INDUSTRIES & MARKETS

FMCG in India
 Table of Contents

01 Key figures 04 Market players

Revenue of the Indian FMCG market 2007-2020 03 Total revenue of Hindustan Unilever 2013-2022 22
Market size of FMCG in India FY 2011-2025 04 Total revenue of Nestle India 2016-2021 23
Online FMCG market size in D2C sector in India 2015-2025 05 Total revenue of Dabur India Limited 2013-2022 24
FMCG market distribution in India FY 2019, by segment 06 Total revenue of Godrej Consumer Products Limited 2013-2022 25
Market share of FMCG in India FY 2020, by region 07 Total revenue of Marico Limited 2013-2022 26
Price growth of the FMCG industry in India Q1-Q3 2021 08 Total revenue of Varun Beverages Limited 2012-2021 27
Total revenue of Colgate Palmolive India 2013-2022 28
02 Segments Total revenue of Hatsun Agro Products Limited 2013-2022 29

Market value of textile and apparel India FY 2006-2026 10

Market size of beauty and personal care industry across India 2016-2025 11 05 Consumer behavior
Market value of non-alcoholic beverages in India FY 2020-2027, by type 12 Reasons for purchasing sustainable products in selected countries worldwide in 2021 31
Value of the savory snacks market in India 2019-2026 13 Preferred channel for purchase of personal care products in India 2021 32
Share of tobacco consumption in India FY 2021, by type 14 Factors influencing grocery shopping in India 2021 33
Preferred purchase channels for shopping in India in 2021, by category 34
03 Leading FMCG conglomerates
Leading FMCG companies in India 2022, by market capitalization 16
Leading household and personal product companies India 2022, by market capitalization 17
Leading food processing companies in India 2022, based on market capitalization 18
Leading cigarette companies in India 2022, based on market capitalization 19
Leading jewelry and diamond companies in India 2022, by market capitalization 20

1
CHAPTER 01

Key figures
 Revenue of the fast moving consumer goods (FMCG) market in India from 2007 to
2020 (in billion U.S. dollars)
Revenue of the Indian FMCG market 2007-2020

120
110

100

83.3
Revenue in billion U.S. dollars

80
68.4

60
52.8
47.3 49
44.9
40 34.8 36.8
30.2
24.2
21.3
20 17.8

0
2007 2008 2009 2010 2011 2012 2013 2015 2016 2017 2018 2019 2020

3 Description: In 2020, India's FMCG market generated revenue of about 110 billion U.S. dollars, a significant increase from the previous year. The online FMCG market was estimated to rise up to 45 million dollars in financial year 2020. Read more
Note(s): India; 2007 to 2020
Source(s): Booz & Company; Dabur; India Brand Equity Foundation; Nielsen; TechSci Research
 Market size of fast moving consumer goods in India from financial year 2011 to
2020, with estimates until 2025 (in billion U.S. dollars)
Market size of FMCG in India FY 2011-2025

250

220

200
Value in billion U.S. dollars

150

110
100
83.3
68.4

49 52.8
50 38.8 43.1
31.6 33.3 35.7

0
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2025

4 Description: India's FMCG market was valued at 110 billion U.S. dollars in 2020. Compared to 2012, the market size of fast-moving consumer goods had tripled. By 2025, the market was expected to grow to 220 billion dollars. Read more
Note(s): India; FY 2011 to FY 2020
Source(s): Dabur; Emami; India Brand Equity Foundation; Nielsen
 Online fast moving consumer goods (FMCG) market size in direct-to-consumer (D2C)
sector in India from 2015 to 2020, with estimations until 2025 (in billion U.S. dollars)
Online FMCG market size in D2C sector in India 2015-2025

