In Goods We Trust: Risk and Reputation in FMCG
A Sector Snapshot – September 2026
In Goods We Trust: Risk and Reputation in FMCG
A Sector Snapshot – September 2026
At a Glance
We tracked stakeholder perceptions of 12 leading fast-moving consumer goods (FMCG) companies, as well as potential reputational risks to the sector, across eight markets in the first half of 2026.
Trust runs upward: brands lift the company, but reputational damage doesn't reliably flow back down
The sector's reputation took a hit
Its average global Trust & Like Score, our chief measure of corporate reputation, dipped sharply twice in the first half of 2026, in late January and early May, before recovering. The drops coincided with Nestlé's infant-formula recall, the rising cost of living, and a major US lawsuit against manufacturers of ultra-processed foods.
Trust runs upward
Familiarity with a company's product brands lifts its corporate reputation, and damage to a brand doesn't hold the company back for long. Nestlé's global score fell early in the year after the product recall but has since recovered. It now has one of the highest Trust & Like Scores in the sector, alongside General Mills and Colgate-Palmolive.
Reputation is built on products and people
Offering, Society, and Relevance drive corporate reputation most: how people see the products, the company's impact on people, and how relatable it feels.
The most damaging risks are controllable
Ingredient safety and responsible sourcing do most harm; both are within a company's control.
Background
This snapshot is our first published in-depth look at the FMCG sector in four years, and considers three distinct but related angles. Part One comprises the FMCG sector's reputation across more than a dozen metrics, and what drives it; Part Two looks at the reputation of 12 of the world's largest multinational FMCG companies ("the Global 12") and at whether the individual reputations of Nestlé’s and P&G’s product brands affect their corporate reputations; Part Three examines perceptions of reputational risk.
THE MOST FAMILIAR SECTOR
Think of a leading brand, and what comes to mind is probably a fast-moving consumer good: your favorite brand of cereal or coffee, your shampoo or laundry detergent.
From food and drink to personal care and household basics, few sectors touch daily life as often or as intimately as FMCG.
But that closeness cuts both ways.
FMCG companies boast deep reservoirs of public trust but have nowhere to hide when something goes wrong.
THE SQUEEZE TIGHTENS
The global affordability crisis intensified in early 2026, as geopolitical developments added a fresh wave of pressure on FMCG companies.
The Middle East conflict began pushing up oil, gas, and fertilizer prices, with shipping disruptions, diesel price spikes, and freight surcharges adding further pressure and prompting companies to adopt "shrinkflation" and calibrated pricing.
The consequence? Another squeeze on everyday goods, potentially impacting stakeholder perceptions of the sector.
CRISIS AFTER CRISIS
In early 2026 alone, Hershey's annual profit fell nearly 60%, amid allegations of ingredient-switching at Reese's, Kraft Heinz paused its planned split as top shareholder Berkshire Hathaway signaled an exit, and Nestlé recalled infant formula globally amid hospitalizations.
A $1 billion lawsuit in May accused eight major companies of engineering addictive ultra-processed foods.
Many brands, many audiences
Stakeholder perceptions aren’t static. What impacts corporate reputation differs by market — what works in Brazil, say, might fail in Germany — as well as by audience.
A policymaker, an investor, and a shopper simply don’t assess companies on the same grounds. Business decision-makers and key opinion leaders, such as journalists and NGOs, tend to be more skeptical, risk-sensitive, and largely untouched by consumer marketing.
Perhaps no sector experiences these distinctions as acutely as FMCG. Broadly speaking, it splits into two models. For branded houses — like the Coca-Cola Company and, arguably, Colgate-Palmolive — brand and company are effectively the same. Think of the product, and you see the company, too.
At houses of brands — like Nestlé, P&G, or Unilever — product brands carry their own reputation with consumers, while the parent company answers separately to other stakeholders.
MAPPING THE STAKEHOLDER
In the stakeholder-prioritization model, customers sit at the center, surrounded by three wider groups: business partners (investors, suppliers, retailers), policymakers and regulators, and wider society (the communities and campaigners that shape a company's standing).
- Part Two of this snapshot focuses on the center: how consumers see the Global 12 companies, and how consumer trust shapes corporate reputation.
- Part Three looks further out, examining perceptions of reputational risk, a line of inquiry that reflects the broader remit of the chief communications officer (CCO) in this sector.
Smarter decisions start with stakeholder intelligence.