India's FMCG sector to have sustained growth rate of 7-9% in 2024: Report
The FMCG sector is expected to have a sustained growth rate of 7-9 per cent in 2024, supported by government initiatives to stimulate consumption and create job opportunities, a report said.
The FMCG sector's resilience and adaptability, coupled with robust government support and digital transformation initiatives, position it favourably to navigate through uncertainties and emerge stronger.
"Looking ahead, the FMCG sector in India is poised for sustained growth, with forecasts indicating a 7 to 9 per cent expansion in 2024," a report from ICICI Lombard General Insurance said.
However, the sector faces challenges such as "inflationary pressures, subdued consumer confidence, and prevailing unemployment rates".
Now, the FMCG industry has a "burgeoning economic footprint", which exceeds Rs 9.1 lakh crore and has a "pivotal role" in driving India's economic growth and employment generation, it added.
Moreover, the online sales channel for FMCG is also increasing and has been valued at