizable fiscal stimulus to offset the
impact of the tax increase, it is possible that, after April,
the economy will slow down considerably.
Second, sustained growth of consumer spending will
require increases in wages. Yet while prices have risen,
wages have not. This means declining real purchasing
power for consumers. The government has encouraged
businesses to boost wages, and a leading business
lobby has recommended that its members take action.
Whether wages will rise in 2014 remains uncertain. If wages
continue to stagnate, economic growth will suffer.
Finally, the longer term benefit of Abenomics will require
radical deregulation of the economy. The details of
what the government intends remain unknown, and
the government has delayed implementation of some
aspects of deregulation. Absent significant reform,
Abenomics will not have a lasting impact on productivity
growth and economic growth.
China
The Chinese economy has slowed considerably.
The critical manufacturing sector has been stung by
slow overseas growth, a rising value of the yuan, and
rapidly rising wages, all of which have hurt export
growth. Instead, the economy has relied heavily on
domestic demand, especially investment in fixed assets.
This has been fueled by massive borrowing by local
governments, corporations, and individuals investing
in the frothy property market. Unfortunately, the
growth of debt, mostly off the balance sheets of
banks (in the so-called shadow banking system)
has created a sizable risk to the Chinese economy.
This threatens to either derail economic growth
or cause further problems in an economy already
suffering from serious imbalances. Although the
massive investment in fixed assets has maintained
employment, it has often generated negative returns.
It has not contributed to the ability of the economy
to grow. The government will likely have to bail out
troubled financial institutions, force them to reduce
lending, and thereby cause a drop in economic
growth. The best way to avoid a serious crisis would
be to implement significant reforms of the financial
system as soon as possible.
As such, the government recently announced a
range of reforms intended to create a more normal
economy.
The reform program proposed by the Chinese
government is radical yet cautious at the same time.
On the one hand it proposes increased competition
for state-owned enterprises (SOEs). On the other
hand, it fails to propose privatization of SOEs. On
the one hand it proposes to protect private property
rights, but on the other hand it fails to give up state
ownership of land. On the one hand it does much
to decentralize economic power by empowering the
private sector. Yet on the other hand, it pulls more
power into the hands of the central government,
often at the expense of local and regional
governments. As such, it is a mixed bag of reforms.
Despite a bit of ambiguity, it is clear what the
government generally hopes to achieve. The reforms,
if implemented successfully, should lead to faster
economic growth, less financial risk to the economy, and
a shift in growth away from investment in fixed assets.
In addition, the reforms tackle a variety of social issues.
The reforms will lead to greater fairness by promoting
more income equality as well as a more powerful and
less corrupt judiciary. Finally, the reforms are somewhat
conservative in that they should help to stabilize
the economy and society by engendering greater
predictability. There should be more transparency of
financial markets and SOE finances, more professional
management of SOEs, less reliance on the decisions of
fickle local officials, and more reliance on market forces
to determine allocation of resources.
As to the potential impact of the reforms, this
depends on how fast they are implemented and the
degree to which they are fully implemented. Many
of the reforms will only bear fruit over a relatively
long period of time. Reform of the financial system,
on the other hand, might have more immediate
implications for the functioning of financial markets.
Given the problems in the banking system, the faster
China improves the efficiency of its financial services
industry the better.
United States
During the post-recession period, the U.S. economy
has actually grown faster than the economies of
Western Europe and Japan. Despite this, there has
been considerable disappointment in the U.S. with
the pace of growth, especially given the continued
high rate of unemployment. As 2014 begins, the U.S.
economy is recovering nicely after a prolonged period
of modest growth. During the last two years, there
were factors that held back growth.
4

United Kingdom
In the course of 2013 the UK went from being one of
the rich world’s growth laggards to being one of its
stronger performers. This surprised just about everyone.
However, before we get carried away we need to put
the British picture in perspective. On average economists
forecast the UK will grow by 2.3% in 2014. Before the
financial crisis that would have been regarded as a
normal, if unremarkable, rate of growth. But after five
years in which the economy has shrunk, 2.3% growth
looks relatively good and, if realized, would represent
the strongest growth since 2007.
Why is the economy rebounding? There are several
factors. First, consumer spending is growing despite
a sizable drop in real incomes. Evidently there is
considerable pent up demand and consumers are
dipping into savings and taking on new debts. Plus,
wages are starting to turn around. Second, housing
has soared, largely the result of a government scheme
designed to spur home buying. Third, monetary
policy has been expansive. The central bank has been
engaged in quantitative easing. Fourth, fiscal policy,
having been tight, is starting to ease as the government
is close to achieving its fiscal goals. Finally, the recovery
in the Eurozone is having a positive impact.
On the other hand, business investment has not
risen accordingly. It appears that businesses are
not yet convinced of the durability of the recovery.
Moreover, the rise in consumer spending may not be
sustainable given the weakness in consumer income.
A debt financed rise in spending, similar to what
happened in the last decade, is hardly the basis for a
firm recovery. Britain will need to export more.
Emerging markets
Brazil
Economic growth in Brazil has decelerated considerably.
The country has been beset with inflation, currency
depreciation, some social unrest, and business
pessimism. The central bank has tightened monetary
policy in order to slow inflation and resist currency
depreciation. The outlook for the short term is,
consequently, not very good. In the longer term,
Brazil has many favorable attributes including
good demographics, a likely dramatic increase in
energy production, increased foreign interest in
the manufacturing sector, and increased exports of
services. On the other hand, Brazil continues to have
a variety of challenges which require legislation. These
include overregulated labor markets, inadequate
infrastructure investment, and trade restrictions.
In 2012, the recession in Europe hurt the U.S. recovery.
In 2013, a severe tightening of fiscal policy in the U.S.
probably reduced economic growth by 1.5 percentage
points. Yet in 2014, these factors will not play a role.
Rather, Europe will be in recovery and U.S. fiscal policy
will have a modest positive impact on growth—
especially now that the Congress has agreed to scale
back the sequestration.
In addition, there are a number of positive factors. These
include rising overseas demand, increasing investment
in energy production, pent up demand for household
formation, and improvements in the functioning of
credit markets. Indeed the economy has shown signs
of strength. This has included continued growth of
consumer spending, especially spending on automobiles.
Significantly, it has also included a sizable rebound in
the U.S. housing market. Home prices have risen, sales
of new and existing homes are up, and construction
of residential property has risen. The strength of
housing reflects low mortgage interest rates, declining
unemployment, improved credit conditions, and the
fact that private equity firms have invested heavily in
foreclosed properties. The latter has contributed to the
rise in property prices which, in turn, has enabled millions
of homeowners to return to the market.
On the other hand, the U.S. Federal Reserve has
begun to taper its program of quantitative easing.
This will entail reducing the pace of asset purchases.
In the coming months, depending on economic
conditions, the Fed will continue to cut back on asset
purchases. Meanwhile, it will maintain a relatively loose
monetary policy, keeping interest rates historically low
for a longer period than previously planned. It will
also take actions to boost credit market activity. Still,
the tapering has already led to higher bond yields and
mortgage interest rates. These can be expected to
continue rising, putting some downward pressure on
housing market activity. In addition, the Fed’s policy is
putting upward pressure on the value of the dollar. This
could hurt export competitiveness. In the short term,
it is creating some turmoil in emerging markets where
currency values have been under pressure.
There remains uncertainty about the economic impact
of the implementation of Obamacare. If large numbers
of young and healthy individuals fail to purchase
insurance, then insurance premiums will rise, possibly
having an adverse impact on business. If, on the other
hand, such individuals purchase insurance in large
numbers, premiums could actually fall.

Other markets
Many emerging markets have seen a deceleration
of growth in the past year. This follows a period of
very rapid growth that was driven by several factors.
These included plenty of inbound investment fueled
by low returns in developed markets, excessive
accumulation of external debt—especially given
the cheap cost of borrowing, and the commodity
boom that was fueled by China’s massive investment
spending. Now, things have changed. Further
accumulation of debt is not feasible. In addition,
capital flows have reversed now that bond yields
have increased in the U.S. Moreover, this has caused
a decline in the value of emerging market currencies,
thus forcing central banks to tighten monetary policy
in order to stabilize exchange rates. Such action has
a dampening effect on growth. In addition, the very
rapid growth of recent years caused bottlenecks
leading to inflation. That is another reason for central
bank tightening. Finally, the commodity boom
is over, thus dampening growth for commodity
exporting countries.
Going forward, the emerging world is likely to
have a year or two of disappointing growth while
imbalances are unwound. However, the longer term
outlook remains positive. Indeed for those emerging
markets that did not accumulate too much debt, the
outlook is quite good. Among the more promising
markets are Colombia, Mexico, Philippines, and much
of sub-Saharan Africa among others. These countries
have improved governance, competitive industries,
and favorable demographics. They should experience
strong growth in the coming decade.
India
India had a few years of astronomical growth that
turned out to be unsustainable. It led to bottlenecks
that created inflation. Plus, the growth was financed
by an accumulation of external debt that cannot
be sustained. The central bank has significantly
tightened monetary policy in order to quell
inflation and stabilize the currency. Meanwhile, the
government has failed to implement many of the
reforms that would boost productivity and unleash
more investment and faster growth. Rather, such
changes must await the next election which will take
place in 2014. For now, therefore, India appears to
be on a lower growth trajectory.
Russia
The Russian economy has slowed considerably in the
past two years. Over the past two decades, Russia’s
economic performance was usually correlated
with the price of oil. However, that relationship
has shifted. Today, the price of oil is relatively high
but growth is slowing. Evidently, Russia has some
fundamental weakness. There has been inadequate
investment in energy, resulting in a decline in
output. There has been very modest investment in
non-energy industries. The population is declining,
thus creating a labor shortage which has resulted
in higher wages and low unemployment. While
consumer spending has been strong, household debt
has increased, thereby hurting potential growth.
Inflation remains too high and the central bank has,
therefore, not eased policy despite a slowdown
in growth. Moreover, the country faces growing
competition in its core energy export based. Thus,
the economic outlook is modest at best.
6

The major trends that we wrote about three years
ago in Consumer 2020—globalization, the economy,
health & wellness, sustainability, and technology
– are as important today, if not more so. What is
different now is the extent to which the digital
revolution is enabling consumers. Technologies
that were once new are now established and are
converging in ways that empower consumers as
never before. The result is that consumer products
companies today find themselves somewhat
disrupted and needing to re-examine their business
strategies—they must be innovative and agile
enough to address these developments and be ready
for any potential technology disruptors in the near
future. The following is a short-term view on how
companies will be impacted by this evolution of the
connected consumer.
Consumers are now truly global
Consumers socialize with people around the
globe, shop from the global marketplace,
access information from almost any part of the
world, and travel globally.1
International airline
passenger demand grew 5.4% in 2013 despite a
difficult economic environment and over 3 billion
international and domestic airline passengers are
expected in 2014.2
Though some consumer products companies are
veterans at entering new markets, the challenge
of developing products for global and local needs
and marketing to the global consumer remains.
Companies are faced with balancing global versus
local consumer requirements; managing and growing
profitably; and buying and selling to optimize their
global portfolio. At the same time they must be
developing their end-to-end global supply chains
with the infrastructure, governance, transparency,
and flexibility needed to consistently meet
consumers’ demands from any part of the world,
through any channel.
They are also learning to embrace new approaches
and to compete in smarter ways, such as entering
new markets virtually rather than physically. In 2014,
according to Forrester, “A growing number of brands
will supplement their traditional retail relationships
with new direct-to-consumer websites around the
world, offering global online shoppers more immersive
brand experiences and new opportunities to buy.
Brands selling online will increasingly embrace
international shipping as a way to reach consumers
in markets where they do not yet have local
operations. Brands will also launch new stores on
global marketplaces to take advantage of these
marketplaces’ sizeable audiences and understanding
of local consumers’ needs.”3
Consumers want and expect more for less
Consumers are spending, but they are also saving.
Post-recession, developed market consumers have
adapted their purchasing behaviors and have learned
to look for promotions and discounts, buy in bulk,
buy private label, budget, plan shopping trips, shop
across channels, shop at discount stores and outlets,
and participate in group buying.
“A significant number of consumers are planning to decrease their spending over
the next year, but they are not willing to sacrifice consumption. Instead, they are
looking at other routes to reducing spending such as shopping at discount stores or
continuing to buy private label brands.”
Euromonitor International’s 2013 Global Consumer Trends Survey
Even once free-spending, emerging market
consumers are more price-sensitive and shopping
smarter due to the continued economic slowdown in
developing markets. Consumer products companies
will not be able to depend on them for profitable
growth. For example, while luxury goods sales are
expected to continue to grow as more emerging
market consumers continue to aspire to luxury
consumption, consumers have become more subtle
and less conspicuous in their consumption, as
showing off has become “bad taste.” Consumers also
want “affordable luxury” and are shopping at outlets
and second-hand stores and buying gourmet and
premium versions of everyday goods such as coffee
and shampoo.4
Consumers also want more than products and
services; they want a unique, entertaining experience
during the shopping and purchasing process and
are willing to spend a little more for it. For example,
Adidas announced its plans for a high concept,
interactive retail store in China. “The store resembles
an arena that customers can walk up to in a tunnel
cheered on by spectators, much like athletes do
before a sporting occasion.”5
Global trends affecting the industry in 2014
The connected consumer evolves

Consumer products companies are continuing to
reformulate their products and launch new versions
with reduced-fat, reduced-sugar, and reduced-salt.
The world market for functional foods and drinks
is expected to reach $130B by 2015.12
Consumer
products and life science companies are actively
trying to cash in on this trend. For example, the
first coffee pod products to contain probiotics was
launched this year. “Coffee is ideal for the addition
of probiotics because people drink it every day and
don’t have to change their habits to get probiotics
into their diet, according to Michael Bush, senior vice
president of Ganeden,” the biotech company that
produces the probiotic.13
Consumers are also actively managing their
health and wellness digitally. They are researching
information online, monitoring and tracking their
condition and fitness using digital devices and apps
on their smartphone, and communicating with
healthcare providers via email. As of this writing
there are over 200 Health & Fitness apps on iTunes.
Four million units of smart fitness bands are expected
to sell globally in 2014, generating over $550 million
of revenue.14
Health and wellness tops the CXO board agenda for
consumer products companies. According to the latest
Consumer Goods Forum (CGF) report, companies have
established policies and activated programs on its
Health & Wellness Resolutions: (1) Access & Availability
of Products and Services, (2) Product Information
and Responsible Marketing, and (3) Communication
and Education About Healthier Diets and Lifestyles.15
However, there are still endless opportunities to
improve health and wellness among consumers
globally. The challenge for consumer products
companies will be to determine where to play, how
to win, and how to make an impact. Companies will
need to have a clear health and wellness vision and
strategy aligned with their capabilities and core values,
and they will need to work with other organizations,
from retailers, to life science companies, to healthcare
providers, to community organizations.
More consumers want to shop and act
responsibly
A recent global study identified more than one-third
of global consumers, 2.5 billion, as ‘aspirational
consumers’ in which 78% are defined by their love
of shopping , 92% by their desire for responsible
consumption and 58% by their trust in brands to act
in the best interests of society.16
Two-thirds of online
consumers say they “try to have a positive impact
on the environment through daily actions and nearly
half are worried about climate change,” according to
Euromonitor’s consumer survey.
Companies are also offering consumers opportunities
to personalize and customize their products,
everything from selecting the color of components
and designing the products themselves, to
crowdsourcing to determine the next new product.
After success in 2012, Lay’s (one of the brands from
PepsiCo’s Frito-Lay division) has once again launched
its “Do Us A Flavor” contest in which U.S. consumers
can choose from three forms of potato chips and
submit their flavor idea via a special website, Twitter,
YouTube, Facebook, or text for a chance to win
prizes.6
With consumers continuously expecting more for less
and slower growth in consumer spending expected
in 2014, everyone’s vying for a share of consumers’
limited wallet. Consumer products companies are
required to work harder, be more innovative, and
push the frontier with new products, services,
and experiences to satisfy the consumer as king.
Companies therefore will need to hire innovative
people and put in place the culture, organization,
and incentive structure that encourages innovation
and agility.

Health and wellness goes mainstream and digital
Consumers are not only much more aware and
knowledgeable of the importance of health and
wellness, they are taking action. They are eating
right and adopting healthier lifestyles. They are
switching to foods and personal care products that
are organic, less processed, and have health benefits.
59% of consumers globally found appealing the
prospect of foods and drinks formulated with the
lowest number of ingredients possible, according to
Datamonitor’s 2013 Global Consumer Survey.7
“Kraft
is looking to capitalize on consumer demand for
products with fresh and simple ingredients through
new products.”8
They will incorporate the fresh and
simple concept into their new product developments
and brand-renovation plans. “Hain Celestial has 100
new products planned for 2014, many of which
focus on organic and non-GMO ingredients to
add to its list of 2,000 certified organic products
and 500-plus verified non-GMO offerings.” 9
55%
of consumers globally are trying to eat as many
vegetables as possible according to the Datamonitor
survey. This is in sync with trendy foods such as kale,
the large assortment of drinks with vegetables, the
increasing sales of juicers, and new products that
incorporate vegetables, fruits, and other good-for-
you ingredients.10
Euromonitor International’s 2013 Global Consumer
Trends Survey found that the majority of consumers
are willing to pay more for food products with specific
health benefits such as added nutrients and lower fat.11
8

“The one person who is in charge today, the real
competitor in the marketplace, is our consumer.
They are more empowered today than they ever
have been before, and it’s because of that, we’re
shifting into their world of demand.”
Anindita Mukherjee, Senior Vice President and
Chief Marketing Officer for Frito-Lay18

In 2014, more consumers will be connected and
they will be increasingly connected via mobile
devices. The percentage of the world’s population
online rose from 30% to 40% in the last two years,
with online penetrations well over 80% in almost
every country in North America and Western
Europe.19, 20, 21
In 2014, consumers will be spending
$1.055 trillion on gadgets such as smartphones and
tablets22
– over 1.2 billion smartphones are expected
to be shipped worldwide23
and Deloitte estimates
wearable computing devices such as smart glasses,
smart fitness bands, and smart watches to generate
$3 billion.24
Mobile subscriptions are expected to
surpass the world’s population due to the number of
multiple subscriptions held by consumers – mobile
penetration is about 90% in Asia and 117% in
the U.S.; Latin America is ahead of the world for
average mobile penetration; and more than 95%
of all telephone lines in the African continent are
on mobile networks.25
In addition, mCommerce
revenues are growing in nearly every market around
the world. “In no country that Forrester analyzes is
mobile shrinking as a percentage of total eCommerce
revenues.”26
As a result, more and more consumer products
companies are looking online, such as on social
shopping communities, for insights and trends;
launching their products online via social media
to reach a broader set of consumers faster than
traditional events and get almost instantaneous
feedback; marketing digitally first; and leveraging
mobile.27, 28
Unilever is taking the idea of free product
sampling typically seen in stores and working with
online retailers to place specific samples of its hair
care products in shipments going out to customers
based on the products the customer purchases for a
greater return-on-investment than traditional, more-
random sampling.29
Kellogg’s Special K cereal brand
is using mobile ads to introduce a new 70-calorie
snack bar and hoping to drive sales with a click-to-
map to lure consumers into retailers. “78 percent of
smartphone users are likely to purchase if provided
with incentives based on location,” according
to Cezar Kolodziej, CEO/president of Iris Mobile,
Chicago.30
Consumers in emerging markets are also becoming
more concerned about being “green.”17
Just look at the number of consumer products
companies on the recently launched TOMS
Marketplace (http://www.toms.com/marketplace)
that make consumers feel responsible about their
consumption and the innovation of creating an entire
channel focused on communicating the message
of “giving.” Consumer products companies have
huge opportunities to do good and communicate
what they are doing. However, these efforts
must be genuine, since consumers can recognize
insincerity and create a backlash. There is also a gap
between what companies do and what consumers
perceive they are doing. Therefore, companies
must communicate their beneficial efforts in a way
consumers understand.
The business opportunities from sustainability
programs for consumer products companies have
been confirmed: improved revenue growth and
brand value, reduced risk and reduced operating
costs. For example, the ability to communicate
quantitative sustainability performance through
social media and digital platforms to “aspirational
consumers” and other interested stakeholders such
as investors can drive increased sales, brand value
and “social license to operate.” “Social license to
operate” is of particular value in emerging markets.
The power of social media is accelerating this direct
connection between “Green” companies and “green
consumers.” Another benefit to consumer products
companies is reduced risk through “decoupling”
revenue growth from resource use (i.e., water,
energy and materials) in a world where commodity
prices are increasing and volatile, thus reducing
operating costs by using less of these resources.
The convergence of consumers and stakeholders
demanding “green performance” and the inherent
business value from sustainability is creating a “win –
win” for all.
More connected consumers and better
connected consumers means more powerful
consumers
Consumers today have access to a global audience
and have the power to create and distribute their
own media; instantly communicate a positive
or negative message about a product, service,
experience, person, or company; and quickly rally a
community. They are quite engaged online, reading
and writing reviews, and they are highly influenced
by what their peers are saying over what companies
are advertising.

