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Business Standard
18 hours ago
- Business
- Business Standard
Retail sector projected to nearly double to $1.93 trn by 2030: Report
India's retail sector is projected to nearly double to $1.93 trillion by 2030, growing at a 10 per cent CAGR, with the momentum anchored by a deep home market that acts as a buffer against global trade volatility, according to a Deloitte-FICCI report. The country's retail and consumer landscape is undergoing a transformation, powered by robust domestic consumption alongside a surge in digital adoption, premiumisation and the rapid rise of e-commerce across both urban and emerging markets, it said. As per the report titled 'Spotting India's PRIME Innovation Moment', India's retail sector was valued at $1.06 trillion in 2024, and the rising purchasing power, including Gen Z's direct spending capacity of $250 billion, is not only sustaining domestic demand but also fuelling brand confidence to scale internationally. Evolving Free Trade Agreements (FTAs) and tariff realignments are further enhancing India's export competitiveness, allowing 'Made in India' products to reach new markets with reduced barriers and cost advantages, Deloitte said in a statement. India's FMCG and retail sectors are entering a transformative decade, amplified by a digital-first, premium-yet-inclusive consumption wave, the rapid expansion of quick commerce and the explosive growth of direct-to-consumer (D2C) brands, it noted. "India's consumer ecosystem is entering a defining decade, fuelled by a young, digitally fluent population, an expanding middle class and the rising economic influence of Tier II and III cities, which now account for over 60 per cent of e-commerce transactions," Deloitte South Asia, Partner & Consumer Industry Leader, Anand Ramanathan said. In the current environment of evolving tariff realignments and expanding FTAs, India's deep domestic consumption base not only sustains growth at home but also creates a strong springboard for global competitiveness, positioning Indian products to capture new market share overseas, he added. The next wave of growth will be driven less by distribution expansion and more by the ability of FMCG (fast-moving consumer goods), retail, and e-commerce players to anticipate and respond to shifting consumer behaviours, regional nuances and the demand for purpose-led innovation, Ramanathan noted. "With decisive action and strategic foresight, India can double its retail market to nearly $1.9 trillion by 2030 while setting global benchmarks for resilience, innovation and sustainability in the consumer sector," he said. According to the report, online marketplaces now influence 73 per cent of purchase decisions, with YouTube reviews (40 per cent) and peer recommendations (51 per cent) emerging as trusted alternatives to traditional influencer marketing. India's D2C market crossed $80 billion in 2024 and is on track to exceed $100 billion in 2025, redefining how brands scale and connect with consumers, it added. The report also pointed out that 'Made in India' has earned consumer trust, with the preference for locally-made products strengthening, as 68 per cent of consumers favoured Indian brands in food and beverages, 55 per cent in home decor and 53 per cent in personal care. Quick commerce has transformed market access as India is the world's first scaled quick-commerce market, operating in over 80 cities and growing at a 70-80 per cent compound annual growth rate (CAGR), the report said. Tier II & III cities are powering omni-channel growth with over 60 per cent of e-commerce transactions now originating from Tier II and III cities, the report said, adding that it signalled a retail shift beyond metros. Malls and high-street spaces are evolving into experiential hubs, while cities such as Bengaluru and Hyderabad accounted for 60 per cent of total retail space absorption in 2024, it added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Economic Times
20 hours ago
- Business
- Economic Times
India's retail sector projected to nearly double to $1.93 trn by 2030: Deloitte-FICCI
New Delhi, India's retail sector is projected to nearly double to USD 1.93 trillion by 2030, growing at a 10 per cent CAGR, with the momentum anchored by a deep home market that acts as a buffer against global trade volatility, according to a Deloitte-FICCI report. The country's retail and consumer landscape is undergoing a transformation, powered by robust domestic consumption alongside a surge in digital adoption, premiumisation and the rapid rise of e-commerce across both urban and emerging markets, it said. As per the report titled 'Spotting India's PRIME Innovation Moment', India's retail sector was valued at USD 1.06 trillion in 2024, and the rising purchasing power, including Gen Z's direct spending capacity of USD 250 billion, is not only sustaining domestic demand but also fuelling brand confidence to scale internationally. Evolving Free Trade Agreements (FTAs) and tariff realignments are further enhancing India's export competitiveness, allowing 'Made in India' products to reach new markets with reduced barriers and cost advantages, Deloitte said in a statement. India's FMCG and retail sectors are entering a transformative decade, amplified by a digital-first, premium-yet-inclusive consumption wave, the rapid expansion of quick commerce and the explosive growth of direct-to-consumer (D2C) brands, it noted. "India's consumer ecosystem is entering a defining decade, fuelled by a young, digitally fluent population, an expanding middle class and the rising economic influence of Tier II and III cities, which now account for over 60 per cent of e-commerce transactions," Deloitte South Asia, Partner & Consumer Industry Leader, Anand Ramanathan said. In the current environment of evolving tariff realignments and expanding FTAs, India's deep domestic consumption base not only sustains growth at home but also creates a strong springboard for global