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FMCG in India

FMCG IN INDIA

Table of Contents
Table of Contents

01 India key figures


FMCG growth as a ratio of GDP growth in India 2006-2016 02
Market size of FMCG in India FY 2011-2025 03
FMCG market distribution in India FY 2019, by segment 04
Market share of FMCG in India 2018, by region 05
Market size of rural FMCG in India FY 2009-2025 06
Growth of FMCG in India Q1 FY 2019-Q3 FY 2020 07

02 Segments
Market value of textile and apparel India FY 2006-2026 09
Market size of the cosmetics industry across India 2010-2025 10
Market volume of beverages India 2018, by type 11
Market share of dairy industry brands in India FY 2017, by segment 12
Value of the savory snacks market in India 2019-2026 13
Indian pet care industry market size 2013-2016 14
Table of Contents

Share of tobacco consumption in India FY 2019 by type 15

03 Market players
Market capitalization of ready-made apparel companies in India 2019 17
Revenue of household and personal care companies in India 2021 18
Leading food processing companies in India based on market capitalization 2020 19
Sales turnover of Amul FY 2011-2020 20
India's salty snacks market share- by major company 2016 21
Indian pet food industry market share 2017 by brand 22
Leading cigarette companies in India 2020 based on market capitalization 23

04 Leading FMCG conglomerates


Hindustan Unilever's gross sales value FY 2013-2020 25
Distribution of Nestle's revenue 2019, by segment 26
ITC's gross profit FY 2019 by segment 27
Table of Contents

Britannia's net profit FY 2014-2020 28


Dabur product category share India 2020 29
Net sales of Godrej Consumer Products FY 2015-2020 30
Marico net worth FY 2009-2020 31
Colgate-Palmolive India net sales FY 2014-2020 32

05 Consumer behavior
Discretionary expense among customers India 2020, by spending range and category 34
Discretionary expense on apparel among consumers India 2020, by city tier 35
Discretionary spends on skin care and cosmetics India 2020, by age 36
Discretionary expense on furniture and electronics India 2020, by gender 37
Discretionary expense on fashion accessories India 2020, by age 38
FMCG IN INDIA

India key figures


Growth of the fast moving consumer goods segment as a ratio of GDP growth in India from FY
2006 to FY 2016
FMCG growth as a ratio of GDP growth in India 2006-2016

2.5

2.1

2.0
Ratio of GDP growth

1.5
1.3
1.2
1.1
1 1 1 1
1.0 0.9

0.6
0.5
0.5

0.0
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Note(s): India; FY 2006 to FY 2016; India's financial year begins on 1 April and ends on 31 March. For example, FY 2016 starts on 1 April 2015 and ends on 31 March 2016.
Further information regarding this statistic can be found on page 40.
2 Source(s): Bain & Company; S&P Capital IQ; ID 752627 India key figures
Market size of fast moving consumer goods in India from financial year 2011 to 2018, 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

Note(s): India; FY 2011 to FY 2018


Further information regarding this statistic can be found on page 41.
3 Source(s): India Brand Equity Foundation; Emami; Dabur; Nielsen; ID 742463 India key figures
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

60%

50%
50%

40%
Share of FMCG market

31%
30%

19%
20%

10%

0%
Food and beverages Healthcare Household and personal care

Note(s): India; FY 2019


Further information regarding this statistic can be found on page 42.
4 Source(s): India Brand Equity Foundation; ID 742790 India key figures
Distribution of the fast moving consumer goods market in India in financial year 2018, by region
Market share of FMCG in India 2018, by region

60%
55%

50%
45%

40%
Share of FMCG market

30%

20%

10%

0%
Rural Urban

Note(s): India; FY 2018


Further information regarding this statistic can be found on page 43.
5 Source(s): India Brand Equity Foundation; BCG; KPMG; Crisil; SBI; ID 742755 India key figures
Market size of FMCG across rural India from financial year 2009 to 2018, with an estimate for 2025
(in billion U.S. dollars)
Market size of rural FMCG in India FY 2009-2025

250

220

200
Value in billion U.S. dollars

150

100

50
23.63
14.8 18.92
9 10.4 12.3 12.1

0
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2015 FY 2018 FY 2025

Note(s): India; FY 2009 to FY 2018


Further information regarding this statistic can be found on page 44.
6 Source(s): Nielsen; TechSci Research; Dabur; India Brand Equity Foundation; Various sources; Crisil; McKinsey; ID 822490 India key figures
Value growth of the FMCG sector in India from 1st quarter financial year 2019 to 3rd quarter
financial year 2020
Growth of FMCG in India Q1 FY 2019-Q3 FY 2020

15%

10.6%
10% 9%

6%
5% 4%
3%
0.9%
0%
Value growth

-5%

-10%

-15%

-20% -19%

-25%
Q1 FY 2019 Q2 FY 2019 Q3 FY 2019 Q4 FY 2019 Q1 FY 2020 Q2 FY 2020 Q3 FY 2020

Note(s): India; Q1 FY 2019 to Q3 FY 2020; including traditional and modern trade


Further information regarding this statistic can be found on page 45.
7 Source(s): National Stock Exchange of India; Tetley; MOSPI; Nielsen; Trading Economics; afaqs!; ID 1112823 India key figures
FMCG IN INDIA

Segments
Market value of textile and apparel across India from financial year 2006 to 2019, with projections
until 2026 (in billion U.S. dollars)
Market value of textile and apparel India FY 2006-2026

250

220

200
Value in billion U.S. dollars

150

106
100
100 90

50
50
28

0
FY 2006 FY 2011 FY 2018 FY 2019 FY 2020 FY 2026

Note(s): India; FY 2006 to FY 2019


Further information regarding this statistic can be found on page 46.
9 Source(s): Wazir; Ministry of Textiles (India); ID 1030346 Segments
Market size of the cosmetics industry across India from 2010 to 2025 (in billion U.S. dollars)
Market size of the cosmetics industry across India 2010-2025

