Indian FMCG Sector Volume Growth Slows to 5.4% in Q3; GST Changes and Rural Demand Dynamics Examined

Overview

India's Fast-Moving Consumer Goods (FMCG) sector experienced a slowdown in volume growth, reaching 5.4% in the September quarter, largely due to disruptions from GST rate changes. Despite this, value growth rose to 12.9%. Rural consumption continued to outpace urban areas, though the gap is narrowing as urban markets show signs of recovery, particularly in smaller towns. E-commerce remains a significant growth engine, especially in metropolitan areas.