You are unable to edit this page, please log in to edit .
This page seems to be incomplete!
Please help us to improve this report - add or edit content. Top editors receive sponsorship revenues that this report may get. (see all pages having same badge)

Consumer packaged goods industry in India growing at 27.9% until 2025

In India, the CPG sector is the fourth largest and had reached market size of $52.8 billion in 2018. The sector is further expected to rise by a CAGR of 27.9% until 2025 and is expected to reach market value of $103.7 billion by 2020.

  • Page views 415 views
  • Page contributors 2 Editors
  • Page update date Updated 5 months ago

Definition / Scope

  • Consumer Packaged goods or CPG are items which are used on regular basis by consumers that requires replacement (buying new one) or replishnment. In Asia, CPG is also known as FMCG or Fast moving consumer goods. However FMCG consist of products sold loose whereas CPG consist of products that are packaged or branded or both. Some of the examples of CPG products are: food, beverages, clothes, tobacco, makeup, and household products among others. [1]
  • The CPG can be formally categorized into 3 major sectors which include: [2]
    • Food & beverages: It is the largest CPG category in India. The sector can further be divided into food and beverages where food comprises of baked goods, convenience food, dairy, and confectionaries among which biscuits are most popular baked goods in India. While in beverages, tea, coffee and soft drinks are popular.
    • Household goods: It is the second largest sub-sector of CPG in India. The sector consists of categories such as fabric care, dish soap, surface care, toilet care, home insecticides, and air care
    • Personal care: It is the third largest sub-sector of CPG in India. The personal care segment is comprised of packaged products such as hair care, bath products, skin care and cosmetics, and oral care.
  • Besides, these major categories other packaged products such as baby care, tobacco, alcohol, pet care and salon segments also fall under CPG which altogether account only 8% of the total sales in CPG in India.
  • Durable goods such as electronic products (TV,washing machine, smartphones) or automobiles are also packaged but unlike the general CPG's which have a short shelf lives, are cheap and replaced often, durable goods on other hand last for several years and is enjoyed across extended period of time. [1]

Market Overview

  • The Consumer Packaged Goods (CPG) also known as Fast Moving consumer Goods in India is growing at a 14.7% rate annually and is expected to reach $110.4 billion by 2020. [3]
  • The sector employs somewhere around 3 million workers. Most of the CPG goods are delivered to end consumers through retail network of 8.8 million stores which are mostly single location family owned stores. [2]
  • The India’s CPG Industry can be divided among 4 major categories: [2]
    • Food & beverage- The Food & beverage sector is the major category valued at $15 billion and accounts 41% of the total CPG industry. Parle is the leader in the category(biscuits) with its biscuit Parle-G. The convenience food segment includes frozen meals, packaged snacks, and ready-to-cook foods. Some of prominent players in the segment(brands) are Mother Dairy’s Safal Fruits & vegtables, MTR foods, PepsiCo(lays), Hindustan Unilever’s Kissancondiments, juices and jams and Nestle’s Maggi. Finally, India is the largest producer of consumer milk in the world where the local vendors dominate mostly such as Amul provides milk products (ghee, yoghurt, buttermilk, cheese and other milk substitutes. The confectionery segment includes desserts and sweers where Monelez’s Cadbury and Haldiram products are most popular.
      • Tea is the most common hot beverage in India, in all regions except south. The segment is led by brands such as Brooke Bond Red Label, Brooke Bond 3 Roses, Brooke Bond Taj Mahal, Brooke Bond Taaza, and Lipton tea brands. Tata Global Beverage’s Tetley which is a tea is also popular whereas, southern India historically prefers coffee with brands such as Nestle and Bru. Soft drinks category is ruled by Coca-cola and PepsiCo. Finally, packaged water category includes, Parle Agro’s Bisleri, Pepsico’s Aquafina and Coca-cola’s Kinley.
    • Personal Care- The sector accounts 22% of the total CPG industry revenue. Haircare is the major category where shampoo is the most popular product in India. The segment itself is valued at $818 million and is dominated by Hindustan Unilever Ltd. Besides Hair oil is another important segment valued at $1.3 billion annually. Another popular category soap is also valued at $1 billion, it is a product found in 90% households in India. For Men, shaving cream and personal care items are most important, in this category P&G’s Gillette is the popular and preferred brand. In cosmetics, Hindustan Unilever’s Fair7Lovely, Lakme and Ponds are most popular followed by international brands such as Loreal Paris and Revlon are also expanding their presence due to growing demand. Lately, the organic skin care category is also growing at 20% annually with market expected to total $157 million by 2020. Himalaya herbal & Boutique are some brands that dominate the organic skincare segment. Finally, Colgate Palmolive dominates more than 50% of the oral category which is also the smallest segment in the personal care segment.
    • Household care-The segment is valued at $3.4 annually and is projected to growing 19% annually till 2020. The sector accounts 29% of the total CPG industry in India. Fabric care is a major category accounting for 68% of the household care sector. This includes, hand-wash detergents and bars, are the most popular forms. Hindustan Unilever, dominates this segment with its Wheel, Surf Excel, and Sunlight detergents, Comfort fabric softener, Rin bar soap and bleach. Other successful domestic brands include Nirma and Godrej. Within the toilet category, Reckitt Benkiser leads with its brand Harpic toilet bowl cleaner. Other products are Hindustan Unilever’s Domex and Dabur India’s Sani Fresh respectively. Within the home insecticide category, Godrej is leader with its Goodnight Mosquito repellent followed by hit pest repellent. Finally, the air care category consists of air fresheners where Dabur India is one of the leaders with Odonil, P&G’s Ambi Pur and Godrej’s AER are some popular brands in the market.
    • Other-There are other niche categories of CPG which all in all account 8% of the total sales/revenue in the industry. This category includes, pet care, alcohol, baby care, consumer durables, pet care and salon segments.
  • The growth of the Indian CPG industry is mainly driven by the large population base in India which is mostly comprised of the middle class and are largely underrepresented in rural areas. As a result, CPG companies have a chance to convert new consumers into their branded products. Second reason is the presence of American media in the country which has led to increase in demand for western style convenience goods that has led to entry of multiple foreign players into the industry. [2]
  • Some of the major domestic CPG companies across all segments include, Hindustan Uniliver Ltd., Godrej consumer products, Dabur and Nirma whereas, top foreign players in the market are Nestle, P&G and Colgate-Pamolive respectively. [2]
  • In general, when buying products the Indian consumers prefer well-known brands and price that they are paying for the brand as they need value for their money. Mostly, brands that find success in Indian CPG are the ones that offer range of product lines with fair price and value considerations. [2]