Serving the evolving connected consumer
To serve evolving connected consumers, consumer
products companies will need to focus on talent,
innovation, and trust. Companies need the right
people with the right skills and talents. For example,
they need people with strong data and analytical
capabilities and the ability to develop insights and
make better decisions. They need people who are
innovative and technologically competent, as well as
adaptable enough to keep up with the rapid pace of
technological and digital innovation.34
Such people
are in limited supply. Companies therefore need
to develop the programs, cultures, and workplace
environments that attract, retain and grow those
people because they are different than what
companies are used to hiring.
Innovation also needs to be approached differently.
Long gone are the days of slow product development
cycles. Companies will need an organization capable
of rapid innovation. Some have spun off and isolated
teams just to focus on innovation. Companies will
also need to get used to constantly and quickly
experimenting and failing many times in order to
succeed.
“The amount of useful invention you do is directly
proportional to the number of experiments you can
run per week per month per year. If you’re going
to increase the number of experiments, you’re also
going to increase the number of failures. You’ve got
to be willing to be misunderstood for long periods
of time.”
Jeff Bezos
Lastly, companies cannot take consumer trust for
granted—or leave it to chance. For example, by
not thinking about and investing in safeguarding
data and using it in a responsible way, companies
risk losing customers and revenues and damaging a
reputable brand they’ve invested so much to build.
With the globalization of media, companies are at
greater risk of losing consumer trust today than ever
before. All it takes is one incident and word gets out
around the globe in an instant. Everything companies
do—from their brand to quality to privacy—must
ensure that they maintain consumer trust.
In addition, in today’s technology enabled world,
consumers have become accustomed to expect
customization and demand personalization of
products, services and experience for the “consumer
of one.” “We’re going into a world of one-on-one
marketing. These days of mass marketing are limited,
and the days of just putting deals out there to get
consumer attention are also nearing an end,” said
Anindita Mukherjee, Senior Vice President and
Chief Marketing Officer for Frito-Lay.31
One-on-
one means having the infrastructure and talent to
understand the data available, collect it, make sense
of it, and use the insights to pinpoint how to reach
a consumer. However, companies will have to use
this data carefully to not damage consumers’ trust.
Consumers do not want to feel like their privacy has
been invaded. “82% of global consumers believe
that companies collect too much information on
consumers.”32
Engaging the constantly connected consumer
requires a shift from investing in brands to investing
in consumers through customized experiences, and
a very agile and sophisticated operating model.
Organizations need a seamless consumer experience
across all channels and need to advance their supply
chain and demand planning processes to deliver a
consistent, high-quality consumer experience.
Lastly, consumer products companies will need to be
thinking about the potentially disruptive impact of
technology such as artificial intelligence and robotics
that can already do most tasks better than humans
and potentially eliminate more than half of service
jobs in 10 years; ubiquitous sensors that enable
knowledge of anything, anytime and anywhere and
threaten privacy; and 3D printing that will enable
geographically independent manufacturing and
empower individuals to invent and produce their
own products.33
They need to be thinking about
what this means to the products and services they
offer, how they interact with consumers, and how
their organizations will need to adapt to address such
developments.

10

Renewed turbulence in global economy weakened demand
for consumer products in 2012
Once again in 2012, economies around the world showed signs
of weakening. Much of Europe fell back into recession in 2011, a
recession that continued throughout the following year. In the first
half of 2012 there was considerable financial turmoil associated with
the perceived risk that the Eurozone would fail. The European crisis
had a negative impact on many of the world’s leading economies.
In China, growth slowed considerably in 2012 as European demand
for imported goods declined. In Japan, economic growth was
feeble despite the country’s initially strong recovery from the March
2011 earthquake and tsunami. In the United States, despite a bit
of momentum early in 2012, limited job growth and slow income
growth restrained consumer spending.
The renewed turbulence in the global economy took a toll on
the growth prospects for consumer products companies. In both
mature markets and export-dependent economies, the industry’s
overall rate of growth was much more subdued in 2012 compared
with 2011 and 2010. Composite, currency-adjusted sales growth for
the world’s 250 largest consumer products companies cooled to
5.1 percent in 2012, down from 7.0 percent in 2011 and 8.4 percent
in 2010. While 78 percent of the Top 250 (195 companies) reported
a sales increase in 2012, the deceleration in the rate of growth
was widespread—more than 60 percent (154 Top 250 companies)
reported slower growth in 2012 compared with 2011.
Profitability, on the other hand, strengthened—despite rising
prices for raw materials. Of the 224 companies that disclosed their
bottom-line net profits, only 19 operated at a loss in 2012. The
composite net profit margin for the reporting companies was a
robust 8.2 percent, up from 6.5 percent in 2011 and nearly back to
the 8.5 result achieved in 2010 when the industry began to rebound
following the Great Recession. Net profit margins improved for
nearly two-thirds (142) of the 224 reporting companies in 2012.
Asset turnover remained steady at 0.9 times resulting in composite
return on assets of 7.3 percent in 2012 versus 6.0 percent in 2011.
The world’s 250 largest consumer products companies generated
sales in excess of $3.1 trillion in 2012. This resulted in an average
company size of $12.5 billion. The threshold sales level to join the
Top 250 Global Powers of Consumer Products was $3.0 billion in 2012.
Global Powers of the Consumer Products Industry
Top 250 highlights
Top 250 quick stats, 2012
• $3.13 trillion—aggregate net sales of Top 250 in US$
• $12.5 billion—average size of Top 250 consumer products
companies
• $3.0 billion—minimum sales required to be on Top 250 list
• 5.1 percent—composite year-over-year sales growth
• 8.2 percent—composite net profit margin
• 0.9x—composite asset turnover
• 7.3 percent—composite return on assets
• 28.8 percent—economic concentration of top 10
• 5.7 percent—compound annual growth rate in net sales,
2007-2012

Top 250 consumer products companies
Sales
Rank
FY12
Company Name Country of
Origin
Region Primary Product Sector FY12
Net Sales
(US$mil)
FY12
Net
Sales
Growth
FY12
Net
Profit
Margin
2007-
2012
Net Sales
CAGR¹
1 Samsung Electronics Co., Ltd. South Korea Asia/Pacific Electronic Products 178,982 21.9% 11.9% 15.3%
2 Apple Inc. United States North
America
Electronic Products 156,508 44.6% 26.7% 44.8%
3 Nestlé S.A. Switzerland Europe Food, Drink & Tobacco 98,372 10.2% 12.0% n/a
4 Panasonic Corporation Japan Asia/Pacific Electronic Products 88,367 -6.9% -10.6% -4.2%
5 The Procter & Gamble
Company
United States North
America
Personal Care &
Household Products
84,167 0.6% 13.5% 0.2%
6 Sony Corporation Japan Asia/Pacific Electronic Products 68,864 3.0% 1.5% -7.0%
7 Unilever Group Netherlands and
United Kingdom
Europe Personal Care &
Household Products
66,007 10.5% 9.6% 5.0%
8 PepsiCo, Inc. United States North
America
Food, Drink & Tobacco 65,492 -1.5% 9.5% 10.7%
9 The Coca-Cola Company United States North
America
Food, Drink & Tobacco 48,017 3.2% 18.9% 10.7%
10 LG Electronics Inc. South Korea Asia/Pacific Electronic Products 45,354 -6.1% 0.2% -0.9%
11 Anheuser-Busch InBev SA/NV Belgium Europe Food, Drink & Tobacco 39,758 1.8% 23.7% 15.0%
12 JBS S.A. Brazil Latin
America
13 Nokia Corporation Finland Europe Electronic Products 38,809 -21.9% -12.6% -10.0%
14 Bridgestone Corporation Japan Asia/Pacific Tires 38,118 0.5% 5.9% -2.2%
15 Mondelēz International, Inc.
(formerly Kraft Foods Inc.)
United States North
America
Food, Drink & Tobacco 35,015 -35.6% 8.7% -1.2%
16 Lenovo Group Limited Hong Kong Asia/Pacific Electronic Products 33,873 14.5% 1.9% 15.7%
17 Tyson Foods, Inc. United States North
America
18 Mars, Incorporated United States North
America
Food, Drink & Tobacco 33,000e
0.0% n/a 8.4%
19 Philip Morris International Inc. United States North
America
Food, Drink & Tobacco 31,377 0.9% 29.2% ne
20 L'Oréal S.A. France Europe Personal Care &
Household Products
28,889 10.4% 12.8% 5.7%
21 Compagnie Générale des
Établissements Michelin S.C.A.
France Europe Tires 27,617 3.6% 7.3% 4.9%
22 Danone France Europe Food, Drink & Tobacco 26,839 8.0% 8.6% 10.3%
23 Haier Group Company China Asia/Pacific Home Furnishings &
Equipment
25,876 8.1% 5.5% 6.7%
24 Japan Tobacco Inc. Japan Asia/Pacific Food, Drink & Tobacco 25,654 4.2% 16.6% n/a
25 NIKE, Inc. United States North
America
Apparel & Accessories 25,313 4.9% 9.8% 6.3%
26 British American Tobacco plc United Kingdom Europe Food, Drink & Tobacco 24,078 -1.4% 27.1% 8.7%
27 Heineken N.V. Netherlands Europe Food, Drink & Tobacco 23,642 7.4% 15.6% 7.9%
28 Kirin Holdings Company,
Limited
Japan Asia/Pacific Food, Drink & Tobacco 23,458 7.0% 3.9% 6.0%
29 Suntory Holdings Limited Japan Asia/Pacific Food, Drink & Tobacco 23,219 2.7% 2.4% 4.4%
30 Imperial Tobacco Group PLC United Kingdom Europe Food, Drink & Tobacco 23,135 -3.4% 4.8% 34.9%
31 Henkel AG & Co. KGaA Germany Europe Personal Care &
Household Products
21,233 5.8% 9.4% 4.8%
¹ Compound annual growth rate
n/a = not available
ne = not in existence (created by merger or divestiture)
e = estimate
* Unable to determine if company’s reported sales exclude excise taxes
Source: Published company data
12

Sales
Rank
FY12
Origin
Net Sales
(US$mil)
FY12
Net
Sales
Growth
FY12
Net
Profit
Margin
2007-
2012
Net Sales
CAGR¹
32 Kimberly-Clark Corporation United States North
America
Personal Care &
Household Products
21,063 1.0% 8.7% 2.9%
33 The Goodyear Tire & Rubber
Company
United States North
America
Tires 20,992 -7.8% 1.1% 1.3%
34 Groupe Lactalis France Europe Food, Drink & Tobacco 20,191 4.7% n/a 10.3%
35 adidas AG Germany Europe Apparel & Accessories 19,141 11.7% 3.5% 7.6%
36 Kraft Foods Group, Inc. United States North
America
Food, Drink & Tobacco 18,339 -1.7% 9.0% n/a
37 Whirlpool Corporation United States North
America
Home Furnishings &
Equipment
18,143 -2.8% 2.3% -1.3%
38 Fomento Económico
Mexicano, S.A.B. de C.V.
(FEMSA)
Mexico Latin
America
39 Cargill Meat Solutions
Corporation
United States North
America
n/a n/a n/a
40 Diageo plc United Kingdom Europe Food, Drink & Tobacco 17,940 6.2% 22.7% 7.2%
41 General Mills, Inc. United States North
America
42 Altria Group, Inc. United States North
America
Food, Drink & Tobacco 17,500 5.3% 23.9% -14.4%
43 SABMiller plc United Kingdom Europe Food, Drink & Tobacco 17,458 4.5% 20.1% 0.5%
44 LIXIL Group Corporation
(formerly JS Group
Corporation)
Japan Asia/Pacific Home Improvement
Products
17,380 11.2% 1.5% 5.4%
45 Colgate-Palmolive Company United States North
America
Personal Care &
Household Products
17,085 2.1% 15.4% 4.4%
46 Kao Corporation Japan Asia/Pacific Personal Care &
Household Products
16,268e
6.7% 4.4% -0.3%
47 AB Electrolux Sweden Europe Home Furnishings &
Equipment
16,257 8.3% 2.4% 1.0%
48 Gree Electric Appliances, Inc.
of Zhuhai
China Asia/Pacific Home Furnishings &
Equipment
15,757 19.4% 7.4% 21.2%
49 ConAgra Foods, Inc. United States North
America
50 ASUSTeK Computer Inc. Taiwan Asia/Pacific Electronic Products 15,215 16.8% 5.0% -9.3%
51 Reckitt Benckiser Group plc United Kingdom Europe Personal Care &
Household Products
15,165 0.9% 19.2% 12.7%
52 BRF - Brasil Foods S.A. Brazil Latin
America
53 Acer Incorporated Taiwan Asia/Pacific Electronic Products 14,565 -9.6% -0.7% -1.5%
54 Asahi Group Holdings, Ltd. Japan Asia/Pacific Food, Drink & Tobacco 14,505 10.5% 5.0% 3.6%
55 Kellogg Company United States North
America
56 Ajinomoto Co., Inc. Japan Asia/Pacific Food, Drink & Tobacco 14,187 -2.1% 4.7% -0.7%
57 Dr. August Oetker KG Germany Europe Food, Drink & Tobacco 14,072* 9.3% n/a 7.1%
58 Uni-President Enterprises
Corp.
Taiwan Asia/Pacific Food, Drink & Tobacco 13,850 9.8% 4.3% 7.9%
59 Meiji Holdings Co., Ltd. Japan Asia/Pacific Food, Drink & Tobacco 13,631 1.6% 1.5% ne
60 Royal FrieslandCampina N.V. Netherlands Europe Food, Drink & Tobacco 13,258 7.1% 2.7% ne
n/a = not available
e = estimate

Sales
Rank
FY12
Origin
Net Sales
(US$mil)
FY12
Net
Sales
Growth
FY12
Net
Profit
Margin
2007-
2012
Net Sales
CAGR¹
61 Smithfield Foods, Inc. United States North
America
62 Grupo Bimbo, S.A.B. de C.V. Mexico Latin
America
63 Svenska Cellulosa AB SCA Sweden Europe Personal Care &
Household Products
12,623 5.0% 5.9% -4.2%
64 BSH Bosch und Siemens
Hausgeräte GmbH
Germany Europe Home Furnishings &
Equipment
12,604 1.5% 4.7% 2.1%
65 Nippon Meat Packers, Inc. Japan Asia/Pacific Food, Drink & Tobacco 12,376 0.5% 1.6% -0.2%
66 Vion N.V. Netherlands Europe Food, Drink & Tobacco 12,372 2.5% -8.4% 6.6%
67 Maxingvest AG Germany Europe Personal Care &
Household Products
12,357 4.7% 6.4% n/a
68 Nikon Corporation Japan Asia/Pacific Electronic Products 12,227 10.0% 4.2% 1.1%
69 Marfrig Alimentos S.A. Brazil Latin
America
Food, Drink & Tobacco 12,214 8.4% -1.0% 48.0%
70 Dairy Farmers of America United States North
America
71 Yamazaki Baking Co., Ltd. Japan Asia/Pacific Food, Drink & Tobacco 11,932 2.0% 1.3% 4.2%
72 Carlsberg A/S Denmark Europe Food, Drink & Tobacco 11,611 5.7% 7.2% 8.5%
73 H. J. Heinz Company United States North
America
74 Dean Foods Company United States North
America
75 Alticor Inc. United States North
America
Personal Care &
Household Products
11,300 3.7% n/a 9.7%
76 Pernod Ricard S.A. France Europe Food, Drink & Tobacco 11,093 4.4% 14.1% 5.4%
77 Research In Motion Limited Canada North
America
Electronic Products 11,073 -39.9% -5.8% 13.0%
78 TCL Corporation China Asia/Pacific Electronic Products 11,018 14.3% 1.8% 12.2%
79 Arla Foods amba Denmark Europe Food, Drink & Tobacco 10,905 15.0% 3.0% 5.7%
80 GD Midea Holding Co., Ltd. China Asia/Pacific Home Furnishings &
Equipment
10,799 -26.9% 6.1% 15.4%
81 V.F. Corporation United States North
America
82 Avon Products, Inc. United States North
America
Personal Care &
Household Products
10,546 -5.1% -0.4% 1.4%
83 Stanley Black & Decker, Inc. United States North
America
Home Improvement
Products
10,191 -1.8% 8.7% 17.8%
84 The Ferrero Group Italy Europe Food, Drink & Tobacco 10,188 8.0% 1.2% 6.3%
85 The Estée Lauder Companies
Inc.
United States North
America
Personal Care &
Household Products
10,182 4.8% 10.1% 5.2%
86 Hangzhou Wahaha Group
Co., Ltd.
China Asia/Pacific Food, Drink & Tobacco 10,090e
-6.3% 12.7% 19.8%
87 Danish Crown AmbA Denmark Europe Food, Drink & Tobacco 9,862 9.1% 3.1% 4.9%
88 Maruha Nichiro Holdings, Inc. Japan Asia/Pacific Food, Drink & Tobacco 9,798 -0.8% 0.5% -0.8%
89 S.C. Johnson & Son, Inc. United States North
America
Personal Care &
Household Products
9,600e
2.1% n/a 3.7%
90 Tingyi (Cayman Islands)
Holding Corp.
China Asia/Pacific Food, Drink & Tobacco 9,212 17.1% 6.5% 23.4%
n/a = not available
e = estimate
14