25

20.8
20
Market size in billion U.S. dollars

15 14.2

10.4
10
8
6.1
4.6
5
3.2
2.4
1.9
1.2 1.4

0
2015 2016 2017 2018 2019 2020 2021* 2022* 2023* 2024* 2025*

5 Description: In 2020, the size of the online fast-moving consumer goods (FMCG) direct-to-consumer (D2C) market in India was about six billion U.S. dollars. The size of the D2C online FMCG market is likely to increase to approximately 21 billion U.S. dollars in the
year 2025. Read more
Note(s): India; 2015 to 2020; *Estimates. Read more
Source(s): Avendus; Dewan P.N. Chopra & Co.; Inc42
 Distribution of the fast moving consumer goods (FMCG) market in India in financial
year 2019, by segment
FMCG market distribution in India FY 2019, by segment

Share of FMCG market

0% 10% 20% 30% 40% 50% 60%

Household and personal care 50%

Healthcare 31%

Food and beverages 19%

6 Description: Household and personal care made up the highest share of India's FMCG market in financial year 2019. Food and beverages, on the other hand made up only 19 percent during the measured time period. The market was worth an estimated 110
billion U.S. dollars in 2020. Read more
Note(s): India; FY 2019
Source(s): India Brand Equity Foundation
 Distribution of the fast moving consumer goods market in India in financial year
2020, by region
Market share of FMCG in India FY 2020, by region

60%
55%

50%
45%

40%
Share of FMCG market

30%

20%

10%

0%
Rural Urban

7 Description: Urban India accounted for 55 percent of the fast-moving consumer goods market in fiscal year 2020. The rural segment was growing significantly in recent years, accounting for an increase in the country's overall market value. The growth rate for the
industry was higher in rural areas than its urban counterpart. Read more
Note(s): India; FY 2020
Source(s): BCG; Crisil; India Brand Equity Foundation; KPMG; SBI
 Price growth of the fast moving consumer goods (FMCG) industry in India from 1st
quarter to 3rd quarter in 2021
Price growth of the FMCG industry in India Q1-Q3 2021

18%

16% 15.5%

14%

12% 11.3%
Price growth

10%

8%

6%
4.4%
4%

2%

0%
Q1 2021 Q2 2021 Q3 2021

8 Description: In the first quarter of 2021, the price growth of the Indian fast-moving consumer goods (FMCG) industry was 4.4 percent. The price growth of FMCG industry was about 16 percent in the second quarter of 2021 Read more
Note(s): India; Q1 to Q3, 2021
Source(s): NielsenIQ
CHAPTER 02

Segments
 Market value of textile and apparel across India from financial year 2006 to 2021,
with estimations until 2026 (in billion U.S. dollars)
Market value of textile and apparel India FY 2006-2026

200 190

180

160

140
Value in billion U.S. dollars

120
106
100 99
100 90
80
80

60 50

40
28
20

0
FY 2006 FY 2011 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022* FY 2026**

10 Description: The market value of textile and apparel across India in the financial year 2021 was 80 billion U.S. dollars and this value was estimated to reach 190 billion U.S. dollars by 2026. With a growing organized apparel sector and rising income levels, India was
the world's second largest textile and clothing exporter with a steady growth forecast in this market. Read more
Note(s): India; FY 2006 to FY 2021
Source(s): DGCI&S; Wazir
 Market size of beauty and personal care industry across India from 2016 to 2020,
with an estimate for 2025 (in billion Indian rupees)
Market size of beauty and personal care industry across India 2016-2025

2,500

1,981
2,000
Market size in billion Indian rupees

1,500
1,267
1,120

1,000 868

500

0
2016 2019 2020 2025

11 Description: n 2020, the market size of the beauty and personal care industry was valued at one trillion Indian rupees in India. The market size for this industry is likely to increase to about two trillion Indian rupees by the year 2025. Read more
Note(s): India; 2016 to 2020
Source(s): Dalal Street Investment Journal; Motilal Oswal Group
 Market value of non-alcoholic beverages in India in financial year 2020, with an
estimate for 2027, by type (in billion Indian rupees)
Market value of non-alcoholic beverages in India FY 2020-2027, by type