Key Metrics

Metrics Value Explanation
Base Year 2018 Researched through internet

Top Market Opportunities

  • The Indian population is becoming dominated by millennials absolutely. The age group between 18-35 years having over 440 million, the millennial generation constitute 34% of the country's total population. Not only that, they also account major share of workforce in the country. Millennials are the generation driving advancements in the consumer industries and are not only dominant in India but across the world. These millennials are extremely digital native and prefer in leveraging technology and internet for meeting their shopping needs. In addition, being connected to information and as wage earners in their families they have significant powers and greater access to products and services. Thus, this trend of shifting purchasing power towards millennials is definitely going to drive the consumer markets in the country especially towards niche segments where millennials are likely to increase their disposable incomes. In order to capture value from this market segment, the CPG companies have the opportunities to unlock millions of dollars of revenue and thus, their focus must be on following :[4]
    • Emphasis on health and healthcare: In India, millennials are the generation most health conscious and are placing higher importance on physical wellbeing. The eating out culture has significantly reduced which gives immense opportunity to CPG manufacturers (food processing companies) to introduce healthy packaged snacks which might appeal millennials. In addition, under the personal care category, there is growing demand of organic/natural based products or chemical Ayurveda products not only in skincare but across other categories such as oral care, toilet products, air care among others. Thus, the focus of the upcoming brands need to be placed on same.
    • Importance of convenience: As millennials consist of major group in the workforce, the time constraint factor has led these younger generation to rely on online shopping. Thus, brands that are operating traditionally have huge opportunity to cater their products through online presence. Not just online shopping, but online ordering from restaurants are on rise which has also led ‘ready to eat’ product category in CPG to grow exponentially at the rate of over 28% annually over the last five years in the country.

