International BusinessP&G to win more consumers in India, China: McDonald
Global FMCG major Procter & Gamble will be bullish on winning consumers in emerging markets of India and China as it eyes increased sales in the two strong economies, its new chief said today.
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"We will continue to grow in emerging markets and focus even more in winning consumers in India and China," Robert McDonald, who takes over as P&G"s new President and CEO from July 1, said in a conference call.
He said currently the per capita spending on P&G products is less than a dollar per person a year in India and $3 in China.
"If over time we increase the per capita consumption in both India and China to the level we see currently in markets like Mexico it would generate an incremental $40 billion in annual sales," he said.
At present, the company serves about 3.5 billion people of the nearly seven billion world population. It is eyeing to reach at least another billion or more in the decade ahead.
McDonald said P&G hopes to more-than-double its annual sales to $175 billion over the next 15 years mostly in countries with booming populations and still-developing economies.
For the company, 2010 would be the "year of investments" as it hopes to increase market share in categories such as household products, beauty and grooming and healthcare products.
"We have significant opportunities to grow share and fill in white space in all of these core and disproportionate growth businesses," he added.
Currently P&G"s Chief Operating Officer, McDonald would succeed A G Lafley, who has been President and Chief Executive for the past nine years. Lafley, who is also a Chairman of the Board, would continue in that position on a full-time basis.