25

20
20
Market size in billion U.S. dollars

15

11.16

10

6.5

5
3

0
2010 2015 2017 2025*

Note(s): India; 2010 to 2025


Further information regarding this statistic can be found on page 47.
10 Source(s): Redseer; ID 876609 Segments
Market volume of beverages in India 2018, by type (billion liters)
Market volume of beverages India 2018, by type

Market volume in billion liters


0 10 20 30 40 50 60 70 80 90 100

Hot drinks 91

Dairy drinks 45

Soft drinks 26

Bulk/HOD water 8

Alcoholic drinks 6

Note(s): India; 2021


Further information regarding this statistic can be found on page 48.
11 Source(s): Varun Beverages; Motilal Oswal Group; ID 1201714 Segments
Branded market share of the dairy industry in India in financial year 2017, by segment
Market share of dairy industry brands in India FY 2017, by segment

100%
90% 90%
90%

80%

70%

60%
Market share

50%

40%

30%

20%
10% 10%
10% 5%

0%
Paneer Curd and yoghurt Butter milk and lassi Butter Cheese

Note(s): India; FY 2017


Further information regarding this statistic can be found on page 49.
12 Source(s): Crisil; AISEF; YES Global Institute; ID 872090 Segments
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

Note(s): India; 2019 and 2020


Further information regarding this statistic can be found on page 50.
13 Source(s): Orion Market Research; ID 1199648 Segments
Market size of the pet care industry across India in 2013 and 2016 (in million U.S. dollars)
Indian pet care industry market size 2013-2016

1,400

1,220
1,200
Marekt size in million U.S. dollars

1,000

800

600
500

400

200

0
2013 2016

Note(s): India; 2013 and 2016


Further information regarding this statistic can be found on page 51.
14 Source(s): Sparrow Advisory; ID 791663 Segments
Distribution of tobacco consumption across India in financial year 2019, by type
Share of tobacco consumption in India FY 2019 by type

100%
91%
90%

80%

70%
Share of consumption

60%

50%

40%

30%

20%

9%
10%

0%
Legal cigarettes Other tobacco products*

Note(s): India; FY 2019


Further information regarding this statistic can be found on page 52.
15 Source(s): TII (India); FAO; ID 1124137 Segments
FMCG IN INDIA

Market players
Market capitalization of leading ready-made apparel companies in India in 2019 (in billion Indian
rupees)
Market capitalization of ready-made apparel companies in India 2019

Market capitalization in billion Indian rupees


0 50 100 150 200 250

Page Industries 207.49

KPR Mill 39.41

Dollar Ind 10.94

Kitex Garments 5.37

Monte Carlo 5.12

Zodiac Clothing 4.39

Indian Terrain 3.43

Gokaldas Export 3.32

Soril Infra Res 3.14

Pearl Global In 3.03

Poddar Housing 2.63

VIP Clothing 1.09

SPL Industries 0.98

Lovable Lingeri 0.95

Celebrity Fash 0.36

Note(s): India; 2019


Further information regarding this statistic can be found on page 53.
17 Source(s): CNBC; Various sources; ID 655793 Market players
Revenue of household and personal care across India as of January 20, 2021, by leading company
(in billion Indian rupees)
Revenue of household and personal care companies in India 2021

Value in billion Indian rupees


0 20 40 60 80 100 120

Godrej Consumer Products 101.74

Dabur India 86.95

Marico 72.34

Colgate-Palmolive 45.45

P&G 31.59

Emami 25.61

Giellette India 17.33

Note(s): India; as of January 20, 2021


Further information regarding this statistic can be found on page 54.
18 Source(s): Financial Times; Various sources (company reports); ID 1065217 Market players
Leading food processing companies in India as of August 2020, based on market capitalization (in
billion Indian rupees)
Leading food processing companies in India based on market capitalization 2020

Market capitalization in billion Indian rupees


0 10 20 30 40 50 60

KRBL 52.56

LT Foods 18.04

Chaman Lal Setia Exports Ltd. 4.47

GRM Overseas 1.94

Himalaya Food 0.64

Saptarishi Agro 0.32

KLRF 0.25

Sunil Agro Food 0.12

NHC Foods 0.09

Tarai Foods 0.07

Note(s): India; 2021; based on BSE standings.


Further information regarding this statistic can be found on page 55.
19 Source(s): Moneycontrol; ID 945016 Market players
Sales turnover of Amul from financial year 2011 to 2020 (in billion Indian rupees)
Sales turnover of Amul FY 2011-2020

450

400 385.5

350
Sales turnover in billion Indian rupees

329.6

292.25
300
270.43

250 229.72
207.33
200 181.43

150 137.35
116.68
97.74
100

50

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

Note(s): India; FY 2011 to FY 2020


Further information regarding this statistic can be found on page 56.
20 Source(s): IndiFoodBev; ID 1188743 Market players
Market share of salty snack companies in India in 2016, by select company
India's salty snacks market share- by major company 2016

Market share
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55%

PepsiCo India 49.86%

ITC 10.8%

Balalji Wafers 9.17%

Parle Products 5.24%

Prataap Snacks 4.28%

Note(s): India; 2016


Further information regarding this statistic can be found on page 57.
21 Source(s): Euromonitor; Quartz; ID 725855 Market players
Leading pet food brands across India in 2017, by market share
Indian pet food industry market share 2017 by brand

Market share
0% 5% 10% 15% 20% 25% 30% 35%

Pedigree 32.8%

Royal Canin 15.3%

Drools 12.1%

Stylam Choostix 2.2%

N&D 1.5%

Jerhigh 1.3%

Whiskas 1.2%

Hill's Science Diet 1.2%

Eukanuba 1.1%

Glenand 0.7%

Note(s): India; 2017


Further information regarding this statistic can be found on page 58.
22 Source(s): Agriculture and Agri-Food Canada; Euromonitor; ID 1061475 Market players
Leading cigarette and tobacco companies in India as of June 2020, based on market capitalization
(in billion Indian rupees)
Leading cigarette companies in India 2020 based on market capitalization

Market capitalization in billion Indian rupees


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

ITC 2,455.37

Godfrey Phillip 53.78

VST 51.18

The Indian Wood 1.86

Golden Tobacco 0.49

NTC Industries 0.29

Note(s): India; 2020; based on BSE standings.