Market Drivers

  • Government initiatives: The government of India is trying to promote consumer goods industry and retail industry as a whole by several initiatives such as make in India, digital India, GST, Ayushmaan bharat, Smart cities mission and initiatives for green economy. Especially, Make in India and GST are two initiatives that have promoted the CPG industry lately in the country. For instance, make in India initiative has agenda of creating six industrial corridors across several regions within the country. Similarly, after the initiative India’s DBI rank also moved up to 77. At the same time, the FDI into the sector increased across food processing, personal care and dairy foods with a total of $1126 million in 2018. GST on other hand promoted the CPG category by reducing the tax slab across many segments mostly the food items. After these initiatives, more FDI is likely to increase in the sector. [4]
  • Growing importance of packaging: The growth of packaging industry in India is adding value to lot of manufacturing sectors but mostly the CPG industry. The plastic is the most heavily used material in CPG packaging due to its visual and innovative appeal however, more lately, sustainable packaging made up of jute, paper and cloth is increasing rapidly. The growth in lifestyle and consumption patterns has increased the demand for the packaged products resulting in growth packaging industry and CPG industry altogether. As the packaging industry in India is set to grow at a CAGR of 15% with market size reaching $32 billion by 2025, a lots of loose selling goods in the market might seek onto packaging & branding in near future leading to an organized packaged goods market in India. Further, the increased presence of global multinational companies and consumer brand awareness is likely to push the message of 'clean label' messaging that is likely to drive the trend of packaging goods. [5]

Industry Challenges

  • In 2018, the CPG market shrank in comparison to that in 2017 despite of presence of branded products bolstering their marketing efforts who encountered double digit growth during the year. The maket skewing downwards could be the reflection of falling demand for unbranded or unorganized products present in the market. The overall volume of the market declined by 1% in 2018 compared to 7.5% rise a year ago.[6]
  • The CPG sector had been accelerating since 2015 and took a downturn since 2018. Much of the decline in the market has been contributed by the food & beverage category despite accounting the majority share of total CPG earnings. For instance, the atta and wheat category fell by 2% whereas oil & vanaspati ghee fell by 0.5% respectively. In line with that, the slowdown wasn’t limited to food as nearly 75% of all the categories across food, househols and personal care either declined or grew at a rate lower than 2%. For instance, toilet soaps, hair oils, milk food drinks and salt fell in absolute terms, while the growth of laundry, tea, soft drinks and spices were lower in 2018 compared to 2017. [6]
  • The major reason for the market to plummet drastically over a year as described by the industry experts could be the consumers shift towards branded products and rising trend of people becoming health conscious which is reflected in their preference of products. Also, the branded products account less than 10% of the overall consumption such as dairy, rice and wheat. The players outside the market that sell these products loose are still dominating the market. For instance, in tea segment, 40% of the market is ruled by the sellers who sell it loose (unpackaged) operating in just one region or district. Thus, the presence of local, unbranded products with low prices are still plaguing the market and troubling the growth of CPG. These unpackaged products are selling across multiple segments such as detergents, hair oil, tea, snacks and biscuits. [6]
  • Another reason for the decline could also be a stock backlog in the system at both distributor and retailer channel that will be reflected if growth rates are subdued in upcoming quarters in 2019. Listed CPG giants such as Hindustan Unilever, Marico and Dabur posted strong volume growth in the past few quarters, supported by government's announcement of GST in 2017. However, a recent CLSA report has identified that in 2019, even the growth rates for these companies are expected to be moderate to high and in single-digit as compared to double digit in 2018.Further, the demand growth rate for CPG is declining across both urban and rural areas and the contraction in demand could be an outcome of macro factors such as moderation in GDP growth and wage inflation. [6]

Pricing Trends

  • In India, the CPI (consumer price inflation) increased slowly through April 2018 and reached 4.6% and was recorded 1% higher in September 2018. Due to the upswing that came in, there were hike in prices of several CPG goods across segments such as household goods. Further, the rising crude prices is likely to maintain the inflationary pressure till 2019. [4]
  • The Indian rupee (INR) has devalued in 2018, as the rupee strength has been on the downside, the inflation pressure has built further. Over 2019, the INR is further expected to remain volatile and depreciate due to US dollar strengthening leading to inflationary pressures and lower investor sentiment. [4]
  • In India, shoppers demand only products that they can afford and especially during recession, the companies focus on cost reduction to reduce the end price of their brand that sells in the market. For instance, Hindustan Unilever did so with its leading soap brand, Lifebuoy in rural India. The company reduced the price from 13 rupees 28 cents to 26 cents on 90-gram bars. Even a 1-rupee price cut can be significant and other companies such as Godrej Consumer Products and Nestlé India are taking similar steps to reduce prices substantially. Despite of reduction, the rise in demand leads to volume sales that keep the margins of these companies intact. On the other hand to reduce costs, these companies are improving their supply chain and reducing inventories. [7]