Carbonated Non-carbonated

900

800 781.88
Market value in billion Indian rupees

700

600

500

400 349.64

300

200 153.33
134.6
100

0
FY 2020 FY 2027

12 Description: In fiscal year 2020, the market value of carbonated beverages amounted to about 135 billion Indian rupees. In contrast, the market value of non-carbonated beverages amounted to 153 billion Indian rupees during the same year. The market value is
likely to increase to 350 billion Indian rupees for carbonated beverages and 782 billion Indian rupees for non-carbonated beverages in the fiscal year 2027. Read more
Note(s): India; FY 2020
Source(s): Business Wire
 Value of the savory snacks market in India from 2019 and 2020 with forecasts until
2026 (in million U.S. dollars)
Value of the savory snacks market in India 2019-2026

14,000
12,693

12,000
10,957
Market value in million U.S. dollars

10,000 9,484

8,232
8,000
7,165
6,254
6,000 5,572
4,726

4,000

2,000

0
2019 2020 2021 2022 2023 2024 2025 2026

13 Description: In 2020, the value of the savory snacks market in India was around 5.57 billion U.S. dollars, compared to approximately 6.25 billion U.S. dollars in 2019. The savory snacks market in India, which includes nuts, seeds, potato chips, and meat snacks,
showed an increasing trend from 2019 and is expected to reach almost 13 billion U.S. dollars by 2026. Read more
Note(s): India; 2019 and 2020
Source(s): Orion Market Research
 Distribution of tobacco consumption across India in financial year 2021, by type
Share of tobacco consumption in India FY 2021, by type

100%
92%
90%

80%

70%
Share of consumption

60%

50%

40%

30%

20%

10% 8%

0%
Legal cigarettes Other tobacco products*

14 Description: Legal cigarette consumption contributed a mere eight percent of tobacco products across India during fiscal year 2021. The majority of tobacco products consumed in the country were in the form of bidis, chewable, and illegal cigarettes. Read more
Note(s): India; FY 2021; *includes illegal cigarettes. India's financial year begins in April and ends in March. For example, FY 2019 started in April 2018 and ended in March 2019. Release date corresponds to the date of access. Read more
Source(s): FAO; TII (India)
CHAPTER 03

Leading FMCG conglomerates

 Leading FMCG companies in India as of April 2022, by market capitalization (in
billion Indian rupees)
Leading FMCG companies in India 2022, by market capitalization

Market capitalization in billion Indian rupees

0 1,000 2,000 3,000 4,000 5,000 6,000

Hindustan Unilever 5,003.94

Nestlé India 1,754.93

Dabur India 989.32

Godrej Consumer Products 814.91

Britannia Industries Limited 810.29

Marico 676.46

Procter & Gamble Hygiene and Healthcare Limited 465.27

Varun Beverages 450.24

Colgate-Palmoliv 435.72

Hatsun Agro 237.82

Emami 209.92

16 Description: In 2022, the Hindustan Unilever company led the FMCG (fast-moving consumer goods) companies with a market capitalization of 5 trillion Indian rupees in India. Nestlé India was second with a market capitalization of 1.75 trillion Indian rupees.
Read more
Note(s): India; as of April 22, 2022
Source(s): Business Standard
 Leading household and personal product in India as of March 2022, by market
capitalization (in billion Indian rupees)
Leading household and personal product companies India 2022, by market capitalization

Market capitalization in billion Indian rupees

0 1,000 2,000 3,000 4,000 5,000 6,000

HUL 4,939.08

Dabur India 991.77

Godrej Consumer 766.94

Marico 678.11

P and G 502.69

Colgate 417.5

Emami 215.06

Sheela Foam 163.46

Gilette India 159.01

VIP Industries 90.93

17 Description: In March 2022, Hindustan Unilever was the leading company in India within the household and personal product companies category, with a market capitalization of approximately 4.9 trillion Indian rupees. Dabur India followed, with a market
capitalization of approximately 991 billion Indian rupees. Read more
Note(s): India; as of March 2022
Source(s): Moneycontrol; National Stock Exchange of India
 Leading food processing companies in India as of March 2022, based on market
capitalization (in billion Indian rupees)
Leading food processing companies in India 2022, based on market capitalization