Further information regarding this statistic can be found on page 59.
23 Source(s): Moneycontrol; ID 944956 Market players
FMCG IN INDIA

Leading FMCG conglomerates


Gross sales value of Hindustan Unilever Limited from financial year 2013 to financial year 2020 (in
billion Indian rupees)
Hindustan Unilever's gross sales value FY 2013-2020

450

400 376.6 382.73

338.95 346.19
350 329.29
320.86
Value in billion Indian rupees

300 289.47
266.8

250

200

150

100

50

0
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Note(s): India; FY 2013 to FY 2020; sales before excise duty charge.


Further information regarding this statistic can be found on page 60.
25 Source(s): HUL (India); ID 763888 Leading FMCG conglomerates
Distribution of Nestle India's revenue in 2019, by segment
Distribution of Nestle's revenue 2019, by segment

Prepared dishes & cooking aids 12%

Confectionery 13%

Milk products & nutrition 46%

Beverages 29%

Note(s): India; 2019


Further information regarding this statistic can be found on page 61.
26 Source(s): PA Wealth Advisors; ID 1190107 Leading FMCG conglomerates
Gross profit of ITC Limited in financial year 2019, by segment (in billion Indian rupees)
ITC's gross profit FY 2019 by segment

Profit in billion Indian rupees


0 20 40 60 80 100 120 140 160 180

Cigarettes 154.12

Paperboards, paper and packaging 12.39

Agri business 7.93

FMCG/others 3.26

Hotel 1.86

Note(s): India; FY 2019


Further information regarding this statistic can be found on page 62.
27 Source(s): Business Standard; ITC Limited; ID 1124624 Leading FMCG conglomerates
Net profit of Britannia Industries Limited from financial year 2014 to 2020 (in billion Indian rupees)
Britannia's net profit FY 2014-2020

16
14.84

14

12 11.22
Profit in billion Indian rupees

10 9.48
8.44
8 7.63

6.22
6

3.7
4

0
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Note(s): India; FY 2014 to FY 2020; standalone


Further information regarding this statistic can be found on page 63.
28 Source(s): Britannia Industries; ID 1005989 Leading FMCG conglomerates
Share of Dabur products across India in FY 2020, by category
Dabur product category share India 2020

25%

21.1%

20% 18.9%

17%
Share of product category

15.9%

15%

10% 8.8%

6.9%
6.3%
5.1%
5%

0%
Foods Health supplements Digestive OCT and Ethicals Hair care Oral care Skin care Home care

Note(s): India; FY 2020


Further information regarding this statistic can be found on page 64.
29 Source(s): Dabur; ID 1068060 Leading FMCG conglomerates
Net sales of Godrej Consumer Products between financial year 2015 and 2020 (in billion Indian
rupees)
Net sales of Godrej Consumer Products FY 2015-2020

60 56.79
54.74
52.61

50 48.12 47.48
44.3
Value in billion Indian rupees

40

30

20

10

0
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Note(s): India; FY 2015 to FY 2020


Further information regarding this statistic can be found on page 65.
30 Source(s): The Economic Times; ID 1065569 Leading FMCG conglomerates
Net worth of Marico Limited from financial year 2009 to financial year 2020 (in billion Indian rupees)
Marico net worth FY 2009-2020

35

29.75 30.23
30

25.23
25
Value in billion Indian rupees

23.26

19.82 20.17
20 18.25

15 13.61
11.43

10 9.16

6.54
4.54
5

0
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Note(s): India; FY 2009 to FY 2020


Further information regarding this statistic can be found on page 66.
31 Source(s): Marico; ID 1005829 Leading FMCG conglomerates
Net sales of Colgate-Palmolive India Limited from financial year 2014 to financial year 2020 (in
billion Indian rupees)
Colgate-Palmolive India net sales FY 2014-2020

50
44.62 45.25
45
41.62 41.88
39.82 39.82
40
35.79
Value in billion Indian rupees

35

30

25

20

15

10

0
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Note(s): India; FY 2014 to FY 2020


Further information regarding this statistic can be found on page 67.
32 Source(s): The Economic Times; ID 990920 Leading FMCG conglomerates
FMCG IN INDIA

Consumer behavior
Discretionary expense among customers across India in 2020, by spending range and category
Discretionary expense among customers India 2020, by spending range and category

No spend Below 5,000 rupees Above 5,000 rupees

120%

100%
9%
9%
23%
34%
80%
Share of respondents

42%
60% 63%
28%
61%
40%

46%
20% 38%
28%
16%
0%
Furniture and electronics Apparels Skin care and cosmetics Fashion accessories

Note(s): India; May 18 to June 7, 2020; 20 years and older; 2376 respondents; across various demographics to analyze the changing consumer sentiment with respect to the
COVID-19 pandemic.
Further information regarding this statistic can be found on page 68.
34 Source(s): KPMG; ID 1177568 Consumer behavior
Discretionary expense on apparel among consumers across India in 2020, by city tier
Discretionary expense on apparel among consumers India 2020, by city tier