Regulatory Trends

  • In 2017, the government of India (GoI) tried to introduce a new tax structure (Goods & Services Tax) and align it's with the indirect tax effective rates present in Indian consumer market and control the inflation. For instance GST for CPG products such as aata, edible oils, cereals and milk was pegged at 5%. Similarly, for products such as medicines and fruit juices, GST was pegged at 12%. Products such as hair oils, soaps, toothpastes and kajal sticks were also classified in 18% tax bracket. Finally, many shampoos, cosmetic products and chocolate belonged to 28% bracket respectively. [8]
  • The introduction of GST led to high tax on expensive/luxury category whereas low on the fast moving consumer goods purchased by mass population. Before GST, there was an indirect tax rate of range between 21-23%. The government addressed the concern by reducing the GST rates for 175 plus CPG products from 28% to 18% with effect from November 15, 2017. [8]
  • Another critical impact of GST to CPG industry is the anti-profit provision whereby the GST laws requires the company operating in the industry to reduce their product prices. In addition, the industry is also faced with some argumentative issues in terms of tax position to be taken under GST law. For instance, if the input tax credit required to be reversed in cases where goods are sold under several promotional schemes such as 'buy 1 get 1 free', discounts and gifts among others. [8]
  • As per the latest addition to GST compliance is the criteria to generate an e-way bill to support movement of goods. A consignment that is not supported by a e-way bill will be confiscated and could lead to potential business disruptions. Thus, the e-way bill is headed to create big impact on supply chain processes of companies. Further, the GST compliance is expected to have further changes in law in future that should be beneficial for the sector. [8]

Other Key Market Trends

  • High end product demand falling: Indian consumers, consumption rate has risen but they avoid expensive brands the most. For instance companies such as Hindustan Unilever realized that consumers are not preferring its Red Label 1kg tea carton pack which made the company to move to pouch format reducing its packaging costs thereby also price of the product. Thus, brands that are not price sensitive usually fail in the Indian market. .[7]
  • Right products at right time: The mainstream consumers in India their needs are changing, a lots of companies to win these customers are innovating products. To innovate products companies are becoming selective. Each new product the company launches leads to increase its operating complexity. Sepcially during recession, consumers in India become price sensitive and it is evident that a number of companies at such time introduce products that are price friendly. For instance Nestlé introduced Kit Kat Minis in India, a product it doesn’t sell elsewhere due to the demand of low unit snack in the Indian market. During, the downturn some companies are also spurring growth by promoting a traditional image of the brand among the core consumers. For instance, CPG Company Marico is trying to get consumers to use its Parachute brand of hair oil more frequently by promoting the traditional habit of oil massage, hoping to gain from category. [7]
  • Shift to value based-models: In India, consumers just aren’t willing to pay high prices. Thus, most CPG companies are using 3 tactics to avoid overpriced products in their portfolio which are: acquire less expensive brand, price products more carefully and launch new value-focused extensions, such as different package sizes. For instance, Dove shampoo brand in India successfully introduced a 6 cent sachet in 2007 that accounts 30% of the brands hair care sales in India at present. [7]

Market Size and Forecast

  • The CPG industry comprises of 28.5% (majority) of the consumer industries share. Within, the CPG, Food & beverage accounting 17.1% and other segments accounting 11.4% of the consumer industry in India as of 2018. [4]
  • As of 2018, the total market size of the CPG sector in India was recorded at $52.8 billion. [4]
  • Sub-categories:
    • Food & beverage: The food and beverage sector accounted 41% of the total market size of CPG in 2018, thus the market size of the segment was around $21.6 billion. [4]
    • Personal Care segment: The personal care segment accounted 22% of the total market size of CPG in 2018, thus the market size of segment was around $11.6 billion.[4]
    • Household care segment: The household care segment accounted 29% of the total market size of CGP in 2018, thus the market size of segment was around $15.3 billion. [4]
Market size CPG.png