Sales
Rank
FY12
Origin
Net Sales
(US$mil)
FY12
Net
Sales
Growth
FY12
Net
Profit
Margin
2007-
2012
Net Sales
CAGR¹
91 Leucadia National Corporation United States North
America
92 Luxottica Group S.p.A. Italy Europe Apparel & Accessories 9,113 13.9% 7.7% 7.4%
93 Coca-Cola Hellenic Bottling
Company S.A.
Greece Europe Food, Drink & Tobacco 9,060 2.8% 2.7% 1.7%
94 Sumitomo Rubber Industries,
Ltd.
Japan Asia/Pacific Tires 8,906 4.9% 5.6% 4.6%
95 The Swatch Group Ltd. Switzerland Europe Apparel & Accessories 8,319 15.3% 20.6% 6.7%
96 Reynolds American Inc. United States North
America
97 Sichuan Changhong Electric
Co., Ltd.
China Asia/Pacific Electronic Products 8,303 0.6% 0.5% 17.8%
98 Hormel Foods Corporation United States North
America
99 Shiseido Company, Limited Japan Asia/Pacific Personal Care &
Household Products
8,201 -0.7% -1.9% -1.3%
100 Coca-Cola Enterprises, Inc. United States North
America
101 Pirelli & C. S.p.A. Italy Europe Tires 7,808 7.4% 6.6% -1.4%
102 MillerCoors LLC United States North
America
103 Masco Corporation United States North
America
Home Improvement
Products
7,745 3.7% -1.0% -8.0%
104 Campbell Soup Company United States North
America
105 Nintendo Co., Ltd. Japan Asia/Pacific Leisure Goods 7,689 -1.9% 1.1% -17.6%
106 Grupo Modelo, S.A.B. de C.V. Mexico Latin
America
107 Savola Group Company Saudi Arabia Africa/
Middle
East
108 Saputo Inc. Canada North
America
109 Morinaga Milk Industry Co.,
Ltd.
Japan Asia/Pacific Food, Drink & Tobacco 7,153 2.2% 0.9% 0.1%
110 The Yokohama Rubber Co.,
Ltd.
Japan Asia/Pacific Tires 7,019 0.3% 5.9% 0.3%
111 Mccain Foods Limited Canada North
America
10.5% n/a 1.8%
112 Nippon Suisan Kaisha, Ltd. Japan Asia/Pacific Food, Drink & Tobacco 6,859 5.4% -1.2% 1.2%
113 Lotte Japan Group Japan Asia/Pacific Food, Drink & Tobacco 6,836 8.2% 1.7% 5.9%
114 Ralph Lauren Corporation United States North
America
115 Jarden Corporation United States North
America
Personal Care &
Household Products
6,696 0.2% 3.6% 7.5%
116 Inner Mongolia Yili Industrial
Group Co., Ltd.
117 The Hershey Company United States North
America
n/a = not available
e = estimate

Sales
Rank
FY12
Origin
Net Sales
(US$mil)
FY12
Net
Sales
Growth
FY12
Net
Profit
Margin
2007-
2012
Net Sales
CAGR¹
118 Tönnies Lebensmittel GmbH
& Co. KG
Germany Europe Food, Drink & Tobacco 6,430e
8.7% n/a 10.8%
119 Mattel, Inc. United States North
America
Leisure Goods 6,421 2.5% 12.1% 1.5%
120 Essilor International S.A. France Europe Apparel & Accessories 6,416 19.1% 12.6% 11.4%
121 Kewpie Corporation Japan Asia/Pacific Food, Drink & Tobacco 6,373 3.8% 2.9% 1.5%
122 Red Bull GmbH Austria Europe Food, Drink & Tobacco 6,340 15.9% n/a 9.9%
123 Megmilk Snow Brand Co., Ltd. Japan Asia/Pacific Food, Drink & Tobacco 6,328 2.7% 1.9% ne
124 Henan Shuanghui Investment
& Development Co. Ltd.
125 Hankook Tire Co., Ltd. South Korea Asia/Pacific Tires 6,256 8.3% n/a 14.4%
126 Perdue Farms, Inc. United States North
America
25.0% n/a 6.9%
127 Unicharm Corporation Japan Asia/Pacific Personal Care &
Household Products
5,999 15.7% 9.9% 8.0%
128 Dr Pepper Snapple Group, Inc. United States North
America
129 Newell Rubbermaid Inc. United States North
America
Personal Care &
Household Products
5,903 0.6% 6.8% -1.6%
130 The J.M. Smucker Company United States North
America
131 Namco Bandai Holdings Inc. Japan Asia/Pacific Leisure Goods 5,896 7.3% 6.7% 1.1%
132 Arçelik A.Ş. Turkey Africa/
Middle
East
Home Furnishings &
Equipment
5,868 25.1% 5.2% 9.8%
133 Mohawk Industries, Inc. United States North
America
Home Improvement
Products
5,788 2.6% 4.3% -5.3%
134 ITC Limited India Asia/Pacific Food, Drink & Tobacco 5,770 19.6% 23.7% 16.4%
135 TOTO Ltd. Japan Asia/Pacific Home Improvement
Products
5,763 5.2% 3.7% -1.0%
136 Groupe Terrena France Europe Food, Drink & Tobacco 5,759 2.6% 0.2% 6.2%
137 China Mengniu Dairy Company
Limited
Hong Kong Asia/Pacific Food, Drink & Tobacco 5,724 -3.5% 4.0% 11.1%
138 Nichirei Corporation Japan Asia/Pacific Food, Drink & Tobacco 5,689 3.3% 1.7% 0.3%
139 Groupe Bigard S.A. France Europe Food, Drink & Tobacco 5,659 1.1% n/a 31.3%
140 The Clorox Company United States North
America
Personal Care &
Household Products
5,623 2.8% 10.2% 1.3%
141 Sodiaal Union France Europe Food, Drink & Tobacco 5,608 -1.4% 0.0% 14.4%
142 PVH Corp. United States North
America
143 Nisshin Seifun Group Inc. Japan Asia/Pacific Food, Drink & Tobacco 5,512 3.1% 3.2% 1.1%
144 PT Indofood Sukses Makmur
Tbk
Indonesia Asia/Pacific Food, Drink & Tobacco 5,507 10.4% 9.5% 12.4%
145 Pioneer Corporation Japan Asia/Pacific Electronic Products 5,467 3.5% -4.4% -10.2%
146 Ruchi Soya Industries Limited India Asia/Pacific Food, Drink & Tobacco 5,452 -1.6% 0.9% 20.7%
147 Itoham Foods Inc. Japan Asia/Pacific Food, Drink & Tobacco 5,310 -1.9% 1.0% -3.3%
148 Coca-Cola Amatil Limited Australia Asia/Pacific Food, Drink & Tobacco 5,280 6.2% 9.0% 5.3%
149 Bongrain SA France Europe Food, Drink & Tobacco 5,252 2.6% 1.8% 3.6%
n/a = not available
e = estimate
16

Sales
Rank
FY12
Origin
Net Sales
(US$mil)
FY12
Net
Sales
Growth
FY12
Net
Profit
Margin
2007-
2012
Net Sales
CAGR¹
150 Groupe SEB France Europe Home Furnishings &
Equipment
5,221 2.4% 5.2% 7.2%
151 Rolex SA Switzerland Europe Apparel & Accessories 5,122e
n/a n/a n/a
152 Barilla Holding S.p.A. Italy Europe Food, Drink & Tobacco 5,065 0.6% 1.5% -1.5%
153 Kohler Co. United States North
America
Home Improvement
Products
5,000e
0.0% n/a -0.9%
154 Orkla ASA Norway Europe Food, Drink & Tobacco 4,913 -52.7% 5.3% -14.5%
155 Gruma, S.A.B. de C.V. Mexico Latin
America
156 Skyworth Digital Holdings
Limited
Hong Kong Asia/Pacific Electronic Products 4,877 34.4% 4.2% 22.1%
157 Maple Leaf Foods Inc. Canada North
America
158 Activision Blizzard, Inc. United States North
America
Leisure Goods 4,856 2.1% 23.7% 10.9%
159 Coca-Cola West Co., Ltd. Japan Asia/Pacific Food, Drink & Tobacco 4,848 -3.3% 1.6% -1.1%
160 La Coop fédérée Canada North
America
161 Ito En, Ltd. Japan Asia/Pacific Food, Drink & Tobacco 4,819 9.4% 2.8% 4.2%
162 Sapporo Holdings Limited Japan Asia/Pacific Food, Drink & Tobacco 4,763 11.2% 1.4% 4.2%
163 Coty Inc. United States North
America
Personal Care &
Household Products
4,649 0.8% 4.3% 5.8%
164 Société Coopérative Agricole
et Agro-alimentaire AGRIAL
France Europe Food, Drink & Tobacco 4,640 32.9% 1.3% 15.9%
165 Toyo Tire & Rubber Co., Ltd. Japan Asia/Pacific Tires 4,640e
15.4% 4.2% 0.7%
166 Lorillard, Inc. United States North
America
167 Nissin Foods Holdings Co., Ltd. Japan Asia/Pacific Food, Drink & Tobacco 4,632 0.6% 5.0% -0.1%
168 Levi Strauss & Co. United States North
America
Apparel & Accessories 4,610 -3.2% 3.1% 1.1%
169 Bacardi Limited Bermuda Latin
America
Food, Drink & Tobacco 4,576 2.9% n/a 0.2%
170 Energizer Holdings, Inc. United States North
America
Personal Care &
Household Products
4,567 -1.7% 9.0% 6.3%
171 Husqvarna Group Sweden Europe Home Improvement
Products
4,557 1.6% 3.3% -1.5%
172 Hanesbrands Inc. United States North
America
Apparel & Accessories 4,526 -2.4% 3.6% 0.2%
173 DMK Deutsches Milchkontor
GmbH
Germany Europe Food, Drink & Tobacco 4,514 -10.2% 0.5% ne
174 Yamaha Corporation Japan Asia/Pacific Leisure Goods 4,440 2.9% 1.2% -7.7%
175 Cheng Shin Rubber Ind. Co.,
Ltd.
Taiwan Asia/Pacific Tires 4,417 8.6% 12.3% 15.2%
176 Wuliangye Yibin Co., Ltd. China Asia/Pacific Food, Drink & Tobacco 4,290 34.1% 38.0% 29.9%
177 Arca Continental, S.A.B. de
C.V.
Mexico Latin
America
178 Dole Food Company, Inc. United States North
America
Food, Drink & Tobacco 4,247 -41.2% -3.3% -9.3%
179 Puma SE Germany Europe Apparel & Accessories 4,206 8.7% 2.4% 6.6%
n/a = not available
e = estimate

Sales
Rank
FY12
Origin
Net Sales
(US$mil)
FY12
Net
Sales
Growth
FY12
Net
Profit
Margin
2007-
2012
Net Sales
CAGR¹
180 Lion Corporation Japan Asia/Pacific Personal Care &
Household Products
4,203 2.3% 1.5% -0.4%
181 Cooper Tire & Rubber
Company
United States North
America
Tires 4,201 7.0% 6.0% 7.5%
182 Kweichow Moutai Co., Ltd. China Asia/Pacific Food, Drink & Tobacco 4,197* 43.8% 53.0% 29.6%
183 Vestel Elektronik Sanayi ve
Ticaret A.Ş.
Turkey Africa/
Middle
East
Electronic Products 4,177 7.7% -1.7% 10.2%
184 Toyo Suisan Kaisha, Ltd. Japan Asia/Pacific Food, Drink & Tobacco 4,169 7.3% 5.2% 1.8%
185 Tsingtao Brewery Co., Ltd. China Asia/Pacific Food, Drink & Tobacco 4,090 11.3% 7.2% 13.8%
186 Hasbro, Inc. United States North
America
Leisure Goods 4,089 -4.6% 8.2% 1.3%
187 Miele & Cie. KG Germany Europe Home Furnishings &
Equipment
4,080 3.8% n/a 2.3%
188 Herbalife Ltd. United States North
America
189 World Co., Ltd. Japan Asia/Pacific Apparel & Accessories 4,071 2.0% -0.2% -1.2%
190 The Lego Group Denmark Europe Leisure Goods 4,044 25.0% 24.0% 23.9%
191 McCormick & Company, Inc. United States North
America
192 Swarovski AG Austria Europe Apparel & Accessories 3,961 7.3% n/a 3.7%
193 The Hillshire Brands Company United States North
America
194 Molson Coors Brewing
Company
United States North
America
Food, Drink & Tobacco 3,917 11.4% 11.2% -8.7%
195 Mead Johnson Nutrition
Company
United States North
America
196 Yakult Honsha Co., Ltd. Japan Asia/Pacific Food, Drink & Tobacco 3,862 2.1% 6.1% 0.1%
197 Green Mountain Coffee
Roasters, Inc.
United States North
America
198 Techtronic Industries Co. Ltd. Hong Kong Asia/Pacific Home Improvement
Products
3,843 5.3% 5.2% 3.9%
199 Del Monte Corporation United States North
America
200 Electronic Arts Inc. United States North
America
Leisure Goods 3,797 -8.4% 2.6% 0.7%
201 Société L.D.C. SA France Europe Food, Drink & Tobacco 3,772 5.4% 2.1% 9.8%
202 The Nisshin OilliO Group, Ltd. Japan Asia/Pacific Food, Drink & Tobacco 3,751 -0.8% 0.7% 0.8%
203 The Jones Group Inc. United States North
America
Apparel & Accessories 3,751 0.4% -1.4% -0.2%
204 Indesit Company S.p.A. Italy Europe Home Furnishings &
Equipment
3,712 2.1% 2.2% -3.4%
205 JVCKENWOOD Corporation Japan Asia/Pacific Electronic Products 3,710 -4.5% 0.4% ne
206 Ashley Furniture Industries,
Inc.
United States North
America
Home Furnishings &
Equipment
3,700e
5.4% n/a 1.5%
207 Boparan Holdings Limited (aka
2 Sisters Food Group)
United Kingdom Europe Food, Drink & Tobacco 3,697 13.4% 1.8% 41.7%
208 Hisense Electric Co., Ltd. China Asia/Pacific Electronic Products 3,683 6.7% 6.5% 12.8%
n/a = not available
e = estimate
18

Sales
Rank
FY12
Origin
Net Sales
(US$mil)
FY12
Net
Sales
Growth
FY12
Net
Profit
Margin
2007-
2012
Net Sales
CAGR¹
209 Agropur Cooperative Canada North
America
210 Kikkoman Corporation Japan Asia/Pacific Food, Drink & Tobacco 3,632 6.0% 3.7% -6.2%
211 Kumho Tire Co., Ltd. South Korea Asia/Pacific Tires 3,623 4.0% 3.2% 10.7%
212 Casio Computer Co., Ltd. Japan Asia/Pacific Electronic Products 3,603 -1.3% 4.0% -13.7%
213 E. & J. Gallo Winery United States North
America
5.9% n/a 2.7%
214 Fortune Brands Home &
Security, Inc.
United States North
America
Home Improvement
Products
3,591 7.9% 3.3% ne
215 Anadolu Efes Biracilik ve Malt
Sanayii A.Ş.
Turkey Africa/
Middle
East
34.8% 9.8% 16.2%
216 KT&G Corporation South Korea Asia/Pacific Food, Drink & Tobacco 3,546 7.0% 18.2% 5.5%
217 Ezaki Glico Co., Ltd. Japan Asia/Pacific Food, Drink & Tobacco 3,545 1.0% 1.0% 1.0%
218 Controladora Mabe S.A. de
C.V.
Mexico Latin
America
Home Furnishings &
Equipment
3,474e
5.4% -0.4% -1.7%
219 LG Household & Health Care,
Ltd.
South Korea Asia/Pacific Personal Care &
Household Products
3,468 12.9% 8.0% 17.9%
220 D.E Master Blenders 1753 N.V. Netherlands Europe Food, Drink & Tobacco 3,467 -4.1% 7.3% ne
221 China Yurun Food Group
Limited
Hong Kong Asia/Pacific Food, Drink & Tobacco 3,453 -17.1% -2.3% 25.4%
222 Bestseller A/S Denmark Europe Apparel & Accessories 3,441 11.3% n/a 13.4%
223 Seiko Holdings Corporation Japan Asia/Pacific Apparel & Accessories 3,434 -4.4% 2.2% 5.8%
224 Fresh Del Monte Produce Inc. United States North
America
225 Fromageries Bel S.A. France Europe Food, Drink & Tobacco 3,406 4.8% 4.9% 6.1%
226 Want Want China Holdings
Limited
227 Prima Meat Packers, Ltd. Japan Asia/Pacific Food, Drink & Tobacco 3,335 1.6% 1.9% -0.4%
228 The TINE Group Norway Europe Food, Drink & Tobacco 3,335 1.6% 3.4% 4.5%
229 Citizen Holdings Co., Ltd. Japan Asia/Pacific Apparel & Accessories 3,292 -2.8% -3.3% -4.2%
230 Nippon Flour Mills Co., Ltd. Japan Asia/Pacific Food, Drink & Tobacco 3,280 0.7% 2.5% 1.6%
231 HKScan Corporation Finland Europe Food, Drink & Tobacco 3,275 2.2% 0.6% 3.9%
232 Natura Cosméticos S.A. Brazil Latin
America
Personal Care &
Household Products
3,267 13.5% 13.6% 15.6%
233 Spectrum Brands Holdings,
Inc.
United States North
America
Personal Care &
Household Products
3,252 2.1% 1.5% 10.3%
234 JELD-WEN, Inc. United States North
America
Home Improvement
Products
3,200 0.0% n/a 0.3%
235 Perfetti Van Melle S.p.A. Italy Europe Food, Drink & Tobacco 3,200 5.0% n/a 6.3%
236 Westfleisch eG Germany Europe Food, Drink & Tobacco 3,183 12.2% 0.2% 8.0%
237 Emmi AG Switzerland Europe Food, Drink & Tobacco 3,181 9.6% 4.2% 3.6%
238 Onward Holdings Co., Ltd. Japan Asia/Pacific Apparel & Accessories 3,162 6.6% 1.8% -2.1%
239 The Schwan Food Company United States North
America
5.0% n/a -0.9%
240 ASICS Corporation Japan Asia/Pacific Apparel & Accessories 3,148 5.0% 5.5% 2.8%
241 Total Produce plc Ireland Europe Food, Drink & Tobacco 3,128 6.4% 1.2% 2.5%
n/a = not available
e = estimate

