FMCG sector to grow by 25 percent despite slowdown: AssochamDecember 10th, 2008 - 9:54 pm ICT by IANS
New Delhi, Dec 10 (IANS) Despite the global economic slowdown, the fast moving consumer goods (FMCG) sector in India will grow at 25 percent and reach $25 billion, a report by an industry lobby released Wednesday said.According to the Associated Chambers of Commerce and Industry of India (Assocham), FMCG sales have not been affected by the ongoing slowdown, and the sector is expected to touch $25 billion by the end of 2008, as against $20 billion in 2007.
As per the report, the growth of FMCG in rural areas alone will touch $5 billion by this month-end. In 2007, rural sales of FMCG stood at $3 billion, Assocham said.
The study is based on the feedback given by major FMCG players like Hindustan Unilever, Godrej, Dabur, ITC, Johnson and Johnson, Procter and Gamble, Reckitt and Benckiser, Parley, Britannia, and Nestle.
The increased market penetration in the rural India, Assocham said, has been driven by higher consumption of products such as consumer durables that include refrigerators, television sets and electrical appliances.
The study said the rural market accounts for half the total market for television sets, fans, pressure cookers, bicycles, washing soaps, blades, tea, salt and tooth powder.
It also said FMCG sales were growing at a faster rate in the rural markets than in urban centres.
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Tags: chambers of commerce and industry, electrical appliances, global economic slowdown, industry of india, market penetration, moving consumer goods, procter and gamble, reckitt and benckiser, tea salt, tooth powder