Market capitalization in billion Indian rupees

0 10 20 30 40 50 60 70

Gujarat Ambuja Exports 57.93

KRBL 48.1

GRM Overseas 34.32

LT Foods 23.83

Mishtann Foods 13

Chaman Lal Setia Exports 5.25

Sayaji Industries 1.35

Himalaya Food International 1.22

18 Description: The leading Indian food processing company in India as of March 2022 was Gujarat Ambuja Exports Limited. It had a market capitalization of over 57 billion Indian rupees. KRBL came in second with just over 48 billion in the same time period.
Read more
Note(s): India; as of March 2022; based on BSE standings.
Source(s): Moneycontrol
 Leading cigarette and tobacco companies in India as of May 2022, based on market
capitalization (in billion Indian rupees)
Leading cigarette companies in India 2022, based on market capitalization

Market capitalization in billion Indian rupees

0 500 1,000 1,500 2,000 2,500 3,000 3,500

ITC 3,315.57

Godfrey Phillip 61.9

VST 49.49

The Indian Wood 1.96

Golden Tobacco 1.78

NTC Industries 1.1

Raghunath Inves 0.86

19 Description: The leading Indian cigarette company across India as of May 2022 was ITC, with a market capitalization of over 3.3 trillion Indian rupees. Indian Tobacco Company Limited has grown into a conglomerate after starting out in 1910 as the Imperial
Tobacco Company of India Limited. Read more
Note(s): India; 2022; based on BSE standings.
Source(s): Moneycontrol
 Leading jewelry and diamond companies in India as of June 2022, by market
capitalization (in billion Indian rupees)
Leading jewelry and diamond companies in India 2022, by market capitalization

Market capitalization in billion Indian rupees

0 500 1,000 1,500 2,000 2,500

Titan Company 1,950.8

Rajesh Exports 162.5

Kalyan Jewellers 62.58

Vaibhav Global 55.96

Goldiam International 15.23

Thangamayil Jewellery 13.72

Renaissance Global 13.5

Asian Star Company 13.13

PC Jeweller 9.91

Radhika Jeweltech 4.34

20 Description: In 2022, the leading jewelry and diamond company in India was Titan Company Limited with a market capitalization of 1.9 trillion Indian rupees. It was followed by Rajesh Exports Limited with a market capitalization of 162 billion Indian rupees.
Read more
Note(s): India; as of June 1, 2022
Source(s): Business Standard
CHAPTER 04

Market players
 Total revenue of Hindustan Unilever from 2013 to 2022 (in billion Indian rupees)
Total revenue of Hindustan Unilever 2013-2022

600

515.86
500
465.09
Value in billion Indian rupees

388.88 395.18
400
350.94
314.24 316.25 324.16
300 286.4
264.17

200

100

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

22 Description: In 2022, the total revenue of Hindustan Unilever amounted to more than 515 billion Indian rupees. This was an increase as compared to the previous year when the total revenue was about 465 billion Indian rupees. Hindustan Unilever is a subsidiary
of Unilever, a British-Dutch FMCG company and is headquartered in Mumbai. Read more
Note(s): India; 2013 to 2022
Source(s): Moneycontrol
 Total revenue of Nestle India from 2016 to 2021 (in billion Indian rupees)
Total revenue of Nestle India 2016-2021

160
147.1

140 133.5
123.7
120 112.9
Value in billion Indian rupees

100.1
100 91.4

80

60

40

20

0
2016 2017 2018 2019 2020 2021

23 Description: In 2021, the total revenue of Nestle India amounted to 147 billion Indian rupees. This was an increase compared to the previous year when the total revenue was 133.5 billion Indian rupees. Nestle India is the subsidiary of Nestle S.A., with
headquarters in Gurgaon, Haryana. The company manufactures chocolates, food, beverages, and confectionaries. Read more
Note(s): India; 2016 to 2021
Source(s): Motilal Oswal Group; Nestlé India
 Total revenue of Dabur India Limited from 2013 to 2022 (in billion Indian rupees)
Total revenue of Dabur India Limited 2013-2022