Sales
Rank
FY12
Origin
Net Sales
(US$mil)
FY12
Net
Sales
Growth
FY12
Net
Profit
Margin
2007-
2012
Net Sales
CAGR¹
242 Thai Beverage Public Company
Limited
Thailand Asia/Pacific Food, Drink & Tobacco 3,108e
35.5% 29.7% 13.9%
243 Mary Kay, Inc. United States North
America
Personal Care &
Household Products
3,100e
6.9% n/a 5.3%
244 Rich Products Corporation United States North
America
2.6% n/a 3.2%
245 Vizio, Inc. United States North
America
Electronic Products 3,100e
29.2% n/a 12.9%
246 Chiquita Brands International,
Inc.
United States North
America
Food, Drink & Tobacco 3,078 -1.9% -13.2% -8.0%
247 Amorepacific Group South Korea Asia/Pacific Personal Care &
Household Products
3,054 12.2% 10.1% 15.9%
248 Rinnai Corporation Japan Asia/Pacific Home Furnishings &
Equipment
3,047 2.1% 8.0% 0.2%
249 Flowers Foods, Inc. United States North
America
250 NBTY, Inc. United States North
America
n/a = not available
e = estimate
Impact of exchange rates on ranking
The Top 250 Global Powers of Consumer Products have been ranked according to their fiscal 2012 net sales in U.S. dollars. While
changes in the overall ranking from year-to-year are generally driven by increases or decreases in companies’ sales, fluctuations
in exchange rates can also result in changes in the ranking. For example, a stronger currency vis-à-vis the dollar in 2012 means
that companies reporting in that currency may rank higher in 2012 than they did in 2011, all other things being equal. Conversely,
companies reporting in a weaker currency may rank lower.
In 2012, the U.S. dollar strengthened against most currencies, especially the Brazilian real, Indian rupee, and South African rand.
However, a stronger dollar versus the euro had the biggest impact on the 2012 ranking due to the number of euro-denominated
companies. On the other hand, China’s renminbi continued to appreciate against the dollar in 2012. Currencies in the Philippines
and New Zealand, and to a lesser extent Hong Kong and Australia, also rose.
20

Top 250 consumer products companies alphabetical listing
AB Electrolux 47
Acer Incorporated 53
Activision Blizzard, Inc. 158
adidas AG 35
Agropur Cooperative 209
Ajinomoto Co., Inc. 56
Alticor Inc. 75
Altria Group, Inc. 42
Amorepacific Group 247
Anadolu Efes Biracilik ve Malt
Sanayii A.Ş.
215
Anheuser-Busch InBev SA/NV 11
Apple Inc. 2
Arca Continental, S.A.B. de C.V. 177
Arçelik A.Ş. 132
Arla Foods amba 79
Asahi Group Holdings, Ltd. 54
Ashley Furniture Industries, Inc. 206
ASICS Corporation 240
ASUSTeK Computer Inc. 50
Avon Products, Inc. 82
Bacardi Limited 169
Barilla Holding S.p.A. 152
Bestseller A/S 222
Bongrain SA 149
Boparan Holdings Limited
(aka 2 Sisters Food Group)
207
BRF - Brasil Foods S.A. 52
Bridgestone Corporation 14
British American Tobacco plc 26
BSH Bosch und Siemens
Hausgeräte GmbH
64
Campbell Soup Company 104
Cargill Meat Solutions
Corporation
39
Carlsberg A/S 72
Casio Computer Co., Ltd. 212
Cheng Shin Rubber Ind. Co., Ltd. 175
China Mengniu Dairy
Company Limited
137
China Yurun Food Group
Limited
221
Chiquita Brands
International, Inc.
246
Citizen Holdings Co., Ltd. 229
Clorox Company 140
Coca-Cola Amatil Limited 148
Coca-Cola Company 9
Coca-Cola Enterprises, Inc. 100
Coca-Cola Hellenic Bottling
Company S.A.
93
Coca-Cola West Co., Ltd. 159
Colgate-Palmolive Company 45
Compagnie Générale des
Établissements Michelin S.C.A.
21
ConAgra Foods, Inc. 49
Controladora Mabe S.A. de C.V. 218
Cooper Tire & Rubber
Company
181
Coty Inc. 163
D.E Master Blenders 1753 N.V. 220
Dairy Farmers of America 70
Danish Crown AmbA 87
Danone 22
Dean Foods Company 74
Del Monte Corporation 199
Diageo plc 40
DMK Deutsches Milchkontor
GmbH
173
Dole Food Company, Inc. 178
Dr Pepper Snapple Group, Inc. 128
Dr. August Oetker KG 57
E. & J. Gallo Winery 213
Electronic Arts Inc. 200
Emmi AG 237
Energizer Holdings, Inc. 170
Essilor International S.A. 120
Estée Lauder Companies Inc. 85
Ezaki Glico Co., Ltd. 217
Ferrero Group 84
Flowers Foods, Inc. 249
Fomento Económico
Mexicano, S.A.B. de C.V.
(FEMSA)
38
Fortune Brands Home &
Security, Inc.
214
Fresh Del Monte Produce Inc. 224
Fromageries Bel S.A. 225
GD Midea Holding Co., Ltd. 80
General Mills, Inc. 41
Goodyear Tire & Rubber
Company
33
Gree Electric Appliances, Inc.
of Zhuhai
48
Green Mountain Coffee
Roasters, Inc.
197
Groupe Bigard S.A. 139
Groupe Lactalis 34
Groupe SEB 150
Groupe Terrena 136
Gruma, S.A.B. de C.V. 155
Grupo Bimbo, S.A.B. de C.V. 62
Grupo Modelo, S.A.B. de C.V. 106
H. J. Heinz Company 73
Haier Group Company 23
Hanesbrands Inc. 172
Hangzhou Wahaha Group
Co., Ltd.
86
Hankook Tire Co., Ltd. 125
Hasbro, Inc. 186
Heineken N.V. 27
Henan Shuanghui Investment
& Development Co. Ltd.
124
Henkel AG & Co. KGaA 31
Herbalife Ltd. 188
Hershey Company 117
Hillshire Brands Company 193
Hisense Electric Co., Ltd. 208
HKScan Corporation 231
Hormel Foods Corporation 98
Husqvarna Group 171
Imperial Tobacco Group PLC 30
Indesit Company S.p.A. 204
Inner Mongolia Yili Industrial
Group Co., Ltd.
116
ITC Limited 134
Ito En, Ltd. 161
Itoham Foods Inc. 147
J.M. Smucker Company 130
Japan Tobacco Inc. 24
Jarden Corporation 115
JBS S.A. 12
JELD-WEN, Inc. 234
Jones Group Inc. 203
JVCKENWOOD Corporation 205
Kao Corporation 46
Kellogg Company 55
Kewpie Corporation 121
Kikkoman Corporation 210
Kimberly-Clark Corporation 32
Kirin Holdings Company,
Limited
28
Kohler Co. 153
Kraft Foods Group, Inc. 36
KT&G Corporation 216
Kumho Tire Co., Ltd. 211
Kweichow Moutai Co., Ltd. 182
La Coop fédérée 160
Lego Group 190
Lenovo Group Limited 16
Leucadia National Corporation 91
Levi Strauss & Co. 168
LG Electronics Inc. 10
LG Household & Health Care, Ltd. 219
Lion Corporation 180
LIXIL Group Corporation
(formerly JS Group Corporation)
44
L'Oréal S.A. 20
Lorillard, Inc. 166
Lotte Japan Group 113
Luxottica Group S.p.A. 92
Maple Leaf Foods Inc. 157
Marfrig Alimentos S.A. 69
Mars, Incorporated 18
Maruha Nichiro Holdings, Inc. 88
Mary Kay, Inc. 243
Masco Corporation 103
Mattel, Inc. 119
Maxingvest AG 67
Mccain Foods Limited 111
McCormick & Company, Inc. 191
Mead Johnson Nutrition
Company
195
Megmilk Snow Brand Co., Ltd. 123
Meiji Holdings Co., Ltd. 59
Miele & Cie. KG 187
MillerCoors LLC 102
Mohawk Industries, Inc. 133
Molson Coors Brewing
Company
194
Mondelēz International, Inc.
(formerly Kraft Foods Inc.)
15
Morinaga Milk Industry Co., Ltd. 109
Namco Bandai Holdings Inc. 131
Natura Cosméticos S.A. 232
NBTY, Inc. 250
Nestlé S.A. 3
Newell Rubbermaid Inc. 129
Nichirei Corporation 138
NIKE, Inc. 25
Nikon Corporation 68
Nintendo Co., Ltd. 105
Nippon Flour Mills Co., Ltd. 230
Nippon Meat Packers, Inc. 65
Nippon Suisan Kaisha, Ltd. 112
Nisshin OilliO Group, Ltd. 202
Nisshin Seifun Group Inc. 143
Nissin Foods Holdings Co., Ltd. 167
Nokia Corporation 13
Onward Holdings Co., Ltd. 238
Orkla ASA 154
Panasonic Corporation 4
PepsiCo, Inc. 8
Perdue Farms, Inc. 126
Perfetti Van Melle S.p.A. 235
Pernod Ricard S.A. 76
Philip Morris International Inc. 19
Pioneer Corporation 145
Pirelli & C. S.p.A. 101
Prima Meat Packers, Ltd. 227
Procter & Gamble Company 5
PT Indofood Sukses Makmur Tbk 144
Puma SE 179
PVH Corp. 142
Ralph Lauren Corporation 114
Reckitt Benckiser Group plc 51
Red Bull GmbH 122
Research In Motion Limited 77
Reynolds American Inc. 96
Rich Products Corporation 244
Rinnai Corporation 248
Rolex SA 151
Royal FrieslandCampina N.V. 60
Ruchi Soya Industries Limited 146
S.C. Johnson & Son, Inc. 89
SABMiller plc 43
Samsung Electronics Co., Ltd. 1
Sapporo Holdings Limited 162
Saputo Inc. 108
Savola Group Company 107
Schwan Food Company 239
Seiko Holdings Corporation 223
Shiseido Company, Limited 99
Sichuan Changhong Electric
Co., Ltd.
97
Skyworth Digital Holdings
Limited
156
Smithfield Foods, Inc. 61
Société Coopérative Agricole
et Agro-alimentaire AGRIAL
164
Société L.D.C. SA 201
Sodiaal Union 141
Sony Corporation 6
Spectrum Brands Holdings, Inc. 233
Stanley Black & Decker, Inc. 83
Sumitomo Rubber Industries, Ltd. 94
Suntory Holdings Limited 29
Svenska Cellulosa AB SCA 63
Swarovski AG 192
Swatch Group Ltd. 95
TCL Corporation 78
Techtronic Industries Co. Ltd. 198
Thai Beverage Public
Company Limited
242
TINE Group 228
Tingyi (Cayman Islands)
Holding Corp.
90
Tönnies Lebensmittel GmbH
& Co. KG
118
Total Produce plc 241
TOTO Ltd. 135
Toyo Suisan Kaisha, Ltd. 184
Toyo Tire & Rubber Co., Ltd. 165
Tsingtao Brewery Co., Ltd. 185
Tyson Foods, Inc. 17
Unicharm Corporation 127
Unilever Group 7
Uni-President Enterprises Corp. 58
V.F. Corporation 81
Vestel Elektronik Sanayi ve
Ticaret A.Ş.
183
Vion N.V. 66
Vizio, Inc. 245
Want Want China Holdings
Limited
226
Westfleisch eG 236
Whirlpool Corporation 37
World Co., Ltd. 189
Wuliangye Yibin Co., Ltd. 176
Yakult Honsha Co., Ltd. 196
Yamaha Corporation 174
Yamazaki Baking Co., Ltd. 71
Yokohama Rubber Co., Ltd. 110

Coca-Cola joins top 10; LG returns
While Top 250 composite sales growth slowed in
2012, that was not the case for the world’s 10 largest
consumer products companies—at least as a group.
Composite sales for the top 10 grew twice as fast as
the Top 250 in 2012 at 10.9 percent compared with
5.1 percent. As a result, the leader board accounted
for a larger share of total Top 250 sales in 2012 than
it did in 2011: 28.8 percent versus 27.1 percent. That
said, only four of the top 10 companies contributed
to the group’s strong top-line result: Samsung,
Apple, Nestlé, and Unilever.
Although profitability improved for both groups
compared with 2011, the top 10 group was also
stronger on the bottom line, outperforming the
Top 250 by more than two percentage points
(10.9 percent vs. 8.2 percent). Most of the top
10 companies shared in the group’s strong
bottom-line performance.
Global top 10 consumer products companies, 2012
* Top 10 and Top 250 sales growth figures are sales-weighted, currency-adjusted composites
** Top 10 and Top 250 figures are sales-weighted composites
*** Compound annual growth rate
¹ Nestlé’s sales for 2010—2012 reflect an accounting change. Comparable sales figures for years prior to 2010 are not available.
Sales
rank
FY12 Company name Country of origin Product sector
2012
net sales
(US$mil)
2012
net sales
growth*
2012
net profit
margin**
2012
return on
assets**
2007-2012
CAGR* ***
1 Samsung
Electronics Co.
South Korea Electronic Products 178,982 21.9% 11.9% 13.2% 15.3%
2 Apple Inc. United States Electronic Products 156,508 44.6% 26.7% 23.7% 44.8%
3 Nestlé S.A.¹ Switzerland Food, Drink & Tobacco 98,372 10.2% 12.0% 8.8% n/a
4 Panasonic
Corporation
Japan Electronic Products 88,367 -6.9% -10.6% -14.4% -4.2%
5 The Procter &
Gamble Company
United States Personal Care & Household
Products
84,167 0.6% 13.5% 8.2% 0.2%
6 Sony Corporation Japan Electronic Products 68,864 3.0% 1.5% 0.7% -7.0%
7 Unilever Group Netherlands and
United Kingdom
Personal Care & Household
Products
66,007 10.5% 9.6% 10.7% 5.0%
8 PepsiCo, Inc. United States Food, Drink & Tobacco 65,492 -1.5% 9.5% 8.3% 10.7%
9 The Coca-Cola
Company
United States Food, Drink & Tobacco 48,017 3.2% 18.9% 10.5% 10.7%
10 LG Electronics Inc. South Korea Electronic Products 45,354 -6.1% 0.2% 0.3% -0.9%
Top 10 $900,130 10.9% 10.9% 9.1% 8.2%
Top 250 $3,129,025 5.1% 8.2% 7.3% 5.7%
Economic Concentration of Top 10 28.8%
Manufacturers of electronic products accounted for
five of the world’s 10 largest consumer products
companies in 2012. Samsung and Apple ranked
as the top two. Nestlé, the world’s largest food
processor, moved into third place in 2012 ahead of
Panasonic. Double-digit growth propelled Unilever
into seventh place ahead of PepsiCo as the beverage
maker’s carbonated sodas business experienced a
significant slowdown in sales in developed markets.
Mondelēz International (formerly Kraft Foods, Inc.)
fell out of top 10 contention in 2012 following the
October spinoff of the company’s North American
grocery business into an independent company
known as Kraft Foods Group. Coca-Cola moved
into the top 10 for the first time, although it lags its
eighth-place rival PepsiCo by a considerable margin.
A big decline in the sales of mobile phones and
smart devices dropped Nokia from tenth place in
2011 to 13th in 2012 and opened the door for South
Korea’s LG Electronics to return to the top 10 after
a two-year absence despite back-to-back years of
declining sales.
22

Global Powers of the Consumer Products
Industry geographical analysis
For purposes of geographical analysis, companies
are assigned to a region based on their headquarters
location, which may not coincide with where they
derive the majority of their sales. Although many
companies derive sales from outside their region,
100 percent of each company’s sales are accounted
for in that company’s region. Five regions are used
for analysis:
• Africa/Middle East
• Asia/Pacific
• Europe
• Latin America
• North America
Subdued growth in Europe, North America
dampens growth in export-dependent China
Sales growth decelerated sharply for North
American consumer products companies.
Following back-to-back years of double-digit sales
increases in 2010 and 2011, composite growth for
the region’s Top 250 companies dropped to just
4.0 percent in 2012. However, North American
companies continued to enjoy robust profitability.
The 12.3 percent composite net profit margin in
2012 was up from an already-strong 10.4 percent
result in 2011. On both the top line and bottom
line, U.S. companies outperformed their Canadian
counterparts in the region.
Performance by region/country, 2012
-5%
0%
5%
10%
15%
20%
25%
USNorth
America
Latin
America
UK²GermanyFranceEuropeChina/
Hong Kong
Other
Asia/Pac¹
JapanAsia/
Paciﬁc
Africa/
Middle East
Top 250
2012 net sales growth*
5.1%
5.7%
5.1%
16.9%
13.7%
5.1%
5.6%
4.5%
4.6%
4.2%
6.2%
5.4%
5.8%
5.8%
16.8%
4.5%
4.9%
20.1%
4.8%
14.7%
9.2%
8.9%
4.0%
12.3%
10.6%
6.0%
4.8%
12.6%
10.8%
6.0%
1.7%
1.4%
1.2%
-2.0%
7.3%
7.0%
10.6%
15.1%
10.7%
8.2%
10.4%
10.6%
6.6%
8.2%
6.7%
8.1%
4.0%
9.0%
6.7%
5.2%
8.2%
7.3%
2012 net proﬁt margin** 2012 return on assets** 2007-2012 net sales CAGR* ***
Region/country profiles, 2012
Number of
companies
Average
size
(US$mil)
Share of
Top 250
companies
Share of
Top 250
sales
Africa/Middle East 4 $5,229 1.6% 0.7%
Asia/Pacific 88 $12,196 35.2% 34.3%
Japan 53 $10,950 21.2% 18.5%
Other Asia/Pac¹ 35 $14,081 14.0% 15.8%
China/Hong Kong 19 $9,232 7.6% 5.6%
Europe 62 $13,264 24.8% 26.3%
France 14 $11,455 5.6% 5.1%
Germany 10 $10,182 4.0% 3.3%
UK² 7 $23,926 2.8% 5.4%
Latin America 11 $11,376 4.4% 4.0%
North America 85 $12,793 34.0% 34.8%
US 80 $13,154 32.0% 33.6%
Top 250 250 $12,516 100.0% 100.0%
Source: Deloitte analysis of published company data
* Sales-weighted, currency-adjusted composite growth rates
** Sales-weighted composites
¹ Excludes Japan; includes China/Hong Kong
² Includes Unilever, a dual-listed company consisting of Unilever PLC, based in London, and Unilever N.V., based in Rotterdam, Netherlands. The companies
operate as a single business.
¹ Excludes Japan; includes China/Hong Kong
² Includes Unilever, a dual-listed company consisting of Unilever PLC, based in London,
and Unilever N.V., based in Rotterdam, Netherlands. The companies operate as a single
business.

