In the first quarter of 2024, the Indian packaged consumer goods industry witnessed a notable turnaround, with rural demand surpassing urban markets for the first time in 15 months. This shift marked a significant development for India’s fast-moving consumer goods (FMCG) sector, which had been grappling with sluggish rural demand for over a year. While urban shoppers had previously compensated for this slowdown with increased spending on packaged items, the recent data suggests a reversal of this trend.
According to consumer intelligence firm NielsenIQ, the FMCG industry reported a robust 6.6% growth in value terms during the March quarter, driven by a 6.5% increase in volumes. Roosevelt D’souza, the Head of Customer Success India at NielsenIQ, attributed this growth to evolving consumption trends, with rural areas leading the charge for the first time in five quarters. Notably, home and personal care (HPC) categories outperformed food categories, with larger pack sizes driving growth in the former segment.
This story is from the May 08, 2024 edition of The Business Guardian.
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This story is from the May 08, 2024 edition of The Business Guardian.
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