Market Outlook

  • In India, the CPG sector is the fourth largest and had reached market size of $52.8 billion in 2018. The sector is further expected to rise by a CAGR of 27.9% until 2025 and is expected to reach market value of $103.7 billion by 2020. So far, the growth has been supported by moderate inflation, increase in FDI and rise in consumption levels at rural areas. [9]
  • The urban segment of CPG in India is expected to grow by 8% in 2019 and rural segment around 15-16% in the same period. The rural segment of CPG is expected to touch $220 billion by 2025. In addition, some of the leading players across CPG have networks in rural India. For instance, Godrej accounts 25% of household insecticides sales from rural areas. [9]
  • Further, the online CPG market is expected to reach $45 billion by 2020 and e-commerce segment is expected to contribute 11% of the overall CPG sales by 2030 with 850 million users buying such products online. [9]
  • Finally, the young population and rising disposable incomes will become the future drivers in the industry as India's contribution to global consumption is expected to double and reach 5.8% by 2020 which will definitely increase the consumption in CPG goods as well. [9]
Outlook CPG.png

Distribution Chain Analysis

  • As of 2018, the rural segment contributes around 45% of the overall revenues of CPG followed by urban that has 55% of the revenue shares in the sector. [9]
  • While, the rest of the world is moving to e-commerce or operating in multi-channel environment, the CPG industry is India is moving towards traditional trade realizing its importance and demand in the country. Big CPG companies such as Hindustan Unilever, Marico and Dabur have dedicated programs that give conventional or mom and pop stores in Indian cities same type of discounts on branded (packaged goods) that are commonly provided to modern retailers. The CPG companies in return are getting point-of sale visibility and the display of packaged goods in traditional stores is also to capture the large base of loyal customers that typically shop in such stores. [7]
  • The traditional channels are being leveraged in rural areas too as CPG companies are gaining good traction in rural areas. For instance, 40 percent of all purchases of biscuits, a household staple in India, take place outside of urban areas. The rural area of India stores huge opportunity and companies are creating right product mix for local stores. Companies such as Hindustan Unilever and its leading shampoo brand Clinic Plus is aggressively targeting half-a-rupee sachet to rural consumers through trade promotions. [7]

Competitive Landscape

  • Around 75% of the retail market in India is ruled by the two major segments of CPG industry that are: Food & Grocery (65%) and personal care (9.8%) respectively.[4]
  • As of 2018, the sector wise average market capitalization of CPG industry was $1628 billion respectively. There are approximately 30 major companies that dominate the CPG sector in India among which 18 giant companies operate in food & beverage segment respectively. Among all other sectors, CPG sector had the highest average market capitalization. [4]
  • The CPG companies are also operating in larger scale in comparison to other consumer industries such as consumer durables, apparel or retail as the major players in the industry are less and the market size is big. Thus, the sales volume captured by an average company in the CPG industry is highest. [4]
  • The average gross revenue of companies in food & beverage segment equaled $77.91 billion annually in 2018 whereas that of the rest of FMCG (personal care, household & others) combined equaled $125.6 billion respectively. However, the food & beverage sector is growing at a rate of 12.3% annually compared to rest of the sectors growing at only 3.6% annually. [4]
  • The Government of India is focused on developing the food-processing sector and has also announced initiatives such as focusing on mega food parks in partnership with Ministry of Food Processing Industries (MoFPI). The government has planned for several reforms to encourage private agricultural markets, online agricultural sales, and food-processing investments, which could eventually lower prices of these products. In addition, government has allowed 100% FDI for locally produced processed foods. Due to the opportunities available in the sector, not only FDI has increased but also the sector is growing faster than its other CPG counterparts. [4]

Competitive Factors

  • In 2018, India’s CPG industry grew 13.5% with 8 of the 10 leading companies posting double digit-growth. The revival in growth also indicates a growth in consumption after almost 5 years of single digit growth of the companies. Among all Dairy maker Amul led the CPG industry in 2018. [10]
  • Out of the 36 deals (Mergers & acquisition) across consumer industries where the total deal value of the 36 deals was INR557.1 billion, 12 deals were made in food segment of CPG sector alone in 2018. [4]
  • The companies operating in CPG industry need to stay in from and invest in future to beat the competition in the market. For instance, Marico is one company that is building its core business across healthy foods category. For the same, the company has expanded its Saffola cooking oil brand with introduction of new product such as Saffola foods for diabetics and Saffola Zest baked snacks. The company is known to have entailed this brand strategy before the downturn, the economic conditions of market had no effect on the brand's sales. Thus, this applies to all CPG companies where moving up in downturn means focusing on selling only right products and becoming more price sensitive. [7]
  • In 2018, Patanjali Ayurveda Ltd. came almost at par with the India unit of Unilever(Hindustan Unilever) in terms of revenues. Not only that Patanjali also partnered with e-commerce giant Inc. and Flipkart online services to sell its products online and with this the company expects to double its revenue to $2.9 billion by 2019 end. At the same period of time the largest CPG company in India Hindustan Unilever Ltd. is expected to garner $5.25 billion respectively. Although, the great tussle between two companies is ongoing since a while now, as the Ayurveda products of Patanjali has been giving a tough time to Hindustan Unilever's brands across detergents, skin creams and other segments too, the Hindustan Unilever has also responded to local competitors by introducing Lever Ayush(based on ayurvedic products) that includes soaps, toothpastes, skincare creams etc. [11]