For the second year in a row, European companies
generated below-average growth compared with
the Top 250 as a whole. The region’s 4.0 percent
composite growth rate matched North America’s
subdued performance, with both regions trailing
the results posted elsewhere around the globe.
Consumer products companies based in Europe’s big
three economies fared somewhat better, but growth
was still down from 2011 levels. On the bottom line,
however, Europe outperformed the Top 250.
The region’s 9.0 percent composite net profit margin
was second only to North America’s industry-leading
result.
In 2012, although the region’s French companies
could not sustain the strong sales growth of the
prior two years, they still outpaced their German
and British counterparts. UK companies, the world’s
largest on average—and twice the size of French
and German Top 250 companies—were the most
profitable. While sales grew a modest 4.8 percent
in 2012, the UK’s 14.7 percent composite net profit
margin outperformed even the U.S. result of
12.6 percent.
Rising affluence across Asia will ensure that
consumer goods markets within the region continue
to grow. Indeed, while sales growth slowed for the
Top 250 consumer products companies in 2012,
Asia/Pacific was the exception. For the region as a
whole, composite sales grew 5.6 percent, up from
1.8 percent in 2011. However, it should be noted
that companies in this region—especially in Japan—
were severely impacted by the March 2011 Great
East Japan Earthquake, so a recovery in 2012 was to
be expected. Japanese companies, whose composite
sales declined 3.7 percent in 2011, reported growth
of 1.7 percent in 2012—still a drag on the region’s
overall result. Overall sales growth for the region was
also tempered by the slowdown in sales among the
Chinese companies, whose composite growth fell to
7.3 percent in 2012, about one-third the robust
23 percent pace of growth in 2011.
Profitability also improved for companies in the Asia/
Pacific region in 2012. The composite net profit
margin of 4.5 percent, while still well below the
average for the Top 250 as a whole, reflects a big
improvement over the prior-year’s 1.7 percent result
as Japanese companies returned to profitability in
2012. Companies from across the region participated
in the improvement.
Top 10 European consumer products companies, 2012
Company name
Europe
rank
Top
250
rank
Product
sector Country
2012
net sales
(US$mil)
2012
net sales
growth
Nestlé S.A. 1 3 Food, Drink
Tobacco
Switzerland 98,372 10.2%
Unilever Group 2 7 Personal Care
Household
Products
Netherlands
and United
Kingdom
66,007 10.5%
Anheuser-Busch
InBev SA/NV
3 11 Food, Drink
Tobacco
Belgium 39,758 1.8%
Nokia
Corporation
4 13 Electronic
Products
Finland 38,809 -21.9%
L'Oréal S.A. 5 20 Personal Care
Household
Products
France 28,889 10.4%
Compagnie
Générale des
Établissements
Michelin S.C.A.
6 21 Tires France 27,617 3.6%
Danone 7 22 Food, Drink
Tobacco
France 26,839 8.0%
British American
Tobacco plc
8 26 Food, Drink
Tobacco
United
Kingdom
24,078 -1.4%
Heineken N.V. 9 27 Food, Drink
Tobacco
Netherlands 23,642 7.4%
Imperial Tobacco
Group PLC
10 30 Food, Drink
Tobacco
United
Kingdom
23,135 -3.4%

Top 10 North American consumer products companies, 2012
Company name
North
America
rank
Top
250
rank
Product
sector Country
2012
net sales
(US$mil)
2012
net sales
growth
Apple Inc. 1 2 Electronic
Products
United
States
156,508 44.6%
The Procter
Gamble
Company
2 5 Personal Care
Household
Products
United
States
84,167 0.6%
PepsiCo, Inc. 3 8 Food, Drink
Tobacco
United
States
65,492 -1.5%
The Coca-Cola
Company
4 9 Food, Drink
Tobacco
United
States
48,017 3.2%
Mondelēz
International,
Inc. (formerly
Kraft Foods Inc.)
5 15 Food, Drink
Tobacco
United
States
35,015 -35.6%
Tyson Foods,
Inc.
6 17 Food, Drink
Tobacco
United
States
33,278 3.1%
Mars,
Incorporated
7 18 Food, Drink
Tobacco
United
States
33,000e
0.0%
Philip Morris
International
Inc.
8 19 Food, Drink
Tobacco
United
States
31,377 0.9%
NIKE, Inc. 9 25 Apparel
Accessories
United
States
25,313 4.9%
Kimberly-Clark
Corporation
10 32 Personal Care
Household
Products
United
States
21,063 1.0%
e = estimate

24

Top 10 Asia/Pacific consumer products companies, 2012
Company name
Asia/
Pac
rank
Top
250
rank
Product
sector Country
2012
net sales
(US$mil)
2012
net sales
growth
Samsung
Electronics Co.,
Ltd.
1 1 Electronic
Products
South
Korea
178,982 21.9%
Panasonic
Corporation
2 4 Electronic
Products
Japan 88,367 -6.9%
Sony
Corporation
3 6 Electronic
Products
Japan 68,864 3.0%
LG Electronics
Inc.
4 10 Electronic
Products
South
Korea
45,354 -6.1%
Bridgestone
Corporation
5 14 Tires Japan 38,118 0.5%
Lenovo Group
Limited
6 16 Electronic
Products
Hong
Kong
33,873 14.5%
Haier Group
Company
7 23 Home
Furnishings
Equipment
China 25,876 8.1%
Japan Tobacco
Inc.
8 24 Food, Drink
Tobacco
Japan 25,654 4.2%
Kirin Holdings
Company,
Limited
9 28 Food, Drink
Tobacco
Japan 23,458 7.0%
Suntory
Holdings Limited
10 29 Food, Drink
Tobacco
Japan 23,219 2.7%

Top 10 Latin American consumer products companies, 2012
Company name
Latin
America
rank
Top
250
rank
Product
sector Country
2012
net sales
(US$mil)
2012
net sales
growth
JBS S.A. 1 12 Food, Drink
Tobacco
Brazil 38,969 22.5%
Fomento
Económico
Mexicano,
S.A.B. de C.V.
(FEMSA)
2 38 Food, Drink
Tobacco
Mexico 18,037 17.4%
BRF - Brasil
Foods S.A.
3 52 Food, Drink
Tobacco
Brazil 14,681 10.9%
Grupo Bimbo,
S.A.B. de C.V.
4 62 Food, Drink
Tobacco
Mexico 13,181 29.5%
Marfrig
Alimentos S.A.
5 69 Food, Drink
Tobacco
Brazil 12,214 8.4%
Grupo Modelo,
S.A.B. de C.V.
6 106 Food, Drink
Tobacco
Mexico 7,560 8.9%
Gruma, S.A.B.
de C.V.
7 155 Food, Drink
Tobacco
Mexico 4,896 11.6%
Bacardi Limited 8 169 Food, Drink
Tobacco
Bermuda 4,576 2.9%
Arca
Continental,
S.A.B. de C.V.
9 177 Food, Drink
Tobacco
Mexico 4,284 28.0%
Controladora
Mabe S.A. de C.V.
10 218 Home
Furnishings
Equipment
Mexico 3,474e
5.4%
e = estimate

Latin America was the only region other than Asia/
Pacific to post accelerating sales growth in 2012 as
the region’s double-digit growth streak continued.
Composite sales for the 11 Top 250 companies
that make up this region increased 16.8 percent.
However, profitability did not keep pace. Although
the region’s net profit margin ticked up slightly to 4.5
percent, it remained below the average for the Top
250 as a whole.
In 2012, Africa/Middle East posted an industry-
leading 16.9 percent growth rate in sales. The result
should be interpreted with caution, however, as
only four companies compose the region’s results.
While all four companies reported an above-average
increase in sales, the region’s overall growth rate
was skewed upward by a 35 percent increase posted
by Anadolu Efes. In March 2012, the Turkish brewer
acquired the beer businesses in Russia and Ukraine
from SABMiller.
Top consumer products companies by region
In 2012, Europe’s top 10 consumer products
companies remained the same in name as the
year before but with slight changes in the order.
While Nestlé and Unilever remained secure in first
and second place, respectively, Anheuser-Busch
InBev overtook Nokia as number three on the list.
Similarly, L’Oreal surpassed Michelin as the fifth-
ranked company in the region, and Heineken edged
out Imperial Tobacco Group, moving up to number
nine. Danone (#7) and British American Tobacco (#8)
maintained their former positions, completing the
region’s top 10 roster.
Apple, the world’s second-largest consumer products
company, remains the undisputed leader in North
America, having unseated PG in 2011 after years
of hyper growth. The biggest change in this region’s
top 10 involved the spinoff of the North American
grocery business (now known as Kraft Foods Group)
by Mondelēz International (formerly Kraft Foods,
Inc.). As a result, Mondelēz dropped to fifth place,
superseded by the Coca-Cola Company. Meanwhile,
Tyson Foods, the world’s second-largest poultry
and meat processor, moved ahead of Mars, the
world’s largest candy and gum maker. Philip Morris
International (#8) and NIKE (#9) remained in place,
while Kimberly-Clark replaced Goodyear in tenth
place.

Electronics companies occupy the first four places
in the Asia/Pacific top 10 and account for half the
companies on the roster. Samsung is secure in the
top spot at more than twice the size of second-
ranked Panasonic. Sony (#3), LG (#4), and Lenovo
(#6) are the other electronics manufacturers among
the region’s top 10 consumer products companies.
Lenovo Group has continued to move up in the
Top 250 ranking over the past four years from 57th
place overall in 2008 to 16th place in 2012. With the
pending (as of this writing) acquisitions of Motorola
Mobility from Google and IBM’s x86 server business,
the company is on track to continue its ascent.
Tire maker Bridgestone remained Asia/Pacific’s
fifth-ranked company in 2012. However, the bottom
half of the top 10 list saw additional changes.
Along with Lenovo, China’s Haier Group moved
ahead of Japan Tobacco. Consumer products no
longer account for the majority of sales for Sharp
Corporation. Therefore, this company, which ranked
in seventh place in 2011, was not included in the
Top 250 consideration set leaving room for another
company to join the region’s top 10 roster. Japanese
brewer Kirin Holdings Company moved into the top
10 in 2012. It joined the list in ninth place, ahead of
alcoholic and non-alcoholic beverage maker Suntory
Holdings, which remained in tenth place.
In both 2011 and 2012, Latin America was
represented by 11 Top 250 companies, up from
just six in 2006 when the first Global Powers of
Consumer Products report was published. All but
two—tenth-ranked Mabe, a Mexican appliance
maker, and Brazilian cosmetic and skin care
manufacturer Natura Cosméticos—are food or drinks
companies. (Despite double-digit sales growth,
Natura Cosméticos fell to 11th place in 2012—the
result of a weak Brazilian real.) Brazil’s JBS has been
the region’s largest consumer products company—
and the world’s largest beef producer—since 2008,
following its 2007 acquisition of U.S.-based Swift
Foods. As a result, JBS overtook FEMSA, which
remains the region’s second-largest consumer
products company. BRF—Brasil Foods has occupied
third place since it was transformed by a $3.8 billion
merger of its former company, Perdigão, with rival
Sadia in 2009.
Aggressive organic growth and the integration of
new operations boosted Mexican baked goods
giant Grupo Bimbo into fourth place in 2012 ahead
of meat and poultry processor, Marfrig Alimentos.
Bimbo, which has grown through a number of major
acquisitions in recent years, looks set (as of this
writing) to purchase Maple Leaf Foods Inc.’s Canada
Bread Co., a move that would convert Bimbo into a
top player in Canada’s baked-goods sector in 2014.
In another change in the top 10 ranking, Mexican
tortilla maker Gruma moved ahead of Bacardi into
seventh place.
Africa/Middle East remains the smallest region in
terms of both number of companies among the Top
250 and their average size. In 2012, the region was
represented by four companies, one more than in
2011. Anadolu Efes rejoined the Top 250 following
the acquisition of the Russian and Ukrainian beer
businesses from SABMiller. Saudi Arabian food group
Savola is the region’s largest consumer products
company. Arcelik, a Turkish appliance manufacturer,
and Vestel, a Turkish electronics company, complete
the list.
Top Africa/Middle East consumer products companies, 2012
Company
name
Africa/
ME
rank
Top
250
rank Product sector Country
2012
net sales
(US$mil)
2012
net sales
growth
Savola
Group
Company
1 107 Food, Drink
Tobacco
Saudi
Arabia
7,306 8.7%
Arçelik A.Ş. 2 132 Home
Furnishings
Equipment
Turkey 5,868 25.1%
Vestel
Elektronik
Sanayi ve
Ticaret A.Ş.
3 183 Electronic
Products
Turkey 4,177 7.7%
Anadolu
Efes Biracilik
ve Malt
Sanayii A.Ş.
4 215 Food, Drink
Tobacco
Turkey 3,567* 34.8%
e = estimate
26

Global Powers of the Consumer Products
Industry product sector analysis
For analytical purposes, the Top 250 companies have
been organized into eight major product sectors:
• Apparel accessories
• Electronic products
• Food, drink, and tobacco
• Home furnishings and equipment
• Home improvement products
• Leisure goods
• Personal care and household products
• Tires
Electronic products rebound after dismal 2011
Manufacturers of apparel and accessories, a bright
spot in the consumer products industry in 2011, could
not keep up the pace in 2012. Composite sales growth
for this sector slowed to 7.3 percent. While still strong
compared with most other industry sectors, the pace
of growth is roughly half what it was in 2011. Individual
company results were mixed, with some industry
leaders continuing to enjoy double-digit increases.
However, Nike, Ralph Lauren, and PVH saw sales
growth slow to low-to-mid single digits in 2012 from
double-digit growth in 2011. Levi Strauss, Hanesbrands,
Citizen Holdings, and Seiko Holdings reported declining
sales in 2012.
Performance by product sector, 2012
-4%
-2%
0%
2%
4%
6%
8%
10%
TiresPersonal care
household
products
Leisure
goods
Home
improvement
products
Home
furnishings
equipment
Food,
drink
tobacco
Electronic
products
Apparel
accessories
Top 250
2012 net sales growth*
5.1%
5.7%
8.2%
8.4%
7.3%
7.3%
7.3%
6.2%
7.8%
9.6%
9.4%
10.0%
7.2%
6.8%
7.0%
3.8%
9.1%
6.9%
7.4%
6.5%
-2.5%
2.8%
2.4%
1.8%
4.6%
5.5%
5.6%
2.6%
4.4%
6.7%
4.4%
4.4%
3.4%
3.5%
1.0%
3.2%
2012 net proﬁt margin** 2012 return on assets** 2007-2012 net sales CAGR* ***
Product sector profiles, 2012
Number of
companies
Average
size
(US$mil)
Share of
Top 250
companies
Share of
Top 250
sales
Apparel
accessories
20 $6,905 8.0% 4.4%
Electronic products 20 $35,589 8.0% 22.7%
Food, drink
tobacco
141 $10,711 56.4% 48.3%
Home furnishings
equipment
13 $9,887 5.2% 4.1%
Home improvement
products
10 $6,706 4.0% 2.1%
Leisure goods 8 $5,154 3.2% 1.3%
Personal care
household products
27 $14,758 10.8% 12.7%
Tires 11 $12,145 4.4% 4.3%
Top 250 250 $12,516 100.0% 100.0%

Food, drink tobacco: performance by subsector, 2012
Number of
companies
Average
size
(US$mil)
FY12
net sales
growth*
FY12
net profit
margin**
FY12
return on
assets**
2007-2012
net sales
CAGR* ***
Beverages 32 $11,505 6.6% 14.0% 7.9% 8.2%
Food
processing
100 $9,981 3.1% 5.2% 5.6% 6.8%
Tobacco 9 $16,000 1.6% 20.6% 12.4% 4.0%
Food,
drink
tobacco
141 $10,711 3.8% 9.1% 7.4% 6.9%
Personal care and household products have seen
increasing competition and sluggish sales in Western
markets. As a result, it has been one of the slowest-
growing product sectors in recent years. As a group,
these companies maintained a moderate 4.4 percent
composite growth rate in 2012—although still below
average compared with the Top 250 as a whole.
However, this was a modest improvement over the
sector’s 2011 result—one of only three product
sectors to see an increase in sales growth in 2012.
The sector also remained the most profitable, enjoying
a composite net profit margin of 10.0 percent.
Sales growth decelerated to 3.8 percent in 2012 from
8.6 percent the year before for manufacturers of food,
drink, and tobacco products. Overall growth for
the sector was negatively impacted by the tobacco
companies’ poor top-line result. Despite slowing sales,
the group remained highly profitable with a composite
net profit margin of 9.1 percent. This sector’s overall
results vary considerably by subsector.
The beverage group continued to perform better on
the top line than its food and tobacco counterparts.
Although down from 2011’s strong 10.9 percent pace,
sales advanced a solid 6.6 percent for the makers of
alcoholic and non-alcoholic drinks in 2012. Profitability
remained robust—beverage makers generated a
composite net profit margin of 14.0 percent.
Sales slumped for both the food and tobacco
subsectors. Food processors, which enjoyed
8.3 percent growth in 2011, reported composite
sales growth of just 3.1 percent in 2012. However,
the food subsector saw a modest improvement in its
bottom-line performance; the composite net profit
margin rose to 5.2 percent from 4.8 percent in 2011.
Tobacco companies eked out a 1.6 percent sales
increase in 2012 as the sale of cigarettes continued to
fall in developed markets. While the industry scrambles
to take advantage of the rising electronic cigarette
market to stem tobacco’s decline, it continues to be
highly profitable. In 2012, the tobacco group posted a
composite net profit margin of 20.6 percent.
After a dismal year in 2011 for manufacturers of
consumer electronics, 2012 saw the sector bounce
back. A moderate recovery among the Japanese
companies following the disruption caused by the 2011
earthquake and tsunami, coupled with consumers’
increasing desire for connected devices, pushed
revenues up nearly 10 percent. Profits followed suit: the
sector’s composite net profit margin nearly tripled to
7.2 percent in 2012 from 2.6 percent in the prior year.
The strong recovery in sales enjoyed by manufacturers
of home furnishings and equipment from 2009
through 2011 came to an end in 2012 when sales grew
just 2.8 percent. Although profitability remained fairly
modest, as is typical for this group made up primarily of
appliance makers, its 4.6 percent composite net profit
margin was an improvement over the sector’s
2011 result.
Sales growth ticked down again for the Top 250
home improvement companies in 2012. From a high
post-recession pace of 12.3 percent in 2010, growth
slowed to 6.8 percent in 2011 and 4.4 percent in
2012. Although the sector’s bottom line improved, it
remained the least profitable sector with a composite
net profit margin of 3.4 percent in 2012.
Having suffered declining sales in 2011, the leisure
goods group’s 2.4 percent composite sales growth in
2012 was an improvement. Nintendo contributed to
the turnaround as the slide in sales that has plagued the
beleaguered company since 2009 continued, but at a
much slower pace. Lego Group was the only company
in the sector to enjoy double-digit growth.
The tire sector, which rebounded strongly in 2010 and
2011, ran out of gas in 2012. After back-to-back years
of double-digit sales growth, sluggish sales rose just
1.8 percent. Nevertheless, all 11 Top 250 tire companies
were profitable.
28

