Indian FMCG industry s volume grew 6.4% YoY in Q4 23, with uptick in consumption in both urban and rural areas. Consumption gap between urban and rural markets narrowed for the first time in 2023. FMCG industry registered 6% growth in value terms, aided by higher volume and recovery in rural markets. In 2024, industry expected to grow between 4.5% and 6.5%. Sequentially, volume growth declined in Q4 23 due to moderation in FMCG consumption.
The market research firm said it expects the industry to grow at between 4.5% and 6.5% in calendar year 2024. At the lower end, this would translate to less than half the 9.3% growth rate achieved in 2023.
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These days the “house brands” aren’t limited to the boringly packaged cheapies. They’re also premium products taking on the high-end established brands.