No spend Upto 5,000 rupees More than 5,000 rupees

120%

100%

20% 22%
29%
80%
Share of respondents

60%

64% 62%
55%
40%

20%

16% 16% 16%


0%
Tier 1 Tier 2 Tier 3

Note(s): India; May 18 to June 7, 2020; 20 years and older; 2376 respondents; across various demographics to analyze the changing consumer sentiment with respect to the
COVID-19 pandemic.
Further information regarding this statistic can be found on page 69.
35 Source(s): KPMG; ID 1177625 Consumer behavior
Discretionary spends on skin care and cosmetics among consumers across India in 2020, by age
Discretionary spends on skin care and cosmetics India 2020, by age

No spend Upto 5,000 rupees More than 5,000 rupees

70%
64% 64%
61%
60% 56%

50%
Share of respondents

40%

29% 30%
30% 27%
24%

20%
14%
12% 12%
10% 7%

0%
20 to 30 years 31 to 40 years 41 to 50 years Over 50 years

Note(s): India; May 18 to June 7, 2020; 20 years and older; 2376 respondents; across various demographics to analyze the changing consumer sentiment with respect to the
COVID-19 pandemic.
Further information regarding this statistic can be found on page 70.
36 Source(s): KPMG; ID 1178521 Consumer behavior
Discretionary expense on furniture and electronics among consumers across India in 2020, by
gender
Discretionary expense on furniture and electronics India 2020, by gender

No spend Upto 5,000 rupees More than 5,000 rupees

50% 47%

45%

40%
36%
34%
35%
Share of respondents

30%
30% 28%
25%
25%

20%

15%

10%

5%

0%
Male Female

Note(s): India; May 18 to June 7, 2020; 20 years and older; 2376 respondents; across various demographics to analyze the changing consumer sentiment with respect to the
COVID-19 pandemic.
Further information regarding this statistic can be found on page 71.
37 Source(s): KPMG; ID 1177656 Consumer behavior
Discretionary expense on fashion accessories among consumers across India in 2020, by age
Discretionary expense on fashion accessories India 2020, by age

No spend Less than 5,000 rupees Greater than 5,000 rupees

60%

50%
50% 47%
45% 46%
44%
42%
39% 39%
40%
Share of respondents

30%

20%
15% 14%
11%
10% 8%

0%
20 to 30 years 31 to 40 years 41 to 50 years Over 50 years

Note(s): India; May 18 to June 7, 2020; 20 years and older; 2376 respondents; across various demographics to analyze the changing consumer sentiment with respect to the
COVID-19 pandemic.
Further information regarding this statistic can be found on page 72.
38 Source(s): KPMG; ID 1177640 Consumer behavior
FMCG IN INDIA

References
Growth of the fast moving consumer goods segment as a ratio of GDP growth in India from FY
2006 to FY 2016
FMCG growth as a ratio of GDP growth in India 2006-2016

Description
Source and methodology information
This statistic illustrates the growth of the fast moving consumer goods (FMCG) segment as a ratio of GDP
Source(s) Bain & Company; S&P Capital IQ growth in India from fiscal years 2006 to 2016. In the 2016 financial year, the growth of the FMCG market was
around 0.5 times the growth of India's GDP for the same period.
Conducted by S&P Capital IQ

Survey period FY 2006 to FY 2016

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics India's financial year begins on 1 April and ends on 31 March. For
example, FY 2016 starts on 1 April 2015 and ends on 31 March 2016.

Published by Bain & Company

Publication date March 2017

Original source bain.com

Website URL visit the website

Notes: Note: Figures are based on revenue growth of the top 50 publicly listed
FMCG companies in India.

Back to statistic

40 References
Market size of fast moving consumer goods in India from financial year 2011 to 2018, with
estimates until 2025 (in billion U.S. dollars)
Market size of FMCG in India FY 2011-2025

Description
Source and methodology information
India's FMCG market was valued at 52.75 billion U.S. dollars in 2018. This was expected to increase to 220
Source(s) India Brand Equity Foundation ; Emami; Dabur; Nielsen billion dollars by 2025. One of the reasons for the increasing market size over the years was the growth in rural
consumption across the country.
Conducted by Emami; Dabur; Nielsen

Survey period FY 2011 to FY 2018

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by India Brand Equity Foundation ; Nielsen

Publication date June 2020

Original source ibef.org

Website URL visit the website

Notes: India's financial year begins in April and ends in March. For example, FY
2017 started in April 2016 and ended in March 2017.

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41 References
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

Description
Source and methodology information
Household and personal care made up the highest share of India's FMCG market in financial year 2019. Food
Source(s) India Brand Equity Foundation 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.
Conducted by India Brand Equity Foundation

Survey period FY 2019

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by India Brand Equity Foundation

Publication date December 2020

Original source ibef.org

Website URL visit the website

Notes: n.a.

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42 References
Distribution of the fast moving consumer goods market in India in financial year 2018, by region
Market share of FMCG in India 2018, by region

Description
Source and methodology information
Urban India accounted for 55 percent of the fast-moving consumer goods market in fiscal year 2018. The rural
Source(s) India Brand Equity Foundation ; BCG; KPMG; Crisil; SBI 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.
Conducted by BCG; KPMG; Crisil; SBI

Survey period FY 2018

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by India Brand Equity Foundation

Publication date June 2020

Original source ibef.org

Website URL visit the website

Notes: India's financial year begins in April and ends in March. For example, FY
2017 started in April 2016 and ended in March 2017.