Top consumer products companies by
product sector
Athletic footwear and apparel manufacturers Nike
and adidas continue to head up the apparel and
accessories top 10. The biggest change in 2012
for this sector’s leader board was the removal
of luxury goods company Richemont from the
Top 250 consumer products companies list. For
purposes of this report, Richemont’s expanding retail
business means the company is no longer primarily
a consumer products wholesaler. As a result, V.F.
Corporation became the sector’s third-ranked
company. PVH moved up one spot to eighth place
and will continue to rise in the ranking following its
February 2013 acquisition of The Warnaco Group.
Iconic American apparel companies Ralph Lauren
and Levi Strauss, eyewear companies Luxottica and
Essilor International, and watch makers Swatch and
Rolex are also represented in the sector’s top 10.
Samsung remained as the top-ranked consumer
electronics company and, indeed, the world’s
largest consumer products company in 2012.
However, second-ranked Apple continued to
gain on the leader with a 45 percent increase in
sales. Panasonic and Sony, which fell to third and
fourth place in the sector’s top 10 in 2011 as Apple
continued to move up the ranking, maintained their
positions in 2012. Although both LG and Nokia
reported declining sales in 2012, LG overtook Nokia
and climbed into fifth place.
Sharp Corporation was removed from the Top 250
in 2012 as it no longer derives the majority of its
sales from consumer products. As a result, Lenovo
rose to number seven. Strong growth boosted
Taiwan-based ASUSTeK, usually referred to as Asus,
into the consumer electronics top 10 for the first
time as number eight. At Research In Motion (aka
Blackberry), sales continued to fall, dropping the
company out of the sector’s top 10 altogether in
2012. Despite a nearly 10 percent drop in sales,
Asus rival Acer moved up to ninth place leaving room
at the bottom of the list for Nikon, another
top 10 newcomer.
While Nestlé maintained a commanding lead
among the food, drink and tobacco companies,
two big changes impacted the sector’s top 10 in
2012. The spinoff of what is now Kraft Foods Group
from the former Kraft Foods Inc. (now Mondelēz
International) dropped Mondelēz from third place
to sixth within the sector, while Kraft Foods Group
as an independent company ranked number 36
among the Top 250 overall. The other significant
change involves Japan Tobacco Group, which fell out
of the top 10 as a result of an accounting change.
e = estimate
Top 10 apparel accessories companies, 2012
Company name
Product
sector
rank
Top
250
rank Country Region
FY12
net sales
(US$mil)
FY12
net
sales
growth
NIKE, Inc. 1 25 United States North America 25,313 4.9%
adidas AG 2 35 Germany Europe 19,141 11.7%
V.F. Corporation 3 81 United States North America 10,766 15.0%
Luxottica Group
S.p.A.
4 92 Italy Europe 9,113 13.9%
The Swatch Group
Ltd.
5 95 Switzerland Europe 8,319 15.3%
Ralph Lauren
Corporation
6 114 United States North America 6,763 1.3%
Essilor International
S.A.
7 120 France Europe 6,416 19.1%
PVH Corp. 8 142 United States North America 5,541 2.4%
Rolex SA 9 151 Switzerland Europe 5,122e
n/a
Levi Strauss Co. 10 168 United States North America 4,610 -3.2%

Top 10 electronic products companies, 2012
Company name
Product
sector
rank
Top
250
rank Country Region
FY12
net sales
(US$mil)
FY12
net
sales
growth
Samsung Electronics
Co., Ltd.
1 1 South Korea Asia/Pacific 178,982 21.9%
Apple Inc. 2 2 United States North America 156,508 44.6%
Panasonic
Corporation
3 4 Japan Asia/Pacific 88,367 -6.9%
Sony Corporation 4 6 Japan Asia/Pacific 68,864 3.0%
LG Electronics Inc. 5 10 South Korea Asia/Pacific 45,354 -6.1%
Nokia Corporation 6 13 Finland Europe 38,809 -21.9%
Lenovo Group Limited 7 16 Hong Kong Asia/Pacific 33,873 14.5%
ASUSTeK Computer
Inc.
8 50 Taiwan Asia/Pacific 15,215 16.8%
Acer Incorporated 9 53 Taiwan Asia/Pacific 14,565 -9.6%
Nikon Corporation 10 68 Japan Asia/Pacific 12,227 10.0%
Top 10 food, drink tobacco companies, 2012
Company name
Product
sector
rank
Top
250
rank Country Region
FY12
net sales
(US$mil)
FY12
net
sales
growth
Nestlé S.A. 1 3 Switzerland Europe 98,372 10.2%
PepsiCo, Inc. 2 8 United States North America 65,492 -1.5%
The Coca-Cola
Company
Anheuser-Busch InBev
SA/NV
4 11 Belgium Europe 39,758 1.8%
JBS S.A. 5 12 Brazil Latin America 38,969 22.5%
Mondelēz
International, Inc.
(formerly Kraft Foods
Inc.)
6 15 United States North America 35,015 -35.6%
Tyson Foods, Inc. 7 17 United States North America 33,278 3.1%
Mars, Incorporated 8 18 United States North America 33,000e
0.0%
Philip Morris
International Inc.
Danone 10 22 France Europe 26,839 8.0%

Top 10 home furnishings equipment companies, 2012
Company name
Product
sector
rank
Top
250
rank Country Region
FY112
net sales
(US$mil)
FY12
net
sales
growth
Haier Group Company 1 23 China Asia/Pacific 25,876 8.1%
Whirlpool Corporation 2 37 United States North America 18,143 -2.8%
AB Electrolux 3 47 Sweden Europe 16,257 8.3%
Gree Electric Appliances,
Inc. of Zhuhai
4 48 China Asia/Pacific 15,757 19.4%
BSH Bosch und Siemens
Hausgeräte GmbH
5 64 Germany Europe 12,604 1.5%
GD Midea Holding
Co., Ltd.
6 80 China Asia/Pacific 10,799 -26.9%
Arçelik A.Ş. 7 132 Turkey Africa/Middle
East
5,868 25.1%
Groupe SEB 8 150 France Europe 5,221 2.4%
Miele Cie. KG 9 187 Germany Europe 4,080 3.8%
Indesit Company S.p.A. 10 204 Italy Europe 3,712 2.1%
Top 10 home improvement products companies, 2012
Company name
Product
sector
rank
Top
250
rank Country Region
FY12
net sales
(US$mil)
FY12
net
sales
growth
LIXIL Group
Corporation (formerly
JS Group Corporation)
1 44 Japan Asia/Pacific 17,380 11.2%
Stanley Black
Decker, Inc.
Masco Corporation 3 103 United States North America 7,745 3.7%
Mohawk Industries,
Inc.
TOTO Ltd. 5 135 Japan Asia/Pacific 5,763 5.2%
Kohler Co. 6 153 United States North America 5,000e
0.0%
Husqvarna Group 7 171 Sweden Europe 4,557 1.6%
Techtronic Industries
Co. Ltd.
8 198 Hong Kong Asia/Pacific 3,843 5.3%
Fortune Brands Home
Security, Inc.
JELD-WEN, Inc. 10 234 United States North America 3,200 0.0%

Top leisure goods companies, 2012
Company name
Product
sector
rank
Top
250
rank Country Region
FY12
net sales
(US$mil)
FY12
net
sales
growth
Nintendo Co., Ltd. 1 105 Japan Asia/Pacific 7,689 -1.9%
Mattel, Inc. 2 119 United
States
North
America
6,421 2.5%
Namco Bandai
Holdings Inc.
Activision Blizzard,
Inc.
4 158 United
States
North
America
4,856 2.1%
Yamaha Corporation 5 174 Japan Asia/Pacific 4,440 2.9%
Hasbro, Inc. 6 186 United
States
North
America
4,089 -4.6%
The Lego Group 7 190 Denmark Europe 4,044 25.0%
Electronic Arts Inc. 8 200 United
States
North
America
3,797 -8.4%
The company’s voluntary adoption of IFRS global
accounting standards has had a significant impact
on its net sales as the value of products involved in
agent transactions is deducted from revenue.
JT’s departure from the top 10 left the door open
for Danone to move into tenth place. One other
change occurred in the sector’s ranking order:
Tyson Foods moved ahead of Mars into seventh place.
The top 10 home furnishings and equipment
companies are all manufacturers of household
appliances. While the composition of this group
hasn’t changed since 2009, the companies continue
to jockey for position. Haier, Whirlpool, and
Electrolux remained in the top three spots. However,
two Chinese companies, Gree and GD Midea,
switched places on the list in fourth and sixth place,
respectively, following GD Midea’s steep 2012 sales
decline. The company’s poor performance was
attributed to a decision to reposition its image as a
mid-to-upper price brand as well as its dependence
on the Chinese market for the vast majority of its
sales. Turkey’s Arçelik, with back-to-back years of
20+ percent sales growth, surpassed France’s Groupe
SEB and moved into seventh place.
The top 10 home improvement companies were
a stable group in 2012. While Japan’s LIXIL Group
heads the list, the top 10 is dominated by U.S.
companies. The only change in the ranking order
was based on a technicality. Mohawk moved ahead
of TOTO only as a result of the weak Japanese yen in
the dollar-denominated ranking.
There were eight Top 250 companies in the leisure
goods sector in 2012, down from 10 the year before.
Nintendo continued to hang on to the top spot
despite another year of declining sales. However,
its lead over second-ranked Mattel has quickly
narrowed. Fast-growing Lego Group moved ahead of
videogame maker Electronic Arts as EA continues to
evolve its business to deliver more of its products to
consumers digitally via the internet. Declining sales
left Japan’s Konami Corporation too small to make
the Top 250 in 2012. Finally, Hallmark Cards was
removed from the Top 250 in line with our decision
to exclude publishers of books, magazines, and now
greeting cards.
e = estimate
30

Top 10 personal care household products companies, 2012
Company name
Product
sector
rank
Top
250
rank Country Region
FY112
net sales
(US$mil)
FY12
net
sales
growth
The Procter Gamble
Company
Unilever Group 2 7 Netherlands
and United
Kingdom
Europe 66,007 10.5%
L'Oréal S.A. 3 20 France Europe 28,889 10.4%
Henkel AG Co.
KGaA
4 31 Germany Europe 21,233 5.8%
Kimberly-Clark
Corporation
Colgate-Palmolive
Company
Kao Corporation 7 46 Japan Asia/Pacific 16,268e
6.7%
Reckitt Benckiser
Group plc
8 51 United
Kingdom
Europe 15,165 0.9%
Svenska Cellulosa
AB SCA
9 63 Sweden Europe 12,623 5.0%
Maxingvest AG 10 67 Germany Europe 12,357 4.7%

Top 10 tire companies, 2012
Company name
Product
sector
rank
Top
250
rank Country Region
FY12
net sales
(US$mil)
FY12
net
sales
growth
Bridgestone
Corporation
Compagnie Générale
des Établissements
Michelin S.C.A.
2 21 France Europe 27,617 3.6%
The Goodyear Tire
Rubber Company
Sumitomo Rubber
Industries, Ltd.
Pirelli C. S.p.A. 5 101 Italy Europe 7,808 7.4%
The Yokohama Rubber
Co., Ltd.
Hankook Tire Co., Ltd. 7 125 South Korea Asia/Pacific 6,256 8.3%
Toyo Tire Rubber
Co., Ltd.
8 165 Japan Asia/Pacific 4,640e
15.4%
Cheng Shin Rubber
Ind. Co., Ltd.
9 175 Taiwan Asia/Pacific 4,417 8.6%
Cooper Tire Rubber
Company
PG remains the frontrunner in the personal care
and household products sector. This group’s top
10 is dominated by U.S. and European companies—
Japan’s Kao Corporation being the only exception.
The 2012 roster remained the same as in 2011. The
only change was the order of the last two companies
on the list as Sweden’s SCA moved ahead of
Germany’s Maxingvest.
The tire sector is represented by 11 Top 250
companies. In addition to the top 10 shown here
is South Korea’s Kumho Tire Co. Bridgestone
continues to lead the pack, followed by Michelin and
Goodyear. The other tire companies are considerably
smaller in size than the big three. In 2012, Yokohama
resumed its ranking ahead of Hankook. In 2011, the
order was reversed because Yokohama had changed
its fiscal year end date and its results reflected only a
nine-month period. Also in 2012, Japan’s Toyo Tire
Rubber overtook Taiwan’s Cheng Shin Rubber.
e = estimate

Top 250 newcomers
Fifteen companies joined the Top 250 in 2012.
Six companies made a return visit. The Schwan Food
Company, Vizio, and Flowers Foods returned to the
Top 250 after a one-year absence. Anadolu Efes
bounced back in a big way in 2012 following the
acquisition of SABMiller’s beer businesses in Russia
and Ukraine.
Strong organic growth propelled Thai Beverage back
into the Top 250 following a three-year absence. Just
missing the cutoff in 2010 and 2011, back-to-back
years of solid sales growth also put Mary Kay, one
of the top direct sellers of beauty products, back
among the Global Powers in 2012.
Nine companies joined the ranks of the Top 250 for
the first time in 2012:
• Kraft Foods Group, the highest-ranking newcomer
spun off to Mondelēz International’s shareholders
in October 2012.
• Maruha Nichiro, one of Japan’s top seafood
producers.
• Leucadia National Corporation, a diversified
holding company with investments in a range of
businesses, following its acquisition of a controlling
interest in National Beef Packing Company, which
ranked 111th among the Top 250 in 2011.
• Orkla, a Norwegian company now focused on
branded consumer goods following the spinoff
of its aluminum solutions business into a separate
joint venture company.
• Kweichow Moutai Co., which manufactures
Moutai, the national liquor of China.
• Green Mountain Coffee Roasters, a leader in the
specialty coffee and coffeemaker business in
North America.
• Want Want China Holdings, a Chinese company
known for its rice crackers, dairy products,
beverages, and snack foods.
• AmorePacific Group, a South Korean company
engaged in the manufacture and marketing of
cosmetics, personal care products, and health care
products.
• NBTY, a U.S. provider of vitamins, minerals, herbs,
sports drinks, and other nutritional supplements.
Top 250 newcomers, 2012
Top
250
rank
Name of company Country of
origin
Dominant
format
2012
net sales
growth
36 Kraft Foods Group, Inc. United States Food, Drink
Tobacco
-1.7%
88 Maruha Nichiro Holdings, Inc. Japan Food, Drink
Tobacco
-0.8%
91 Leucadia National Corporation United States Food, Drink
Tobacco
540.8%
154 Orkla ASA Norway Food, Drink
Tobacco
-52.7%
182 Kweichow Moutai Co., Ltd. China Food, Drink
Tobacco
43.8%
197 Green Mountain Coffee
Roasters, Inc.
United States Food, Drink
Tobacco
45.6%
215 Anadolu Efes Biracilik ve Malt
Sanayii A.Ş.
Turkey Food, Drink
Tobacco
34.8%
226 Want Want China Holdings
Limited
China Food, Drink
Tobacco
14.0%
239 The Schwan Food Company United States Food, Drink
Tobacco
5.0%
242 Thai Beverage Public Company
Limited
Thailand Food, Drink
Tobacco
35.5%
243 Mary Kay, Inc. United States Personal
Care
Household
Products
6.9%
245 Vizio, Inc. United States Electronic
Products
29.2%
247 Amorepacific Group South Korea Personal
Care
Household
Products
12.2%
249 Flowers Foods, Inc. United States Food, Drink
Tobacco
9.8%
250 NBTY, Inc. United States Food, Drink
Tobacco
1.4%
32

50 fastest-growing consumer products companies, 2007-2012 CAGR¹
Fastest 50
The Fastest 50 is based on compound annual sales
growth over a five-year period. Fastest 50 companies
that were also among the 50 fastest-growing
consumer products manufacturers in 2012 make
up an even more elite group. These companies are
designated in bold type on the list.
Between 2007 and 2012, composite net sales
increased at a compound annual rate of 22.1 percent
for the Fastest 50—nearly four times the pace of
the Top 250 as a whole. Although most of these
companies maintained their aggressive growth in
2012, year-over-year growth cooled somewhat to
17.8 percent, in line with the overall deceleration in
sales growth experienced by the Top 250.
At the top of the list are two Top 250 newcomers.
Business at Green Mountain Coffee Roasters
has been driven predominantly by the growth
and adoption of the Keurig single-cup brewing
system in recent years. It remains to be seen if
the company can maintain its market share as the
patent protection for the main K-cup patents expired
in September 2012. The acquisition of National
Beef Packing Company turned Leucadia National
Corporation into a consumer products company and
put the company in second place among the Fastest
50 in 2012.
While acquisitions served as the main driver of
growth for many Fastest 50 companies over the
years, there were no real blockbuster deals in
2012. Thirteen of the 50 fastest-growing consumer
products companies made a significant acquisition
in fiscal 2012 (i.e., where the deal value was
$100 million or more and the company acquired
a controlling interest), but only three deals were
valued at $1 billion or more:
• Anadolu Efes—acquisition of Russian and Ukraine
beer business from SABMiller.
• Ambev subsidiary of Anheuser-Busch InBev—
acquisition of 52 percent interest in Cerveceria
Nacional Dominicana (CND), a Dominican Republic-
based maker of alcoholic and non-alcoholic
beverages.
• Reckitt Benckiser Group—acquisition of Schiff
Nutrition International, a vitamin and nutritional
supplement company.
Consumer product manufacturers based in emerging
markets accounted for nearly two-thirds, of the
Fastest 50 in 2012 (32 companies). This included,
among others, 15 of the 19 Top 250 companies
based in China or Hong Kong, all four of the Brazilian
Top 250 companies, and four of seven from
South Korea.
FY12
growth
rank
FY12
Top
250
rank
Company name Country FY12
net sales
(US $mil)
Product sector 2007-
2012
net sales
CAGR¹
FY12
net
sales
growth
FY12
net
profit
margin
1 197 Green Mountain Coffee
Roasters, Inc.
United States 3,859 Food, Drink Tobacco 62.4% 45.6% 9.4%
2 91 Leucadia National Corporation United States 9,194 Food, Drink Tobacco 51.4% 540.8% 9.4%
3 69 Marfrig Alimentos S.A. Brazil 12,214 Food, Drink Tobacco 48.0% 8.4% -1.0%
4 2 Apple Inc. United States 156,508 Electronic Products 44.8% 44.6% 26.7%
5 207 Boparan Holdings Limited (aka
2 Sisters Food Group)
United
Kingdom
3,697 Food, Drink Tobacco 41.7% 13.4% 1.8%
6 12 JBS S.A. Brazil 38,969 Food, Drink Tobacco 39.9% 22.5% 1.0%
7 30 Imperial Tobacco Group PLC United
Kingdom
23,135 Food, Drink Tobacco 34.9% -3.4% 4.8%
8 52 BRF - Brasil Foods S.A. Brazil 14,681 Food, Drink Tobacco 33.9% 10.9% 2.9%
Companies in bold type are also among the 50 fastest-growing consumer products companies in 2012.
** Fastest 50 and Top 250 growth rates are sales-weighted, currency-adjusted composites
*** Fastest 50 and Top 250 net profit margins are sales-weighted composites
e = estimate