competitiveness, positioning Indian products to capture new market share overseas, he added. The next wave of growth will be driven less by distribution expansion and more by the ability of FMCG (fast-moving consumer goods), retail, and e-commerce players to anticipate and respond to shifting consumer behaviours, regional nuances and the demand for purpose-led innovation, Ramanathan noted. "With decisive action and strategic foresight, India can double its retail market to nearly USD 1.9 trillion by 2030 while setting global benchmarks for resilience, innovation and sustainability in the consumer sector," he said. According to the report, online marketplaces now influence 73 per cent of purchase decisions, with YouTube reviews (40 per cent) and peer recommendations (51 per cent) emerging as trusted alternatives to traditional influencer marketing. India's D2C market crossed USD 80 billion in 2024 and is on track to exceed USD 100 billion in 2025, redefining how brands scale and connect with consumers, it added. The report also pointed out that 'Made in India' has earned consumer trust, with the preference for locally-made products strengthening, as 68 per cent of consumers favoured Indian brands in food and beverages, 55 per cent in home decor and 53 per cent in personal care. Quick commerce has transformed market access as India is the world's first scaled quick-commerce market, operating in over 80 cities and growing at a 70-80 per cent compound annual growth rate (CAGR), the report said. Tier II & III cities are powering omni-channel growth with over 60 per cent of e-commerce transactions now originating from Tier II and III cities, the report said, adding that it signalled a retail shift beyond metros. Malls and high-street spaces are evolving into experiential hubs, while cities such as Bengaluru and Hyderabad accounted for 60 per cent of total retail space absorption in 2024, it added.
Time of India
21 hours ago
- Business
- Time of India
India's retail sector projected to nearly double to $1.93 trn by 2030: Deloitte-FICCI
New Delhi, India's retail sector is projected to nearly double to USD 1.93 trillion by 2030, growing at a 10 per cent CAGR, with the momentum anchored by a deep home market that acts as a buffer against global trade volatility, according to a Deloitte-FICCI report . The country's retail and consumer landscape is undergoing a transformation, powered by robust domestic consumption alongside a surge in digital adoption, premiumisation and the rapid rise of e-commerce across both urban and emerging markets, it said. As per the report titled 'Spotting India's PRIME Innovation Moment', India's retail sector was valued at USD 1.06 trillion in 2024, and the rising purchasing power, including Gen Z's direct spending capacity of USD 250 billion, is not only sustaining domestic demand but also fuelling brand confidence to scale internationally. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it better to shower in the morning or at night? Here's what a microbiologist says CNA Read More Undo Evolving Free Trade Agreements (FTAs) and tariff realignments are further enhancing India's export competitiveness, allowing ' Made in India ' products to reach new markets with reduced barriers and cost advantages, Deloitte said in a statement. India's FMCG and retail sectors are entering a transformative decade, amplified by a digital-first, premium-yet-inclusive consumption wave, the rapid expansion of quick commerce and the explosive growth of direct-to-consumer (D2C) brands, it noted. Live Events "India's consumer ecosystem is entering a defining decade, fuelled by a young, digitally fluent population, an expanding middle class and the rising economic influence of Tier II and III cities, which now account for over 60 per cent of e-commerce transactions," Deloitte South Asia, Partner & Consumer Industry Leader, Anand Ramanathan said. In the current environment of evolving tariff realignments and expanding FTAs, India's deep domestic consumption base not only sustains growth at home but also creates a strong springboard for global competitiveness, positioning Indian products to capture new market share overseas, he added. The next wave of growth will be driven less by distribution expansion and more by the ability of FMCG ( fast-moving consumer goods ), retail, and e-commerce players to anticipate and respond to shifting consumer behaviours, regional nuances and the demand for purpose-led innovation, Ramanathan noted. "With decisive action and strategic foresight, India can double its retail market to nearly USD 1.9 trillion by 2030 while setting global benchmarks for resilience, innovation and sustainability in the consumer sector," he said. According to the report, online marketplaces now influence 73 per cent of purchase decisions, with YouTube reviews (40 per cent) and peer recommendations (51 per cent) emerging as trusted alternatives to traditional influencer marketing. India's D2C market crossed USD 80 billion in 2024 and is on track to exceed USD 100 billion in 2025, redefining how brands scale and connect with consumers, it added. The report also pointed out that 'Made in India' has earned consumer trust, with the preference for locally-made products strengthening, as 68 per cent of consumers favoured Indian brands in food and beverages, 55 per cent in home decor and 53 per cent in personal care. Quick commerce has transformed market access as India is the world's first scaled quick-commerce market, operating in over 80 cities and growing at a 70-80 per cent compound annual growth rate (CAGR), the report said. Tier II & III cities are powering omni-channel growth with over 60 per cent of e-commerce transactions now originating from Tier II and III cities, the report said, adding that it signalled a retail shift beyond metros. Malls and high-street spaces are evolving into experiential hubs, while cities such as Bengaluru and Hyderabad accounted for 60 per cent of total retail space absorption in 2024, it added.