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43 References
Market size of FMCG across rural India from financial year 2009 to 2018, with an estimate for 2025
(in billion U.S. dollars)
Market size of rural FMCG in India FY 2009-2025

Description
Source and methodology information
In fiscal year 2018, the size of the rural FMCG market in India amounted to about 23.6 billion U.S. dollars. This
Source(s) Nielsen; TechSci Research; Dabur; India Brand Equity Foundation ; sector had recorded significant growth rates in recent years and accounted for 45 percent of the country's FMCG
Various sources; Crisil; McKinsey market. Rising income levels had led to a clear increase in non-food expenditure.
Conducted by Nielsen; TechSci Research; Dabur; Various sources (Godrej); Crisil;
McKinsey

Survey period FY 2009 to FY 2018

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by India Brand Equity Foundation

Publication date September 2020

Original source ibef.org

Website URL visit the website

Notes: India's financial year begins in April and ends in March. For example, FY
2017 started in April 2016 and ended in March 2017.

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44 References
Value growth of the FMCG sector in India from 1st quarter financial year 2019 to 3rd quarter
financial year 2020
Growth of FMCG in India Q1 FY 2019-Q3 FY 2020

Description
Source and methodology information
The onset of the coronavirus pandemic resulted in a plummeting decline in the FMCG sector across India in the
Source(s) National Stock Exchange of India ; Tetley; MOSPI; Nielsen; Trading second quarter of financial year 2020. However, the following quarter showed signs of recovery, with almost a
Economics; afaqs! one percent growth, 1.6 percent if e-commerce was included.
Conducted by Nielsen; MOSPI; Trading Economics

Survey period Q1 FY 2019 to Q3 FY 2020

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics including traditional and modern trade

Published by National Stock Exchange of India ; afaqs!

Publication date November 2020

Original source Nielson global connect, page 4

Website URL visit the website

Notes: India's financial year starts in April and ends in March. For example, FY
2018 started in April 2017 and ended in March 2018.

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45 References
Market value of textile and apparel across India from financial year 2006 to 2019, with projections
until 2026 (in billion U.S. dollars)
Market value of textile and apparel India FY 2006-2026

Description
Source and methodology information
The market value of textile and apparel across India in the financial year 2019 was about a 100 billion U.S.
Source(s) Wazir; Ministry of Textiles (India) dollars and this value was estimated to reach over 106 billion U.S. dollars by 2020. With a growing organized
apparel sector and rising income levels, India was the world's second largest textile and clothing exporter with a
Conducted by Wazir; Ministry of Textiles (India)
steady growth forecast in this market.
Survey period FY 2006 to FY 2019

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by Wazir

Publication date January 2020

Original source Annual report on Indian textile and apparel industry, page 4

Website URL visit the website

Notes: India's financial year starts in April and ends in March. For example, FY
2019 started in April 2018 and ended in March 2019.

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46 References
Market size of the cosmetics industry across India from 2010 to 2025 (in billion U.S. dollars)
Market size of the cosmetics industry across India 2010-2025

Description
Source and methodology information
As of 2017, the market size of the cosmetic industry across India had a value approximately eleven billion U.S.
Source(s) Redseer dollars. The market size of the cosmetic industry recorded a year on year growth and was forecast to reach a
value of 20 billion U.S. dollars in 2025.
Conducted by Redseer

Survey period 2010 to 2025

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by Redseer

Publication date September 2020

Original source India Cosmetics Industry Analysis: By Product(Fragrances, Skin Care,


Make-Up, Hair Care, Hygiene, Oral Cosmetics), By Pricing, By Gender, By
Distribution Channel With COVID-19 Impact | Forecast Period 2017-2030

Website URL visit the website

Notes: *Forecast.

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47 References
Market volume of beverages in India 2018, by type (billion liters)
Market volume of beverages India 2018, by type

Description
Source and methodology information
Hot drinks made up the highest volume in the Indian beverage market, at about 91 billion liters in 2021. Dairy
Source(s) Varun Beverages; Motilal Oswal Group ranked second, while alcohol accounted for the lowest volume at about six billion liters during the measured time
period.
Conducted by Varun Beverages; Motilal Oswal Group

Survey period 2021

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by Varun Beverages; Motilal Oswal Group

Publication date January 2021

Original source Varun Beverages: Safe and Bottled, page 22

Website URL visit the website

Notes: n.a.

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48 References
Branded market share of the dairy industry in India in financial year 2017, by segment
Market share of dairy industry brands in India FY 2017, by segment

Description
Source and methodology information
Butter and cheese made up around 90 percent each of the branded market within India's dairy industry in the
Source(s) Crisil; AISEF; YES Global Institute financial year 2017. On the contrary, paneer had the lowest branded market share that year.
Conducted by Crisil

Survey period FY 2017

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by AISEF; YES Global Institute

Publication date February 2018

Original source Indian Spices Industry: Opportunities in Domestic & Global Markets, page
34

Website URL visit the website

Notes: India's financial years run from April to March of the following year. For
example, FY 2017 started on April 1, 2016 and ended on March 30, 2017.

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49 References
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

Description
Source and methodology information
In 2020, the value of the savory snacks market in India was around 5.57 billion U.S. dollars, compared to
Source(s) Orion Market Research 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
Conducted by Orion Market Research
U.S. dollars by 2026.
Survey period 2019 and 2020

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by Orion Market Research

Publication date January 2021

Original source Global savory snacks market research and forecast 2020-2026, page 22

Website URL visit the website

Notes: n.a.

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50 References
Market size of the pet care industry across India in 2013 and 2016 (in million U.S. dollars)
Indian pet care industry market size 2013-2016

Description
Source and methodology information
This statistic illustrates the market size of the pet care industry across India in 2013 and 2016. In the year of
Source(s) Sparrow Advisory 2016, the market size of the pet care industry across the country amounted to 1,220 million U.S. dollars, up from
about 500 million U.S. dollars in 2013.
Conducted by Sparrow Advisory

Survey period 2013 and 2016

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by Sparrow Advisory

Publication date July 2016

Original source Indian pet food and aquafeed industry, page 3

Website URL visit the website

Notes: n.a.

