Articles by 菁财聚焦大消费

The Moat of the FMCG Industry: Brand, Product, or Channel—Which Reigns Supreme?

The concept of economic moats, introduced by Warren Buffett, refers to a company's sustainable competitive advantages in defending against competitors, including intangible assets, network effects, switching costs, and cost advantages. In the FMCG industry, brand and channel are the most critical moats, while product technology alone rarely forms a durable barrier.