90 85.21

80
74.61

70 65.48 65.87
Value in billion Indian rupees

59.47 58.76
60 55.69 55.65
49.8
50
44.36

40

30

20

10

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

24 Description: In 2022, the total revenue of Dabur India Limited amounted to 85 billion Indian rupees. This was an increase as compared to the previous year when the total revenue was about 75 billion Indian rupees. Dabur Limited is an Indian consumer goods
multinational company. The company manufactures natural and ayurvedic products. Read more
Note(s): India; 2013 to 2022
Source(s): Moneycontrol
 Total revenue of Godrej Consumer Products Limited India from 2013 to 2022 (in
billion Indian rupees)
Total revenue of Godrej Consumer Products Limited 2013-2022

80

70.2
70
63.19
60 57.74
55.66
Value in billion Indian rupees

53.35

50 48.54 48.12
44.87
41.2
40 36.32

30

20

10

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

25 Description: In 2022, the total revenue of Godrej Consumer Products Limited amounted to 70 billion Indian rupees. This was an increase as compared to the previous year when the total revenue was about 63 billion Indian rupees. Godrej Consumer Products
Limited is a FMCG company headquartered in Mumbai, India. The company manufactures personal care and cleaning products. Read more
Note(s): India; 2013 to 2022
Source(s): Moneycontrol
 Total revenue of Marico Limited India from 2013 to 2022 (in billion Indian rupees)
Total revenue of Marico Limited 2013-2022

90

78.57
80

70 66.83
62.72 61.59
Value in billion Indian rupees

60
53.88
51.38 51.13
50 48.22

39.17
40
34.57

30

20

10

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

26 Description: In 2022, the total revenue of Marico Limited amounted to about 79 billion Indian rupees. This was an increase as compared to the previous year when the total revenue was about 67 billion Indian rupees. The company manufactures health, beauty
and personal care products. Read more
Note(s): India; 2013 to 2022
Source(s): Moneycontrol
 Total revenue of Varun Beverages Limited from 2012 to 2021 (in billion Indian
rupees)
Total revenue of Varun Beverages Limited 2012-2021

70 66.53

60 57.14

49.48
50
Value of billion Indian rupees

39.54
40

30.19 31.1
29.07
30

20.61
20 17.77
15.08

10

0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

27 Description: In 2021, Varun Beverages Limited had a total revenue worth about 67 billion Indian rupees. This was an increase as compared to the previous year when the total revenue was around 49 billion Indian rupees. Read more
Note(s): India; 2012 to 2021
Source(s): Dion Global Solutions; Moneycontrol
 Total revenue of Colgate Palmolive India from 2013 to 2022 (in billion Indian
rupees)
Total revenue of Colgate Palmolive India 2013-2022

60

51.26
50 48.72
45 45.74
42.02 42.27
Value in billion Indian rupees

40.15 40.23
40
36.29
32.14
30

20

10

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

28 Description: In 2022, the total revenue of Colgate Palmolive India amounted to 51 billion Indian rupees. This was an increase as compared to the previous year when the total revenue was about 49 billion Indian rupees. This company is the subsidiary of Colgate-
Palmolive, an American multinational consumer products company. Read more
Note(s): India; 2013 to 2022
Source(s): Moneycontrol
 Total revenue of Hatsun Agro Products Limited India from 2013 to 2022 (in billion
Indian rupees)
Total revenue of Hatsun Agro Products Limited 2013-2022

70
63.8

60
55.76
53.17

50 47.66
Value in billion Indian rupees

42.04 42.96

40
34.49
29.39
30
25.02
21.68
20

10

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

29 Description: In 2022, the total revenue of Hatsun Agro Products Limited amounted to about 64 billion Indian rupees. This was an increase as compared to the previous year when the total revenue was about 56 billion Indian rupees. Hatsun Agro Products is one of
the leading private sector companies in the dairy market across the country, with headquarters in Chennai, India. Read more
Note(s): India; 2013 to 2022
Source(s): Moneycontrol
CHAPTER 05

Consumer behavior
 Primary reasons for purchasing sustainable products in selected countries
worldwide in 2021
Reasons for purchasing sustainable products in selected countries worldwide in 2021