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51 References
Distribution of tobacco consumption across India in financial year 2019, by type
Share of tobacco consumption in India FY 2019 by type

Description
Source and methodology information
Legal cigarette consumption contributed a mere nine percent of tobacco products across India during fiscal year
Source(s) TII (India); FAO 2019. The majority of tobacco products consumed in the country were in the form of bidis, chewable, and illegal
cigarettes.
Conducted by FAO

Survey period FY 2019

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by TII (India)

Publication date June 2020

Original source tiionline.org

Website URL visit the website

Notes: *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. Mentioned data
corresponds to data available on the date of access.

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52 References
Market capitalization of leading ready-made apparel companies in India in 2019 (in billion Indian
rupees)
Market capitalization of ready-made apparel companies in India 2019

Description
Source and methodology information
Page industries had the highest value of market capitalization in 2019 with about 207 billion Indian rupees,
Source(s) CNBC; Various sources followed by KPR Mill with approximately 39 billion Indian rupees. The country is the second largest manufacture
of garments after China.
Conducted by Various sources

Survey period 2019

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by CNBC (moneycontrol.com)

Publication date August 2019

Original source moneycontrol.com

Website URL visit the website

Notes: Note: The source does not mention a specific date.One Indian rupee is
equal to 0.014 U.S. dollars and 0.012 euros (as of November 2018).
Values have been rounded.

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53 References
Revenue of household and personal care across India as of January 20, 2021, by leading company
(in billion Indian rupees)
Revenue of household and personal care companies in India 2021

Description
Source and methodology information
Godrej Consumer Products had the highest revenue compared to its peers in the household and personal care
Source(s) Financial Times; Various sources (company reports) products market across India in 2021. This was valued at nearly 101.74 billion Indian rupees. Some of its
personal care brands include Cinthol, Soft & Gentle. Among its home range, Good Knight was most popular.
Conducted by Various sources (company reports)

Survey period as of January 20, 2021

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by Financial Times

Publication date January 2021

Original source markets.ft.com

Website URL visit the website

Notes: One Indian rupee is equal to 0.011 euros and 0.014 U.S. dollars as of
January 2021. Values have been rounded for clarity. Date of release
corresponds to the date of access

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54 References
Leading food processing companies in India as of August 2020, based on market capitalization (in
billion Indian rupees)
Leading food processing companies in India based on market capitalization 2020

Description
Source and methodology information
The leading Indian food processing company in India as of January 2021 was KRBL. It had a market
Source(s) Moneycontrol capitalization of over 52 billion Indian rupees. LT Foods came in second with just over 18 billion in the same time
period.
Conducted by Moneycontrol

Survey period 2021

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics based on BSE standings.

Published by Moneycontrol

Publication date January 2021

Original source moneycontrol.com

Website URL visit the website

Notes: One Indian rupee is equal to 0.011 euros and 0.014 U.S. dollars as of
January 2021. Values have been rounded for clarity.

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55 References
Sales turnover of Amul from financial year 2011 to 2020 (in billion Indian rupees)
Sales turnover of Amul FY 2011-2020

Description
Source and methodology information
In the financial year 2020, Amul reported a sales turnover of above 385 billion Indian rupees compared to about
Source(s) IndiFoodBev 329 billion Indian rupees in the previous year in India. Amul India is one of the largest dairy companies in the
world with an increasing growth rate since 2011.
Conducted by IndiFoodBev

Survey period FY 2011 to FY 2020

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by IndiFoodBev

Publication date April 2020

Original source indifoodbev.com

Website URL visit the website

Notes: Note: India's financial year begins in April and ends in March. For
example, FY 2016 started in April 2015 and ended in March 2016. Figures
have been converted from crore Indian rupees to billion Indian rupees.
One Indian rupee is equal to 0.013 U.S. dollars and 0.011 euros (as of
November 2020)

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56 References
Market share of salty snack companies in India in 2016, by select company
India's salty snacks market share- by major company 2016

Description
Source and methodology information
This statistic shows the market share of Indian salty snacks in 2016, broken down by major company. PepsiCo
Source(s) Euromonitor; Quartz India accounted for the largest market share in the country's salty snacks industry with about 50 percent, while
Prataap Snacks' share in the market amounted to about 4.3 percent during the measured time period.
Conducted by Euromonitor

Survey period 2016

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by Quartz

Publication date February 2017

Original source qz.com

Website URL visit the website

Notes: n.a.

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57 References
Leading pet food brands across India in 2017, by market share
Indian pet food industry market share 2017 by brand

Description
Source and methodology information
Pedigree was the most popular pet food brand across India in 2017, accounting for a market share of
Source(s) Agriculture and Agri-Food Canada; Euromonitor approximately 33 percent. However, with the emergence of competitors, the CAGR of Pedigree had witnessed a
decrease of two percent between 2013 and 2017.
Conducted by Euromonitor

Survey period 2017

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by Agriculture and Agri-Food Canada

Publication date August 2019

Original source agr.gc.ca

Website URL visit the website

Notes: n.a.

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58 References
Leading cigarette and tobacco companies in India as of June 2020, based on market capitalization
(in billion Indian rupees)
Leading cigarette companies in India 2020 based on market capitalization

Description
Source and methodology information
The leading Indian cigarette company across India as of 2020 was ITC, with a market capitalization of over 2.4
Source(s) Moneycontrol 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.
Conducted by Moneycontrol

Survey period 2020

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics based on BSE standings.

