May 8, 2024
Why in news? India’s fast-moving consumer goods (FMCG) sector witnessed growth in rural consumption in volume terms outpace urban consumption for the first time in five quarters, in the January-March period 2024.
According to a report from consumer intelligence firm NIQ, rural consumption grew at a rate of 7.6 per cent year-on-year (Y-o-Y) in Q1CY24, overtaking that in urban areas which stood at 5.7 per cent.
This is a notable change from Q4CY23, when rural volume growth was at 5.8 per cent, and the urban consumption rate was higher at 6.9 per cent
About India’s fast-moving consumer goods (FMCG):
India’s fast-moving consumer goods (FMCG) market is a major player in the Indian economy, ranking as the fourth largest sector.
Food and Beverages: This includes dairy products, packaged foods, snacks, soft drinks, and alcoholic beverages.
Household Care: Soaps, detergents, cleaners, and disinfectants.
Personal Care: Cosmetics, toiletries, hair care products, and hygiene products.
Healthcare: Over-the-counter medicines, vitamins, and basic healthcare products.
Distribution Network: FMCG products reach consumers through a vast network, including:
Modern Trade: Supermarkets, hypermarkets, and convenience stores.
Traditional Trade: Kirana stores (small family-run shops) and rural markets.
E-commerce: Online marketplaces are gaining traction for FMCG products.
Strong Rural Presence: Around 45% of FMCG consumption happens in rural areas, highlighting the importance of catering to diverse needs.
Value Consciousness: Price sensitivity is high among Indian consumers, making affordability a key factor for FMCG companies.
Overall, India’s FMCG market is a vibrant and growing sector with significant potential. Its ability to cater to the evolving needs of a large and diverse population will be crucial for its continued success.
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