Time of India
21-05-2025
- Business
- Time of India
India's food processing sector powers jobs and growth, contributes 7.7% to manufacturing: Deloitte-FICCI Report
New Delhi: India's food processing sector is emerging as a key pillar of economic growth, contributing 7.7 per cent to the country's total manufacturing GVA and supporting over 7 million jobs across the value chain, according to a new Deloitte-FICCI report . Valued at USD 160 billion, the sector is enabling rural industrialisation and reducing post-harvest losses, while gaining momentum from rising rural demand, digital transformation, and policy support. As per the report, the agriculture and food processing value chain now accounts for nearly 30 per cent of the national food market. 'India's agri and food processing sector is on the brink of a transformative leap, where tradition meets cutting-edge technology to build a future-ready food ecosystem,' said Anand Ramanathan , Partner & Consumer Industry Leader, Deloitte South Asia. 'Consumer demand is shifting towards clean-label, protein-rich and gut-friendly foods, driving a structural evolution in how India consumes food. India is poised to lead the global narrative on health-driven, tech-enabled and inclusive food systems, fuelled by advancements in AI, IoT and blockchain,' he added. The report highlights India's agricultural exports, which reached a record USD 48.2 billion in FY24, signalling strong global demand. Urban consumption patterns are also evolving, with nearly 50 per cent of food budgets now allocated to packaged and prepared foods. Meanwhile, rural FMCG volumes posted a 6 per cent growth in Q3 FY24, and Tier-2 and Tier-3 cities are becoming new engines of demand. 'India's food processing sector holds immense transformative potential, both as a driver of economic growth and as a catalyst for inclusive development,' said Jyoti Vij, Director General, FICCI. 'As evolving consumer preferences and health-conscious choices reshape food systems, the need for resilience, innovation and value addition has never been greater.' While the sector shows strong potential, the report said that supply chain inefficiencies continue to pose challenges. It calls for collaboration among policymakers, industry leaders and innovators to invest in smart technologies, build resilient supply chains, and scale health-forward offerings aligned with global consumption trends.
India Gazette
21-05-2025
- Business
- India Gazette
Half of food budget is spent on packaged foods by Urban Consumers: Report
New Delhi [India] May 21 (ANI): Urban consumers allocate nearly 50 per cent of their food budgets to packaged and prepared foods, giving a significant boost to the FMCG sector, said a recent Deloitte-FICCI report. The report further adds that the rural Fast-Moving Consumer Goods (FMCG) volumes experienced a 6 per cent growth in the third quarter of the financial year 2024 (Q3 FY24). 'Urban elites increasingly spend 50 per cent of their food budget on packaged foods, dining out and deliveries, while rural consumption is shifting from cereals to beverages and processed foods,' the report added. The agriculture and food processing sector, representing nearly 30 per cent of the national food market, is gaining momentum due to rising rural demand, digital advancements and strong policy support. The report adds that with a valuation of about USD 160 billion, the agriculture and food processing sector reflects India's economic rise, marked by the country's rank as the fifth-largest economy and a doubling of per capita income to Rs 1.97 lakh over the past nine years. With consumption trends aligning across urban and rural India, Tier-2 and Tier-3 cities are fast becoming engines of economic growth, the report said. Observing the trends, Anand Ramanathan, Partner & Consumer Industry Leader, Deloitte South Asia, said, 'India's agri and food processing sector is on the brink of a transformative leap, where tradition meets cutting-edge technology to build a future-ready food ecosystem. Consumer demand is shifting towards clean-label, protein-rich and gut-friendly foods, driving a structural evolution in how India consumes food.' He added that India is poised to lead the global narrative on health-driven, tech-enabled and inclusive food systems, fuelled by advancements in AI, IoT and blockchain. 'The way forward lies in purposeful collaboration among policymakers, industry players and innovators to build resilient supply chains, empower farmers and entrepreneurs, and cater to a conscious, global consumer,' Ramanathan added. The report says that the premiumisation of products is also an emerging trend, with higher-income consumers driving growth through demand for quality, convenience and indulgence. There is also a rising curiosity around global cuisines and regional flavours, marking a convergence of heritage and innovation in consumer preferences. The Deloitte-FICCI report observed that global research and development (R&D) hubs and startups are reformulating products for Indian tastes, focusing on health-conscious features such as clean labels, protein enrichment and gut health. (ANI)