Published by Moneycontrol

Publication date June 2020

Original source moneycontrol.com

Website URL visit the website

Notes: One Indian rupee is equal to 0.013 U.S. dollars and 0.012 euros (as of
June 2020). Values have been rounded.

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59 References
Gross sales value of Hindustan Unilever Limited from financial year 2013 to financial year 2020 (in
billion Indian rupees)
Hindustan Unilever's gross sales value FY 2013-2020

Description
Source and methodology information
In financial year 2020, Hindustan Unilever Limited reported a gross sales value of about 382 billion Indian
Source(s) HUL (India) rupees, up from about 266 billion Indian rupees in fiscal year 2013. Hindustan Unilever is a subsidiary of the
British-Dutch FMCG company Unilever and it is headquartered in Mumbai.
Conducted by HUL (India)

Survey period FY 2013 to FY 2020

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics sales before excise duty charge.

Published by HUL (India)

Publication date June 2020

Original source Hindustan Unilever annual report FY 2020, page 9

Website URL visit the website

Notes: India's financial year begins in April and ends in March. For example, FY
2020 started in April 2019 and ended in March 2020. One Indian rupee is
equal to 0.011 euros and 0.014 U.S. dollars as of January 2021. Values
have been rounded for clarity.

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60 References
Distribution of Nestle India's revenue in 2019, by segment
Distribution of Nestle's revenue 2019, by segment

Description
Source and methodology information
In 2019, Nestle India's milk products and nutrition segment accounted for a 46 percent share of its revenue. This
Source(s) PA Wealth Advisors was followed by beverages, accounting for approximately 30 percent of the revenue. Nestle India is one of the
largest FMCG companies in India specializing in food, beverages, chocolate, and confectioneries.
Conducted by PA Wealth Advisors

Survey period 2019

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by PA Wealth Advisors

Publication date October 2020

Original source blog.pawealthadvisors.com

Website URL visit the website

Notes: n.a.

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61 References
Gross profit of ITC Limited in financial year 2019, by segment (in billion Indian rupees)
ITC's gross profit FY 2019 by segment

Description
Source and methodology information
ITC Limited, a multinational conglomerate headquartered in Kolkata, India reported a gross profit of nearly 154
Source(s) Business Standard; ITC Limited billion Indian rupees from cigarette segment in fiscal year 2019. ITC's cigarettes had a market share of 77
percent in the country.
Conducted by ITC Limited

Survey period FY 2019

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by Business Standard

Publication date June 2019

Original source business-standard.com

Website URL visit the website

Notes: India's financial year begins in April and ends in March. For example, FY
2017 started in April 2016 and ended in March 2017. One Indian rupee is
equal to 0.013 U.S. dollars and 0.012 euros (as of June 2020). Values
have been rounded for clarity.

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62 References
Net profit of Britannia Industries Limited from financial year 2014 to 2020 (in billion Indian rupees)
Britannia's net profit FY 2014-2020

Description
Source and methodology information
Britannia Industries Limited reported a net profit of over 14 billion Indian rupees in fiscal year 2020. Britannia is
Source(s) Britannia Industries one of India's oldest food companies that manufactures biscuits, bread, cakes, rusk, and dairy products. It was
formerly known as Britannia Biscuit Company Limited.
Conducted by Britannia Industries

Survey period FY 2014 to FY 2020

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics standalone

Published by Britannia Industries

Publication date June 2020

Original source Britannia annual report 2019-2020, page 14

Website URL visit the website

Notes: India's financial year begins in April and ends in March. For example, FY
2017 started in April 2016 and ended in March 2017. One Indian rupee is
equal to 0.013 U.S. dollars and 0.011 euros (as of September 2020).
Values have been rounded for clarity.

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63 References
Share of Dabur products across India in FY 2020, by category
Dabur product category share India 2020

Description
Source and methodology information
Dabur's health supplements had the highest share among all its products in fiscal year 2020. This accounted for
Source(s) Dabur around 19 percent, while its food category made up around 16 percent of its net sales. The Indian FMCG
company manufactures products based on Ayurveda and features nature-based ingredients with nearly 6.7
Conducted by Dabur
million retail outlets across rural and urban areas in the country.
Survey period FY 2020

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by Dabur

Publication date July 2020

Original source Dabur India annual report FY 2020, page 8

Website URL visit the website

Notes: India's financial year begins in April and ends in March. For example, FY
2017 started in April 2016 and ended in March 2017.

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64 References
Net sales of Godrej Consumer Products between financial year 2015 and 2020 (in billion Indian
rupees)
Net sales of Godrej Consumer Products FY 2015-2020

Description
Source and methodology information
The net sales of Godrej Consumer Products amounted to nearly 55 billion Indian rupees at the end of the
Source(s) The Economic Times financial year 2020. There was a consistent increase in the net sales for the Indian FMCG company since the
financial year 2017 until the financial year 2019. Headquartered in Mumbai, it was one of the leading home and
Conducted by The Economic Times
personal care companies across the country with a global presence.
Survey period FY 2015 to FY 2020

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by The Economic Times

Publication date December 2020

Original source economictimes.indiatimes.com

Website URL visit the website

Notes: Note: India's financial year begins in April and ends in March. For
example, FY 2016 started in April 2015 and ended in March 2016. One
Indian rupee is equal to 0.014 U.S. dollars and 0.011 euros (as of
December 2020). Release date corresponds to the date of access. Values
have been rounded.