FY12
growth
rank
FY12
Top
250
rank
net sales
(US $mil)
2012
net sales
CAGR¹
FY12
net
sales
growth
FY12
net
profit
margin
9 139 Groupe Bigard S.A. France 5,659 Food, Drink Tobacco 31.3% 1.1% n/a
10 176 Wuliangye Yibin Co., Ltd. China 4,290 Food, Drink Tobacco 29.9% 34.1% 38.0%
11 182 Kweichow Moutai Co., Ltd. China 4,197* Food, Drink Tobacco 29.6% 43.8% 53.0%
12 221 China Yurun Food Group Limited Hong Kong 3,453 Food, Drink Tobacco 25.4% -17.1% -2.3%
13 226 Want Want China Holdings
Limited
China 3,359 Food, Drink Tobacco 25.1% 14.0% 16.5%
14 177 Arca Continental, S.A.B. de C.V. Mexico 4,284 Food, Drink Tobacco 24.8% 28.0% 9.4%
15 190 The Lego Group Denmark 4,044 Leisure Goods 23.9% 25.0% 24.0%
16 90 Tingyi (Cayman Islands)
Holding Corp.
17 156 Skyworth Digital Holdings
Limited
Hong Kong 4,877 Electronic Products 22.1% 34.4% 4.2%
18 107 Savola Group Company Saudi Arabia 7,306 Food, Drink Tobacco 21.3% 8.7% 6.6%
19 48 Gree Electric Appliances, Inc.
of Zhuhai
China 15,757 Home Furnishings
Equipment
21.2% 19.4% 7.4%
20 142 PVH Corp. United States 5,541 Apparel Accessories 21.1% 2.4% 7.2%
21 146 Ruchi Soya Industries Limited India 5,452 Food, Drink Tobacco 20.7% -1.6% 0.9%
22 86 Hangzhou Wahaha Group Co., Ltd. China 10,090e
Food, Drink Tobacco 19.8% -6.3% 12.7%
23 62 Grupo Bimbo, S.A.B. de C.V. Mexico 13,181 Food, Drink Tobacco 19.1% 29.5% 1.4%
24 130 The J.M. Smucker Company United States 5,898 Food, Drink Tobacco 18.5% 6.7% 9.2%
25 219 LG Household Health Care, Ltd. South Korea 3,468 Personal Care
Household Products
17.9% 12.9% 8.0%
26 83 Stanley Black Decker, Inc. United States 10,191 Home Improvement
Products
17.8% -1.8% 8.7%
27 97 Sichuan Changhong Electric
Co., Ltd.
China 8,303 Electronic Products 17.8% 0.6% 0.5%
28 116 Inner Mongolia Yili Industrial
Group Co., Ltd.
29 134 ITC Limited India 5,770 Food, Drink Tobacco 16.4% 19.6% 23.7%
30 215 Anadolu Efes Biracilik ve Malt
Sanayii A.Ş.
Turkey 3,567* Food, Drink Tobacco 16.2% 34.8% 9.8%
31 164 Société Coopérative Agricole et
Agro-alimentaire AGRIAL
France 4,640 Food, Drink Tobacco 15.9% 32.9% 1.3%
32 247 Amorepacific Group South Korea 3,054 Personal Care
Household Products
15.9% 12.2% 10.1%
33 16 Lenovo Group Limited Hong Kong 33,873 Electronic Products 15.7% 14.5% 1.9%
34 232 Natura Cosméticos S.A. Brazil 3,267 Personal Care
Household Products
15.6% 13.5% 13.6%
e = estimate
34

e = estimate
FY12
growth
rank
FY12
Top
250
rank
net sales
(US $mil)
2012
net sales
CAGR¹
FY12
net
sales
growth
FY12
net
profit
margin
35 80 GD Midea Holding Co., Ltd. China 10,799 Home Furnishings
Equipment
15.4% -26.9% 6.1%
36 1 Samsung Electronics Co., Ltd. South Korea 178,982 Electronic Products 15.3% 21.9% 11.9%
37 175 Cheng Shin Rubber Ind. Co., Ltd. Taiwan 4,417 Tires 15.2% 8.6% 12.3%
38 11 Anheuser-Busch InBev SA/NV Belgium 39,758 Food, Drink Tobacco 15.0% 1.8% 23.7%
39 141 Sodiaal Union France 5,608 Food, Drink Tobacco 14.4% -1.4% 0.0%
40 125 Hankook Tire Co., Ltd. South Korea 6,256 Tires 14.4% 8.3% n/a
41 242 Thai Beverage Public Company
Limited
Thailand 3,108e
Food, Drink Tobacco 13.9% 35.5% 29.7%
42 185 Tsingtao Brewery Co., Ltd. China 4,090 Food, Drink Tobacco 13.8% 11.3% 7.2%
43 188 Herbalife Ltd. United States 4,072 Food, Drink Tobacco 13.7% 17.9% 11.7%
44 222 Bestseller A/S Denmark 3,441 Apparel Accessories 13.4% 11.3% n/a
45 77 Research In Motion Limited Canada 11,073 Electronic Products 13.0% -39.9% -5.8%
46 245 Vizio, Inc. United States 3,100e
Electronic Products 12.9% 29.2% n/a
47 208 Hisense Electric Co., Ltd. China 3,683 Electronic Products 12.8% 6.7% 6.5%
48 124 Henan Shuanghui Investment
Development Co. Ltd.
49 51 Reckitt Benckiser Group plc United
Kingdom
15,165 Personal Care
Household Products
12.7% 0.9% 19.2%
50 144 PT Indofood Sukses Makmur Tbk Indonesia 5,507 Food, Drink Tobacco 12.4% 10.4% 9.5%
Fastest 50** *** 22.1% 17.8% 13.1%
Top 250** *** 5.7% 5.1% 8.2%

MA activity continues to rebound in the consumer
products industry
Merger acquisition activity by consumer products companies, 2001-2013*
Year Total
# deals
# deals with
disclosed
value
Total value of
disclosed-value
deals (US$mil)
Average value
of disclosed-
value deals
(US$ mil)
# deals with
undisclosed
value
# deals
with value
$100+ mil
Total value
of deals
$100+ mil
(US$mil)
Average
value of deals
$100+ mil
(US$mil)
2013 1182 547 $188,579 $345 635 188 $177,607 $945
2012 1298 616 $142,947 $232 682 200 $130,206 $651
2011 1274 676 $163,799 $242 598 217 $149,735 $690
2010 1117 570 $168,850 $296 547 178 $155,845 $876
2009 958 476 $180,447 $379 482 123 $170,461 $1,386
2008 1248 697 $253,662 $364 551 210 $238,542 $1,136
2007 1350 840 $245,179 $292 510 260 $228,096 $877
2006 1304 823 $136,476 $166 481 202 $118,498 $587
2005 1114 694 $204,326 $294 420 195 $190,424 $977
2004 931 518 $95,194 $184 413 146 $85,020 $582
2003 700 443 $139,661 $315 257 115 $129,793 $1,129
2002 565 384 $76,618 $200 181 123 $68,129 $554
2001 539 413 $123,774 $300 126 128 $114,298 $893
Results reflect deals completed during the calendar year by consumer products companies; acquired companies may be in any industry
* Results for 2013 are preliminary and subject to upward revision
Source: mergermarket.com; accessed February 22, 2014
MA activity and trends
Despite the fragile nature of the economic recovery
and its susceptibility to economic shocks, well-funded
investors have continued to seek merger, acquisition,
and joint venture opportunities that strengthen their
strategic positions, support their growth objectives,
and deliver material cost synergies.
According to data from mergermarket.com, an
independent MA intelligence tool, global merger and
acquisition activity by consumer products companies
bottomed out in 2009 at 958 deals following the
Great Recession. Since then, the number of deals has
picked up: In 2012 there were 1,298 deals completed
by consumer products companies, up from 1,274 in
2011 and 1,117 in 2010. For 2013, 1,182 deals had been
reported as of February 22, 2014 However, completed
deal trends tend to lag actual MA activity levels as it
can take up to six months for completed deals to be
reported. As more deals are formally reported and the
historical data continues to be updated, the trend line
is likely to be revised upward, especially in more recent
quarters and for 2013 as a whole.
Unlike deal volume, deal values have trended down
since 2009—that is until 2013 when the average
value began to rebound. In 2012, deal values were
disclosed for 616 transactions, or nearly half the
completed deals reported. With a total deal value for
these transactions of almost $143 billion, the
average value was $232 million, down from $379
million in 2009. Based on preliminary results for
2013, the average value of disclosed deals increased
substantially to $345 million.
Another way to assess the industry’s MA activity
is to look at the number and average value of large
deals. Considering only completed deals with values
of at least $100 million, the trends are the same.
The number of such deals hit bottom in 2009, when
there were just 123 significant transactions, and then
began to rebound. However, the average value of
these larger deals peaked in 2009 and then declined
through 2012. Again, in 2013, average deal values
picked up.
36

Merger acquisition activity by consumer products companies, Q1 2008-Q4 2013
Results reflect deals completed during each quarter by consumer products companies; acquired companies may be in any industry
Results for 2013 are preliminary and subject to upward revision
Source: mergermarket.com; accessed February 22, 2014
0
50
100
150
200
250
300
350
400
0
10
20
30
40
50
60
70
80
90
100
110
Q4
2013
Q3
2013
Q2
2013
Q1
2013
Q4
2012
Q3
2012
Q2
2012
Q1
2012
Q4
2011
Q3
2011
Q2
2011
Q1
2011
Q4
2010
Q3
2010
Q2
2010
Q1
2010
Q4
2009
Q3
2009
Q2
2009
Q1
2009
Q4
2008
Q3
2008
Q2
2008
Q1
2008
# deals with disclosed value
# deals Value (US$ bil)
# deals with undisclosed value Total value of disclosed-value deals (US$bil)
MA drivers in consumer products industry remain strong
It is, perhaps, somewhat surprising that the volume of deals has been
up an upward trend in recent years given the slow tempo of the
global economy. This may be due, at least in part, to bargain hunting
opportunities to pick up assets at distressed prices, which also helps
account for the decline in deal values through 2012. However, the
search for scalar economies and greater share of market—whether
defined geographically, by product category, or consumer segment—
has continued to drive MA activity in the consumer products industry.
Deal activity has also been stimulated by improved credit availability,
low interest rates, rejuvenated capital markets, and, in some cases,
companies’ sizable cash reserves. Plus private equity has shown a
renewed interest in consumer products. In one of the largest acquisitions
in the food business, H.J. Heinz was taken private in June 2013 by
Berkshire Hathaway and Brazilian investment firm 3G Capital in a
$28 billion buyout. 3G and Berkshire are equal equity partners in Heinz.
Analysis of the deals completed by consumer products companies
over the past two years indicates companies are pursuing three key
objectives:
• Consolidate position in existing markets.
• Gain access to new geographic markets.
• Build a strategic growth platform.
Consolidate position in existing markets
Mergers and acquisitions have helped the big get bigger in the consumer
products industry in an effort to reach more customers and achieve
greater efficiency. While many industry sectors—including tobacco,
alcoholic and non-alcoholic beverages, luxury goods, and meat and
poultry processing—have already experienced significant consolidation,
MA activity to realize further economies of scale and operational
synergies continues to be a high priority in many companies—especially
as cost-conscious consumers remain cautious and value-driven.
Recent examples of scale-driven acquisitions include the following:
• In July 2012, Sweden’s SCA, a global hygiene and forest products
company, acquired Georgia-Pacific’s European tissue business,
consolidating its European position and offering considerable cost
synergies.
• AB InBev acquired the remaining 50 percent stake in Mexico’s
Grupo Modelo that it did not already own in June 2013. The
combined company will lead the global beer industry.
• JBS, the Brazil-based meat processing company, bought Seara
Alimentos, another Brazilian meat processor, in October 2013.
The deal, which follows a number of earlier acquisitions of meat and
poultry processors in the United States, as well as the merger with
Brazil’s Bertin Group, allows JBS to reinforce its position as one of the
largest processed meats companies not only in Brazil, but worldwide.
• Suntory’s December 2013 acquisition of the Lucozade and Ribena
soft drinks brands from GlaxoSmithKline will bolster its existing
European drinks position.
As consumer products companies continue to consolidate activities
and investment around core categories and big brands, proactively
reshaping their product portfolios, they are carving out and
divesting unprofitable or non-core operations. This flip side of the
consolidation trend has also driven MA activity to higher levels in
recent years as other companies pick up these orphaned brands and
businesses.
Private equity has played an important role with a number of non-
core businesses and brands spun out of major companies. Campbell
Soup Company sold its European simple meals business to CVC
Capital Partners in October 2013 in an effort to reshape its portfolio
to focus only on its strongest brands in growth markets.

Apax Partners acquired U.S. fashion brand Cole Haan from Nike
in February 2013. The transaction is in line with the sports giant’s
strategy to focus on brands that are more complementary to the
Nike brand.
Gain access to new geographic markets
Although economic growth in developing markets like China,
Brazil, and India has slowed, their absolute growth levels remain
attractive relative to the sluggish economic growth in more mature
markets. As a result, consumer products companies continue to
pursue acquisitions and joint ventures to establish or expand access
to these higher-growth geographies.
Gaining a presence in new and emerging markets is driving further
consolidation in the global drinks market. The following are among
an extensive list of deals over the past two years:
• Diageo’s acquisition of United Spirits in April 2013 offers it a
major presence in the fast-growing Indian spirits market; It has
also purchased the Ypioca brand of cachaca liquor in Brazil; In
line with the company’s strategy of increasing its presence in
the fastest-growing economies in the world, Diageo has also
acquired controlling or minority stakes in alcoholic beverage
companies in Brazil, South Africa, Ethiopia, Vietnam, and China
in the past two years.
• Heineken’s acquisition of Asia Pacific Breweries in January 2013
consolidated its previous joint venture position in the Asian
market.
• AB Inbev has agreed to acquire South Korea’s Oriental Brewery
from KKR, which will strengthen the Belgian brewer in the Asia/
Pacific region.
• In December 2013, Carlsberg acquired an additional stake in
Chongqing Brewery to take control of its strategic investment in
China’s growing brewery market.
• Molson Coors acquired StarBev, the Czech Republic-based
operator of breweries throughout Eastern and Central Europe,
from CVC Capital Partners in June 2012, expanding its global
portfolio into Central Europe.
There has also been an increase in activity among manufacturers
of personal care products as they look to tap into the increasingly
affluent populations in emerging markets.
• SCA has been particularly active around the world. In 2012, the
company bought Everbeauty Corp., a Taiwan-based hygiene
products company, to gain access to the growing Asian market,
and Papeles Industriales, a hygiene products company based
in Chile, to strengthen its presence in South America. In 2013,
SCA acquired Vinda International, providing expansion into the
Chinese tissue market.
• Revlon bought Colomer Beauty and Professional Products from
CVC Capital Partners in October 2013. The acquisition looks to
strengthen Revlon’s sales outside the United States and provide it
with access to the professional salon channel of distribution.
• In January 2014, L’Oréal’s plan to acquire Magic Holdings was
approved. The acquisition gives L’Oréal the top-selling facial
mask brand in China and helps it tap into the country’s rapidly
growing mid-market customer base. L’Oréal’s existing brands
have focused largely on China’s more affluent shoppers.
Build a strategic growth platform
Successful consumer products companies are looking to ride
the waves created by demographic, societal, economic, and
technological trends. Health and wellness (e.g., functional foods,
anti-aging products), ethnic diversity (e.g., ethnic foods or personal
care products), the environment (e.g., green products, green
production practices), luxury (e.g., absolute luxury, aspirational
luxury), and convenience (easy-to-prepare foods, grab-and-go
packaging) represent some of the emerging growth patterns in
today’s marketplace.
The desire to secure access to specific brands, resources,
capabilities, or proprietary technologies—especially in product
categories adjacent to a company’s existing business—is driving
MA activity in some sectors of the industry. Such acquisitions
often provide a quicker and possibly less risky way for a company
to exploit a specific market opportunity that it has adopted as a
strategic growth platform.
• Under Armour, the U.S.-based marketer of branded performance
apparel, footwear, and accessories, acquired MapMyFitness
in December 2013. The company’s apps include MapMyRun
and MapMyRide, which both draw on GPS technology to let
registered users track their workout routes. The company is
aiming squarely at the rapidly growing wearable technologies
market.
• The tobacco industry has already undergone substantial
consolidation such that major deals are now infrequent. Future
MA activity will continue to provide companies with greater
reach into emerging markets, where demand for traditional
tobacco products remains strong. However, recent activity in
the tobacco industry has included investment in smokeless
tobacco initiatives as companies seek to utilize new technologies
and offer alternatives to traditional cigarettes. BAT, Lorillard,
and Imperial Tobacco have all made recent acquisitions in the
electronic cigarette market.
• In January 2014, Suntory, a Japan-based global drinks group,
agreed to acquire the U.S. spirits company Beam Inc. The
acquisition will make Suntory the world’s third largest maker of
premium spirits, with particular expertise and portfolio breadth
in premium whisky, which is driving the fastest growth in
Western spirits.
38

Deal
rank Buyer
Buyer
location
Buyer
product
sector
Acquired business/Parent
company
Acquired
business
location
Acquired business
product sector
Deal
value**
(US$mil)
Completion
date
1 Kellogg
Company
United
States
Food, Drink
Tobacco
Pringles snack business/
The Procter Gamble
Company
United States Food, Drink Tobacco $3,545 31/05/2012
2 Molson Coors
Brewing
Company
United
States
Food, Drink
Tobacco
StarBev, LP/CVC Capital
Partners Limited
Czech Republic Food, Drink Tobacco $3,498 18/06/2012
3 Sony
Corporation
Japan Electronic
Products
EMI Music Publishing
Limited/Citigroup Inc.
United States Music Publisher $2,200 29/06/2012
4 Anadolu Efes
Biracilik ve Malt
Sanayii A.Ş.
Turkey Food, Drink
Tobacco
Beer businesses in Russia
and Ukraine/SABMiller plc
Russia and
Ukraine
Food, Drink Tobacco $1,900 14/03/2012
5 Svenska
Cellulosa AB
SCA
Sweden Personal Care
Household
Products
Georgia-Pacific Services
S.N.C./Georgia-Pacific, LLC
Belgium Personal Care
Household Products
$1,796 19/07/2012
6 Campbell Soup
Company
United
States
Food, Drink
Tobacco
Wm. Bolthouse Farms,
Inc./Madison Dearborn
Partners LLC
7 Sony
Corporation
Japan Electronic
Products
Sony Ericsson Mobile
Communications AB
(remaining 50% stake in
JV)/Ericsson AB
UK Electronic Products $1,490 15/02/2012
8 Asahi Group
Holdings, Ltd.
Japan Food, Drink
Tobacco
Calpis Co., Ltd./Ajinomoto
Co., Inc.
Japan Food, Drink Tobacco $1,488 08/05/2012
9 Spectrum
Brands
Holdings, Inc.
United
States
Personal Care
Household
Products
Hardware Home
Improvement Group and
certain assets of Tong
Lung Metal Industry Co.,
Ltd./Stanley Black
Decker, Inc.
United States
and Taiwan
Home Improvement
Products
$1,400 17/12/2012
10 Reckitt
Benckiser
Group plc
UK Personal Care
Household
Products
Schiff Nutrition
International, Inc.
11 Bright Food
(Group) Co., Ltd.
China Food, Drink
Tobacco
Weetabix Limited (60%
stake)/Lion Capital LLC
UK Food, Drink Tobacco $1,133 05/11/2012
12 Haier Group
Company
Hong
Kong
Home
Furnishings
Equipment
Fisher Paykel Appliances
Holdings Ltd. (remaining
80% stake)
New Zealand Home Furnishings
Equipment
$1,038 31/10/2012
13 Anheuser-Busch
InBev SA/NV
(Ambev Brasil
Bebidas Ltda.)
Belgium Food, Drink
Tobacco
Cerveceria Nacional
Dominicana S.A. (41.76%
stake, taking AB's interest
to 51%)/Grupo Leon
Jimenes
Dominican
Republic
* Includes only acquisitions where a controlling interest in the acquired company is transferred to the acquiring company.
** Deal value is the sum of the consideration paid by the acquirer for the equity stake in the target plus the value of the net debt in the target, where
applicable (i.e., where debt will be consolidated as a result of the purchase). Net debt is defined as short-term and long-term debt minus cash and cash
equivalents.
Company names in bold are 2012 Global Powers of Consumer Products Top 250 companies
Source: mergermarket.com and company reports
Top acquisitions by consumer products companies in 2012*
Top acquisitions predominantly in food and drink sectors
In 2013, 25 deals of at least $1 billion were completed globally
by consumer products companies. This compares with only 13
billion-dollar-plus deals in 2012 and 17 in 2011. In line with historical
trends, the food and beverage sectors continue to dominate
deal activity in the consumer products industry. Food and drinks
companies acquiring other such companies, brands, or geographic
business units accounted for 19 of the 25 largest deals in 2013 and
7 of the 13 largest deals in 2012.
As already noted, makers of alcoholic beverages were particularly
active. The largest transaction in 2013 was the acquisition by
Anheuser-Busch InBev of the remaining 50 percent stake in
Mexico’s Grupo Modelo for $20.1 billion. Two other deals in excess
of $10 billion were completed in 2013. In 2012, there were few
mega deals; the largest transaction was Kellogg’s acquisition of the
Pringles snack business from PG—a deal valued at $3.5 billion.

