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India is set to become the third largest consumer market in 2026, surpassing Germany and Japan, according to a UBS report. The report predicts that the affluent category will double in the next five years, with 88 million people with over $10,000 annual income by 2028. Consumption growth is expected to remain muted at 4-5% in the current and next fiscal, below the 6.5-7% average annual growth seen during FY11 and FY20.
The Indian consumer market is seeing a dynamic shift, with the resurgence of local brands as formidable challengers to industry giants like Tata, Britannia, HUL and Nestle. Data from Kantar's Brand Footprint report showcases local brands like Sargam, Vidisha and Bhagwati making remarkable leaps in consumer brand rankings, shaking up the nearly $180 billion FMCG market. Karnataka-based brand Teju Masala, for example, has grown 65% in one year. But, what are these local brands doing differently? Should the biggies be threatened? Host Ratna Bhushan explores the ambitions of these challengers with K Ramakrishnan of Kantar, Sumit Aggarwal of Vitrak ExtendReach, and Girjesh Rungta of Rungta Tea in this episode of The Morning Brief. Listen in!
India’s consumer sector is poised for further growth as distribution channels become more organised. Visionary founders with their eyes on the prize over a long-term horizon should look for investors who can create sustainable value, not just the most deep-pocketed ones who may help them quickly reach unicorn or decacorn status
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