Two Indian companies ITC and Ruchi Soya were among the world's 50 fastest growing consumer firms during the June 2009-June 2010 period, according to the latest annual report by market research firm Deloitte.
According to the 4th annual report "Global powers of the consumer products industry 2011," by the firm, India's ITC Ltd, which sells cigarettes, food and personal care products besides presence in hospitality and paper segments, has been ranked 15th in the list, while edible oil maker Ruchi Soya stood at the 20th position.
The Deloitte report identified 250 largest consumer products companies, based on data available for the 12-month period between June 2009 and June 2010.
During the period, ITC's net sales stood at $4.04 billion at a growth rate rate of 17.2%, while Ruchi Soya grew by 14.3% with an annual sales of $3.01 billion.
France's food processing firm Groupe Bigard SA topped the list by growing at a rate of 80% and sales of $6.27 billion for the period.
"Currently, while India is represented by only two companies among the 50 fastest growing consumer product companies, there is a huge potential as large Indian conglomerates in the consumer business sector are witnessing strong growth," Deloitte in India Senior Director Rajan Divekar said.
He said India's growth story comes from the increasing consumption power among Indians and the modernisation of retailing.
"As the Indian retail industry modernises, the cost of distribution is likely to fall, suppliers will have an incentive to invest in technology and consumers will gain access to cheaper, fresher and safer products," he said.
While the list was mainly dominated by food, beverages and tobacco firms, most of the companies were from emerging markets, including Latin America and Asia Pacific region.
Some of the other well-known global firms which are among the 20 fastest growing companies include Research in Motion, Reckitt Benckiser, LG Electronics and Samsung among others.
The report also highlighted that while there has been an overall 1.2% decline in sales among the top 250 firms across the globe, the 50 fastest growing companies increased sales at a rate of 18.2%.
"Acquisitions served as the primary growth driver for the fastest growing companies. Nine of the first 10 fastest 50 companies made significant acquisitions in 2008 and/or 2009, (and) propelled top line growth," the report said.