Deal
rank Buyer
Buyer
location
Buyer
product
sector
company
Acquired
business
location
Acquired business
product sector
Deal
value**
(US$mil)
Completion
date
1 Anheuser-Busch
InBev SA/NV
Belgium Food, Drink
Tobacco
Grupo Modelo, S.A.B. de
C.V. (remaining 50% stake)
Mexico Food, Drink Tobacco $20,100 04/06/2013
2 Thai Charoen
Corporation
Group (TCC
Assets and Thai
Beverage PCL)
Thailand Food, Drink
Tobacco
Fraser Neave Limited
(remaining 90.32% stake)
Singapore Food, Drink Tobacco $12,932 30/01/2013
3 Nestlé S.A. Switzerland Food, Drink
Tobacco
Pfizer Nutrition/Pfizer Inc. United
States
4 Oak Leaf B.V.
(company
owned by a Joh.
A. Benckiser-led
investor group)
Netherlands Food, Drink
Tobacco
D.E Master Blenders 1753
N.V. (84.95% stake)
Netherlands Food, Drink Tobacco $8,623 18/09/2013
5 Coca-Cola HBC
AG (holding
company formed
by Kar-Tess
Holding S.A. for
the acquisition
of Coca-Cola
Hellenic Bottling
Company)
Switzerland Food, Drink
Tobacco
Coca-Cola Hellenic
Bottling Company S.A.
(76.7% stake)
Greece Food, Drink Tobacco $8,073 18/06/2012
6 Shuanghui
International
Holdings Limited
(now WH Group
Limited)
China Food, Drink
Tobacco
Smithfield Foods, Inc. United
States
7 ConAgra Foods,
Inc.
United
States
Food, Drink
Tobacco
Ralcorp Holdings Inc. United
States
8 Heineken N.V. Netherlands Food, Drink
Tobacco
Asia Pacific Breweries Ltd./
Fraser Neave
Singapore Food, Drink Tobacco $6,593 31/01/2013
9 Midea Group
Co., Ltd.
China Home
Furnishings
Equipment
GD Midea Holding Co.,
Ltd. (remaining 58.83%
stake that it does not
already own)
China Home Furnishings
Equipment
$4,923 18/09/2013
10 Diageo plc UK Food, Drink
Tobacco
United Spirits Ltd. (53.4%
stake)
India Food, Drink Tobacco $3,354 26/04/2013
11 Constellation
Brands, Inc
United
States
Food, Drink
Tobacco
Compania Cervecera de
Coahuila/Anheuser-Busch
InBev NV
Mexico Food, Drink Tobacco $2,900 07/06/2013
12 LVMH Moet
Hennessy Louis
Vuitton SA
France Apparel
Accessories
Loro Piana S.p.a. (80%
stake)
Italy Apparel Accessories $2,831 05/12/2013
13 PVH Corp. United
States
Apparel
Accessories
The Warnaco Group, Inc. United
States
Apparel Accessories $2,787 13/02/2013
14 JBS S.A. Brazil Food, Drink
Tobacco
Seara Alimentos S.A. and
Grupo Zenda/Marfrig
Alimentos S.A.
Brazil and
Uruguay
15 Suntory
Holdings
Limited
Japan Food, Drink
Tobacco
Lucozade and Ribena
non-alcoholic brands/
GlaxoSmithKline Plc
UK Food, Drink Tobacco $2,120 31/12/2013
equivalents.
Top acquisitions by consumer products companies in 2013*
40

Deal
rank Buyer
Buyer
location
Buyer
product
sector
company
Acquired
business
location
Acquired business
product sector
Deal
value**
(US$mil)
Completion
date
16 Fomento
Económico
Mexicano,
S.A.B. de C.V.
(Coca-Cola
FEMSA)
Mexico Food, Drink
Tobacco
Spaipa SA Industria
Brasileira de Bebidas
Brazil Food, Drink Tobacco $1,855 29/10/2013
17 Constellation
Brands, Inc.
United
States
Food, Drink
Tobacco
Crown Imports LLC
(remaining 50% stake in
JV formed with Grupo
Modelo SAB de CV)/
Anheuser-Busch InBev NV
United
States
18 Jarden
Corporation
United
States
Personal Care
Household
Products
The Yankee Candle
Company, Inc./Madison
Dearborn Partners LLC
United
States
Personal Care
Household Products
$1,750 03/10/2013
19 Cobega, S.A. Spain Food, Drink
Tobacco
Rendelsur SA Spain Food, Drink Tobacco $1,553 18/02/2013
20 Saputo, Inc. Canada Food, Drink
Tobacco
Morningstar Foods, LLC/
Dean Foods Company
United
States
21 Svenska
Cellulosa AB
SCA
Sweden Personal Care
Household
Products
Vinda International
Holdings Ltd. (78.3%
stake)
Hong Kong Personal Care
Household Products
$1,369 11/11/2013
22 China Mengniu
Dairy Company
Limited
Hong Kong Food, Drink
Tobacco
Yashili International
Holdings Ltd. (89.8%
stake)/The Carlyle Group,
LLC
China Food, Drink Tobacco $1,260 24/07/2013
23 Cobega, S.A. Spain Food, Drink
Tobacco
Compania Castellana De
Bebidas Gaseosas, S.L.
Spain Food, Drink Tobacco $1,125 18/02/2013
24 Orkla ASA Norway Food, Drink
Tobacco
Rieber Son ASA Norway Food, Drink Tobacco $1,033 30/04/2013
25 The Swatch
Group Ltd.
Switzerland Apparel
Accessories
Harry Winston Inc./
Dominion Diamond
Corporation
United
States
Apparel Accessories $1,000 26/03/2013
MA outlook
As concerns over economic uncertainty begin to recede, 2014
is already shaping up to be a big year for MA activity in the
consumer products industry with January’s announcements of the
$15.7 billion acquisition of Beam Inc. by Suntory and AB Inbev’s
$5.8 billion deal to acquire Oriental Brewery.
With the right ingredients in place to stimulate deal activity,
acquisitions that promise a cost advantage from increased scale will
continue to be a high priority in many companies.
Higher-growth geographic markets will continue to attract buyer
interest. The search for products and brands that support strategic
growth platforms will drive further MA activity. And valuations will
remain high for market-leading brands and businesses with strong
growth prospects.
For more information on activity and trends in the European
consumer products sector, see “The Deloitte Consumer Products
MA Survey: Heading in the right direction?” Winter 2014.
equivalents.

This report ranks the world’s largest consumer products companies
by revenue. While the size of a company is interesting, it does not
necessarily tell us anything about future performance. Large size
merely shows that a company performed well in the past and has,
consequently, achieved scale. Moreover, the market capitalization
of a publicly traded consumer products company, examined alone,
says something about past performance—even if only recently—
but not necessarily about the future.
However, we can examine financial information in order to learn
something about future performance. With that goal in mind,
we have analyzed the Q ratio of consumer products companies
over the last six years. Our goal has been to learn how financial
markets are evaluating the future prospects of the world’s largest
publicly traded consumer products companies. The Q ratio enables
us to infer whether companies are strong in such areas as brand,
differentiation, and innovation.
What is the Q ratio?
The Q ratio—also known as “Tobin’s Q,” after economist
James Tobin—is the ratio of a publicly traded company’s market
capitalization to the value of its tangible assets. If this ratio is
greater than one, it means that financial market participants
believe that a company’s non-tangible assets have value. These
include such things as brand equity, differentiation, innovation,
customer experience, market dominance, customer loyalty, and
skillful execution. The higher the Q ratio, the greater share of a
company’s value that stems from such intangibles. A Q ratio of
less than one, on the other hand, indicates failure to generate
value on the basis of even tangible assets. It indicates that the
financial markets view a consumer products company’s strategy as
unable to generate a sufficient return on physical assets. Indeed, it
suggests an arbitrage opportunity. That is, if a company’s Q ratio
is less than one, a company could, theoretically, be purchased
through equity markets and the tangible assets could then be sold
at a profit.
Why do we care about the Q ratio?
In recent years, one of the biggest challenges facing consumer
products companies has been the squeezing of margins due
to commoditization. That is, consumers often view the brands
produced by these companies as undifferentiated from one
another except on the basis of price. This trend has been
exacerbated by the ability of consumers to use the Internet,
and especially mobile devices, to compare prices and products.
Commoditization causes intense price competition and tends to
drive down prices and, therefore, margins. Only the lowest cost
leaders in any product segment can compete primarily on the basis
of price. All others must do something else.
The antidote to commoditization, of course, is to differentiate
through better customer experience and innovation, and to
communicate this differentiation to consumers through good
brand management. Consequently, a high Q ratio suggests
that the financial markets believe a company is doing the right
things to succeed in a business environment characterized by
commoditization. A Q ratio less than one may indicate that the
financial markets believe a company is failing to use its physical
assets in a profitable manner.
Top 30 consumer products companies by Q ratio
ITC Limited 6.22
Henan Shuanghui Investment Development Co. Ltd. 5.87
Want Want China Holdings Limited 5.60
Lorillard, Inc. 5.13
Green Mountain Coffee Roasters, Inc. 4.96
The Hershey Company 4.86
Mead Johnson Nutrition Company 4.78
Grupo Modelo, S.A.B. de C.V. 4.35
Colgate-Palmolive Company 4.32
Herbalife Ltd. 4.10
Inner Mongolia Yili Industrial Group Co., Ltd. 3.91
NIKE, Inc. 3.79
The Estée Lauder Companies Inc. 3.70
Kweichow Moutai Co., Ltd. 3.52
Philip Morris International Inc. 3.40
The Swatch Group Ltd. 2.87
Apple Inc. 2.77
China Mengniu Dairy Company Limited 2.75
LG Household Health Care, Ltd. 2.75
L'Oréal S.A. 2.68
The Clorox Company 2.63
Ralph Lauren Corporation 2.62
Hormel Foods Corporation 2.61
V.F. Corporation 2.58
Tsingtao Brewery Co., Ltd. 2.56
Essilor International S.A. 2.56
Reckitt Benckiser Group plc 2.51
Luxottica Group S.p.A. 2.37
Natura Cosméticos S.A. 2.32
British American Tobacco plc 2.28
Q ratio analysis
42

What do the numbers show?
This year we have calculated the Q ratio for 191 publicly traded
consumer products companies compared to 190 companies last
year and 189 the previous year. The composite Q ratio (calculated by
taking the sum of all companies’ market capitalization and dividing
by the sum of all companies’ asset values) is 1.302, slightly lower
than last year, but higher than in many recent years. Given the
recovery in the global economy and the rise of equity prices in many
markets, it is no surprise that the composite Q ratio is up.
Here are some of the highlights of our analysis:
• The companies on the list with the highest Q ratios come from a
mix of industries. First on the list is ITC Limited from India. It is one of
India’s large conglomerates producing a wide range of fast moving
consumer goods. Interestingly, of the top 20 companies on the list,
seven come from emerging markets, all from greater China, India,
or Mexico. Not surprisingly, 10 of the top 20 are from the United
States. The top three US companies on the list sell tobacco, coffee,
and chocolate. Evidently sinful pleasures have considerable value.
Also among the top 20 are such iconic brand names as Apple, Nike,
and Estee Lauder. The relatively high Q ratios that characterize these
companies reflect financial market confidence in their future ability to
generate profits based on strong brands. Yet no company should ever
rest on its laurels. The bottom of the list (which we do not publish)
includes many names that once dominated their industries, only to be
eclipsed by innovative upstarts. Hence, a high Q ratio is no guarantee
of future success. But it does suggest financial market confidence that
the brand has legs on which to stand.
• Composite Q ratios were calculated by country and region. Country
composite Q ratio was calculated only if a country has three or more
publicly traded companies on the top 250 list. The country with the
highest composite Q ratio is Mexico, followed by Switzerland, and the
U.S. As was the case last year and the year before that, the country
with the lowest Q ratio is Japan. Low Q ratios are also found in Brazil,
Canada, Hong Kong, South Korea, and Turkey. Strong Q ratios are found
in China, France, Germany, and the UK. Overall, emerging markets had a
composite Q ratio nearly identical to that of developed markets.
• Composite Q ratios were also calculated based on a company’s
primary product sector. Not surprisingly, the industry with the highest
composite Q ratio is fashion goods. Success in fashion usually requires
strong brand identity, so this is to be expected. The other industries
with relatively high composite Q ratios were food, drink, and tobacco
as well as personal and household products. This has not changed
since last year. By contrast, such industries as tires, home furnishing,
and home improvement had relatively low composite Q ratios.
• This year, for the first time, we ask the question whether the size
of a company, either in terms of revenue or market capitalization,
influences the Q ratio. We found that the top 20 companies ranked
by revenue had a moderately higher composite Q ratio than the
bottom 20. However, market capitalization appears to be of greater
importance. The top 20 companies ranked by market capitalization
had a far higher composite Q ratio than the bottom 20. Evidently,
the value that the financial markets assign to a company is closely
correlated with whether the company makes good use of its value.
Q ratio by country
Mexico 1.90
Switzerland 1.84
USA 1.80
Germany 1.78
China 1.68
UK 1.60
France 1.42
Italy 1.06
South Korea 1.02
Hong Kong 0.90
Sweden 0.90
Taiwan 0.77
Canada 0.76
Turkey 0.62
Brazil 0.54
Japan 0.48
Q ratio by region
North America 1.76
Europe 1.46
Latin America 1.16
Africa/Middle East 0.88
Asia Pacific 0.73
Emerging Asia 1.418
Emerging markets 1.283
Developed markets 1.304
Total 1.302
Q ratio by primary product sector
Apparel and accessories 2.19
Personal care household products 1.82
Food, drink, tobacco 1.32
Electronic products 1.05
Leisure goods 1.03
Home improvement products 0.89
Home furnishings equipment 0.80
Tires 0.69
Q ratio by market cap
Top 20 by revenue 1.40
Bottom 20 by revenue 1.15
Top 20 by market cap 1.84
Bottom 20 by market cap 0.18

To be considered for the Top 250 Global Powers
of Consumer Products, a company must first be
designated as a manufacturer (primary SIC code
20-39). Each company is then analyzed in an
attempt to determine if the majority of its sales are
derived from consumer products versus commercial
or industrial products. Broadly defined, these are
products produced for and purchased by the ultimate
consumer. Generally, these products are marketed
under well-known consumer brands. We have
excluded contract manufacturers—organizations
that make products primarily under contract for
other companies—and included only companies
whose brands are on the final products. We also
have excluded motor vehicles, as this industry is not
relevant to the vast majority of the target audience
for this analysis.
Companies whose primary business was the sale
of consumer products were included among the
Top 250 based on their total fiscal 2012 net sales,
which may include sales of commercial and industrial
products as well as consumer products. Excise taxes
were excluded from the sales of tobacco and drinks
companies. Our fiscal 2012 definition encompasses
companies’ fiscal years ended through June 2013.
A number of sources were consulted to develop the
Top 250 list. The principal data sources for financial
information were annual reports, SEC filings, and
information found in companies’ press releases, fact
sheets, or websites. If company-issued information
was not available, other public-domain sources were
used, including trade journal estimates, industry
analyst reports, and various business information
databases.
In order to provide a common base from which
to rank the companies, net sales for non-U.S.
companies were converted to U.S. dollars. Exchange
rates, therefore, have an impact on the results.
OANDA.com was the source used for the exchange
rates. The average daily exchange rate corresponding
to each company’s fiscal year was used to convert
that company’s results to U.S. dollars. However,
the growth rates and profit margin reported
for individual companies are calculated in each
company’s local currency.
Group financial results
Sales-weighted, currency-adjusted composites
are used to report the financial results of groups
of companies. This means the results of larger
companies contribute more to the composite
than do results of smaller companies. To calculate
results for groups of companies that may report in
a variety of currencies, and to facilitate comparison
among groups, it also means that data must first be
converted to U.S. dollars. In order to eliminate the
impact of fluctuations in exchange rates over time,
composite growth rates also are adjusted to correct
for currency movement.
Composites and averages for each group were based
only on companies with data. Not all data elements
were available for all companies.
It should also be noted that the financial information
used for each company in a given year is as
originally reported. Although a company may have
restated prior-year results to reflect a change in its
operations (e.g., the divestiture of a business unit),
such restatements are not reflected in this data.
This study is intended to provide a snapshot of the
consumer products industry at a point in time. It is
also intended to reflect market dynamics and their
impact on the structure of the industry over a period
of time. As a result of these factors, the growth
rates reported for individual companies may not
correspond to other published results.
Study methodology and data sources
44

1. Consumers go shopping online in the global marketplace this festive season, Customer Click, 29 November 2013. http://customerclick.in/2013/11/29/
consumers-go-shopping-online-in-the-global-marketplace-this-festive-season/
2. International Air Transport Association. http://www.iata.org/pressroom/pr/pages/2013-12-10-01.aspx
3. The Globalization Of eCommerce In 2014, Forrester, 12 December 2013. http://blogs.forrester.com/zia_daniell_wigder/13-12-12-the_globalization_of_
ecommerce_in_2014
4. Euromonitor International’s Top 10 Global Consumer Trends for 2014. http://go.euromonitor.com/top-10-global-consumer-trends-for-2014-white-paper.html
5. http://www.forbes.com/sites/greatspeculations/2014/03/04/nike-faces-tough-competition-in-europe-and-china/
6. Frito-Lay. http://www.fritolay.com/about-us/press-release-20140114.html
7. 10 trends to watch in consumer packaged goods in 2014, Datamonitor, 15 January 2014. http://www.datamonitorconsumer.com/10-trends-to-watch-
in-consumer-packaged-goods-in-2014/
8. Kraft Reveals 2014 Product Innovations, Progressive Grocer, 26 February 2014. http://www.progressivegrocer.com/top-stories/headlines/competitive-
watch/id41090/kraft-reveals-2014-product-innovations/
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Health-and-Wellness/Copper-Moon-launches-first-probiotic-in-a-K-Cup-with-Ganeden-BC30
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TMT%20Predictions%202014.pdf
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collaborating-with-retailers/big-data-analytics/
Endnotes

Authors
Ira Kalish
Deloitte Services LP
ikalish@deloitte.com
Jack Ringquist
Deloitte Consulting LLP
jrigquist@deloitte.com
Consumer products contacts
for Deloitte Touche Tohmatsu
and its member firms
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Contacts
46

Notes

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