Key Market Players

Top players in personal care sub-sector and their popular brands in Indian market are follows:

  • Hair Care:
    • Hair Oil-Marico (Parachute), Dabur
    • Shampoo-Hindustan Unilever (Clinic plus, Sunsilk, Clear)
  • Men's care products
    • Procter & Gamble (Gillette)
    • Soap-Godrej (Cinthol), Wipro (Santoor), Unilever (Lux,dove, lifebuoy)
  • Oral care:
    • Colgate Palmolive (Colgate)
  • Skincare and cosmetics:
    • Foreign brands: Revlon Loreal Paris
    • Colgate Palmolive(Charmis)
    • Hindustan Unilever (Ponds, Fair& lovely)
    • Himalaya Herbals & Boutique (organic care products)

Top players in household care sub-sector and their popular brands in Indian market are follows:

  • Fabric care:
    • Hindustan Unilever (Surfexcel, Wheel &Sunlight detergents, comfort fabric softener and Rin detergent bar)
    • P&G - Tide and Ariel
    • Mass-market brands- Godrej and Nirma
  • Dish soap
    • Hindustan Unilever (Vim), Reckitt-Benckiser (Finish), Nirma dish wash bar,
  • Surface care
    • Reckitt Benckiser liquid antiseptic (Dettol), colin & lizol
  • Toilet care
    • Reciktt- Benckiser (Harpic), Dabur (Sani Fresh) and Hindustan Unilever (Domex)
  • Home insecticide
    • Godrej (Goodnight), Reckitt Benckiser (Mortein)
  • Air care
    • Dabur (Odonil), Godrej (AER) and P&G (Ambi Pur)

Top players in Food & Beverages care sub-sector and their popular brands in Indian market are follows:

  • Food
    • Biscuits - Parle (Parle G), Britannia Industries Ltd.
    • Convenience Food - Mother Dairy's Safal fruits & vegetables, MTR foods, Pepsi Co. (Lays & Kurkure) , Nestle (Maggi)
    • Hindustan Unilever (Kissan Condiments, juices and jams)
    • Dairy products - amul (cheese, milk, cream, butter, ghee and other milk products), Nestle (probiotic yoghurt, milk substitues and buttermilk)
    • Confectionery - Mondelez (Cadbury), Haldiram (snacks, indian dessert and ice-cream)
  • Beverages
    • Brooke bond (Red Label, Brooke Bond 3 Roses, Brooke Bond Taj Mahal, Brooke Bond Taaza, and Lipton tea brands.), TATA Global **Beverage's (Tetley tea)
  • Soft-drinks
    • Pepsi Co, Coca-cola
  • Packaged water
    • Pepsi-Co (Aquafina), Parle Agro (Bisleri), Coca-Cola (Kinley), TATA (Himalaya)

Strategic Conclusion

The CPG sector in India is growing and the backdrop of the growth trajectory is majorly two factors that include, change in consumer behavior and digitalization and competition, price wars and business innovation in the sector. The number of companies present in the sector are still ruling across several segments and multiple brands, however, due to government's 100% FDI criteria, the market share is likely to fragment in near future due to entry of new players in the market. Simialrly, the M&A, innovation, globalization, increase in disposable income of consumers, rise in rural India are expected to drive growth in competitive business environment of CPG in India.


  1. 1.0 1.1
  2. Cite error: Invalid <ref> tag; no text was provided for refs named 2ndref
  4. 4.00 4.01 4.02 4.03 4.04 4.05 4.06 4.07 4.08 4.09 4.10 4.11 4.12 4.13 4.14
  6. 6.0 6.1 6.2 6.3
  7. 7.0 7.1 7.2 7.3 7.4 7.5 7.6
  8. 8.0 8.1 8.2 8.3
  9. 9.0 9.1 9.2 9.3 9.4

Share this page: