A lot of talk of India’s potential is currently obscured by the slowdown in the economy, which is also linked to global turmoil. However, experts assert that this is only a temporary blip on the radar, and India’s long term promise is far from breached. Presently a US$ 3 trillion economy, India is targeting a GDP size of US$ 5 trillion by 2025, which undeniably means tremendous upside for businesses.
Consumption is the most critical bulwark of this growth, with the Indian consumer market projected to grow from US$ 1.9 trillion in 2019 to US$ 3.6 trillion by 2025. While it took 20 years to reach a size of US$ 1 trillion, it would just take 6-7 years to add the next trillion dollars. The prospects are particularly bright for the food & FMCG industry, as it is known to best reflect the growth in lifestyle aspirations and consumption with growing affluence. Moreover, the industry has managed to penetrate well beyond the top six-seven metros. In fact a number of major retailers are reporting rich dividends from Tier II and Tier III towns. The prognosis is only bound to get better with the promise of 100 smart cities and associated infrastructure with planned growth. More and more affluent as well as young working people will be attracted to settle in these cities, thereby driving growth in food, grocery and outdoor dining. Beyond this, online retail has penetrated far deeper into the Indian hinterland, precipitating growth rates that are among the fastest in the world. Online retail has been the game-changer by penetrating the entire geographic reach of the country and the growth rates are amongst the fastest in the world. With 65% of the population under 35 making it the world’s largest youth demographic, the consumption story looks even more promising.
This story is from the March 2020 edition of Progressive Grocer.
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This story is from the March 2020 edition of Progressive Grocer.
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