They are better for me/my family They are better for the earth/environment
They are better for my country/community They are better for workers who produce them

60%

51%
49%
50%
45%
43%
Share of respondents

40%
35% 36% 36% 36%
33% 33% 33%

30% 27%

19%
20% 17% 16%

11% 11% 12% 11% 12%

8% 9% 8%
10% 7%

0%
United States Brazil China Germany India Mexico

31 Description: In 2021, approximately 27 percent of respondents in the United States (U.S.) stated that their main reason for purchasing products that are environmentally friendly or socially responsible is that they are better for the earth or environment. Moreover,
51 percent of U.S. respondents stated that their main reason was that such products are better for themselves or their families. By contrast, 45 percent of respondents in Brazil named the earth or environment as their main reason, [...] Read more
Note(s): Worldwide, Brazil, China, Germany, India, United States; March to April 2021; 4,528*; 18-75
Source(s): The Hartman Group
 Preference for shopping channels of personal care products in India in 2021
Preferred channel for purchase of personal care products in India 2021

60%

53%

50%
Share in purchase channel preference

40%
36%

30% 27%

20% 18%

10%

0%
Online aggregator Online cosmetic platforms Brand apps/website Physical stores

32 Description: In India 53 percent of the respondents said that their preferred purchase channel for buying personal care products are online aggregators. Another important purchase channel with a share of more than 30 percent are online cosmetic platforms.
Physical stores were preferred by less than one fifth. Read more
Note(s): India; 2021; 984 respondents
Source(s): Praxis Global Alliance
 Factors influencing grocery shopping in India as of November 2021
Factors influencing grocery shopping in India 2021

Share of respondents

Most important Second most important Not selected

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

51%
Highest quality products 17%
32%
47%
Best balance between good price and quality 22%
31%
73%
Best prices 14%
13%
74%
Largest range of organic or sustainable products 15%
11%
76%
Highest convenience 17%
7%
79%
Best promotions and offers in the week 15%
6%

33 Description: According to a survey conducted in November 2021 in India, 32 percent of consumers were of the opinion that purchasing the highest quality products was a crucial factor for shopping groceries. Likewise, 31 percent of respondents considered a
balance between good price and quality as an essential factor while grocery shopping. Read more
Note(s): India; November 2021; 1,091 respondents; 18 years and older; across urban and rural locations
Source(s): McKinsey
 Preferred purchase channels for shopping in India as of November 2021, by
category
Preferred purchase channels for shopping in India in 2021, by category

Share of respondents

In store Omnichannel Online

0% 20% 40% 60% 80% 100% 120%

Jewelry 28% 59% 13%
Vitamins, supplements, over-the-counter medicine 15% 62% 23%
Pet food, supplies 14% 61% 25%
Footwear 14% 57% 29%
Fitness and wellness services 14% 62% 24%
Home improvement, gardening supplies 13% 65% 22%
Home decoration, furniture 13% 67% 20%
Groceries 13% 68% 19%
Kitchen and dining 13% 67% 20%
Household supplies 12% 62% 26%
Personal-care products 10% 63% 27%
Sports and outdoors equipment, supplies 9% 62% 29%
Apparel 8% 59% 33%
Accessories 8% 59% 33%

34 Description: According to a survey conducted in November 2021 in India, 68 percent of consumers use omnichannel for the purchase of groceries. In contrast, 19 percent of respondents purchase groceries online and around 13 percent of consumers buy groceries
in-store. Read more
Note(s): India; November 2021; 1,002 respondents; 18 years and older; across urban and rural locations
Source(s): McKinsey
 Sources

Avendus NielsenIQ
BCG Orion Market Research
Booz & Company Praxis Global Alliance
Business Standard SBI
Business Wire TechSci Research
Crisil The Hartman Group
Dabur TII (India)
Dalal Street Investment Journal Wazir
Dewan P.N. Chopra & Co.
DGCI&S
Dion Global Solutions
Emami
FAO
Inc42
India Brand Equity Foundation
KPMG
McKinsey
Moneycontrol
Motilal Oswal Group
National Stock Exchange of India
Nestlé India
Nielsen

35