IN THE YEAR 2022 we saw balance return to businesses. People got back to their normal way of life or to put it another way, got comfortable with the new normal. 2023 is being pegged as the year of hope, of recovery, and one of opportunities. As we get ready to move into 2023, let’s look at the outlook for the fast-moving consumer goods FMCG) sector, and some of the trends that will shape the year.
A recent study by Nielsen IQ suggests that the FMCG sector grew by 10.9 per cent in the quarter ended June 2022, as compared to 6 per cent in the previous quarter. The report indicates a double-digit growth for the sector in 2022, based on the recovery of consumption and promising macro factors.
The report also highlighted that it was quarter 2 of 2022 that brought in optimism after two quarters of consumption decline. Urban markets and modern trade showed a positive volume growth, while rural markets were in slow recovery. Consumers were buying smaller packs, but more units, thereby driving the overall growth in volume. Further, the food and personal care segment fared well as compared to the rest.
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