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65 References
Net worth of Marico Limited from financial year 2009 to financial year 2020 (in billion Indian rupees)
Marico net worth FY 2009-2020

Description
Source and methodology information
In the financial year 2020, Marico had a net worth of about 30 billion Indian rupees, up from about nine billion
Source(s) Marico rupees in the financial year 2011. Marico is one of India`s leading consumer products company in beauty and
wellness sector.
Conducted by Marico

Survey period FY 2009 to FY 2020

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by Marico

Publication date August 2020

Original source Financial highlights

Website URL visit the website

Notes: Values have been rounded for clarity. India's financial year begins in April
and ends in March. For example, FY 2017 started in April 2016 and ended
in March 2017. One Indian rupee is equal to 0.013 U.S. dollars and 0.011
euros (as of September 2020).

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66 References
Net sales of Colgate-Palmolive India Limited from financial year 2014 to financial year 2020 (in
billion Indian rupees)
Colgate-Palmolive India net sales FY 2014-2020

Description
Source and methodology information
Colgate-Palmolive India Limited reported a net sales value of over 45 billion Indian rupees in fiscal year 2020.
Source(s) The Economic Times There was a consistent increase in net sales since fiscal year 2017. This company is the subsidiary of Colgate-
Palmolive, an American multinational consumer products company.
Conducted by The Economic Times

Survey period FY 2014 to FY 2020

Region(s) India

Number of respondents n.a.

Age group n.a.

Special characteristics n.a.

Published by The Economic Times

Publication date October 2020

Original source economictimes.indiatimes.com

Website URL visit the website

Notes: India's financial year begins in April and ends in March. For example, FY
2017 started in April 2016 and ended in March 2017. One Indian rupee is
equal to 0.014 U.S. dollars and 0.012 euros (as of October 2020). Values
have been rounded for clarity.

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67 References
Discretionary expense among customers across India in 2020, by spending range and category
Discretionary expense among customers India 2020, by spending range and category

Description
Source and methodology information
In a survey conducted in 2020, to analyze the changing consumer sentiments concerning the COVID-19
Source(s) KPMG pandemic in India, the respondents showed slight variations across different product categories. Overall, the
majority of respondents intended to spend either no money or no more than five thousand rupees for the given
Conducted by KPMG
product categories.
Survey period May 18 to June 7, 2020

Region(s) India

Number of respondents 2376

Age group 20 years and older

Special characteristics across various demographics to analyze the changing consumer


sentiment with respect to the COVID-19 pandemic.

Published by KPMG

Publication date July 2020

Original source Time to open my wallet or not?, page 13

Website URL visit the website

Notes: n.a.

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68 References
Discretionary expense on apparel among consumers across India in 2020, by city tier
Discretionary expense on apparel among consumers India 2020, by city tier

Description
Source and methodology information
In a survey conducted in 2020, to analyze the changing consumer sentiments concerning the COVID-19
Source(s) KPMG pandemic in India, the majority of respondents from all the city tiers expressed their intention to spend up to five
thousand rupees on apparels. About 16 percent of respondents in all tiers did not intent to spend on apparel.
Conducted by KPMG

Survey period May 18 to June 7, 2020

Region(s) India

Number of respondents 2376

Age group 20 years and older

Special characteristics across various demographics to analyze the changing consumer


sentiment with respect to the COVID-19 pandemic.

Published by KPMG

Publication date July 2020

Original source Time to open my wallet or not?, page 14

Website URL visit the website

Notes: n.a.

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69 References
Discretionary spends on skin care and cosmetics among consumers across India in 2020, by age
Discretionary spends on skin care and cosmetics India 2020, by age

Description
Source and methodology information
In a survey conducted in 2020 to analyze the changing consumer sentiments concerning the COVID-19
Source(s) KPMG pandemic in India, the majority of respondents across all age groups showed the intention of paying up to five
thousand Indian rupees for skincare and cosmetics. Other preferred segments for discretionary spends included
Conducted by KPMG
furniture, electronics, fashion accessories, and apparel.
Survey period May 18 to June 7, 2020

Region(s) India

Number of respondents 2376

Age group 20 years and older

Special characteristics across various demographics to analyze the changing consumer


sentiment with respect to the COVID-19 pandemic.

Published by KPMG

Publication date July 2020

Original source Time to open my wallet or not?, page 15

Website URL visit the website

Notes: n.a.

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70 References
Discretionary expense on furniture and electronics among consumers across India in 2020, by
gender
Discretionary expense on furniture and electronics India 2020, by gender

Description
Source and methodology information
In a survey conducted in 2020 to analyze the changing consumer sentiments concerning the COVID-19
Source(s) KPMG pandemic in India, the majority of female respondents showed the intention of not spending any money on
furniture and electronics. Contrary to this, the majority of males consumers were inclined to pay more than five
Conducted by KPMG
thousand Indian rupees on the same products.
Survey period May 18 to June 7, 2020

Region(s) India

Number of respondents 2376

Age group 20 years and older

Special characteristics across various demographics to analyze the changing consumer


sentiment with respect to the COVID-19 pandemic.

Published by KPMG

Publication date July 2020

Original source Time to open my wallet or not?, page 16

Website URL visit the website

Notes: n.a.

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71 References
Discretionary expense on fashion accessories among consumers across India in 2020, by age
Discretionary expense on fashion accessories India 2020, by age

Description
Source and methodology information
In a survey conducted in 2020, to analyze the changing consumer sentiments concerning the COVID-19
Source(s) KPMG pandemic in India, the majority of respondents across all age groups were inclined to not spend on fashion
accessories. Interestingly, a significant share of respondents willing to pay more than five thousand rupees on
Conducted by KPMG
the product category was over the age of forty.
Survey period May 18 to June 7, 2020

Region(s) India

Number of respondents 2376

Age group 20 years and older

Special characteristics across various demographics to analyze the changing consumer


sentiment with respect to the COVID-19 pandemic.

Published by KPMG

Publication date July 2020

Original source Time to open my wallet or not?, page 15

Website URL visit the website

Notes: n.a.

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72 References

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