I think this is the crux of what the Professor is trying to say. He is not saying “FMCG companies are going to get disrupted, don’t buy them”. He is saying “FMCG companies are more likely to be disrupted in the near future when compared to the past. So, make sure you value / pay for them accordingly”.
In a very crude sense, what he’s trying say that perhaps FMCG companies may not reclaim the high P/E multiples they once did. Even if that’s not entirely true, there is some merit to his argument.
Maybe in India, it will perhaps take a decade more. But we would be better as investors to at least consider taking stock of that risk and making sure our purchase price is cognitive of that.