South Asia: Resilient revival – Navigating uncertainty, powering growth
In 2024, South Asia’s FMCG sector demonstrated adaptability, aspiration, and resilience across India, Sri Lanka, and Bangladesh.
India faced high food price inflation, which only eased late in the year. Growing demand for packaged foods meant that total CRPs increased by over 4%, reaching 120 billion in total. Local brands thrived by expanding into new markets, emphasising the importance of growth through penetration.
Sri Lanka’s recovery was complex, with weakened brand loyalty and a focus on affordability and essentials. While consumption volumes haven't fully recovered, a modest uptick in rural areas contrasts with urban declines, especially in non-essential categories.
Bangladesh experienced significant political change and uncertainty, yet a spirit of resilience and renewal prevailed. The FMCG sector mirrored this adaptability, with brands thriving by responding to evolving local needs and consumer aspirations.
Overall, shoppers’ resilience and ability to quickly adapt to economic changes have shaped the region’s FMCG landscape, with successful brands expanding, evolving, and innovating despite uncertainty.