FMCG consumption, growing at 6.4%, continues to drive value growth at 6% in Q4’23: NielsenIQ

Jammu Tawi: NielsenIQ (NIQ), the world's leading consumer intelligence company, released the FMCG Quarterly Snapshot for Q4 2023 (OND'23) today. According to the report, the Indian FMCG (fast-moving consumer goods) industry has experienced a 6% growth in value, attributed to a 6.4% increase in volume, indicating positive consumption patterns at an All-India level.The report further reveals that volume growth for the quarter is 6.1% higher than in the same period last year (i.e., Q4 2022). However, the report notes a moderation in consumption growth within the FMCG sector compared to the sequential quarters across the country.Roosevelt Dsouza, Head of Customer Success – India, NIQ said, “For the first time in 2023, consumption gaps between urban and rural markets are narrowing down. The North and West regions are contributing to this phenomenon. The favorable interim Union Budget 2024-25, supporting several economic boosters for the rural sector, should augur well for companies with a rural strategy.Despite a sequential-quarter decline, the rural recovery narrative continued to evolve throughout the year. In Q4 2023, we observe an uptick in consumption, primarily driven by habit-forming categories (such as biscuits and noodles) in food and essential home products. These categories have thrived despite flat to negative price growth, indicating resilience and sustained demand.”