Here are some excerpts from a report titled “unravelling the Indian consumer” by Deloitte India and Retail Association of India. Click Read More below for more information published in DNA India.
A fast growing economy and robust demographics provide a positive outlook to the consumer businesses in India.
These factors will fuel the retail market growth in the country, making India the third largest retail market in Asia and the fourth largest in the world, it said.
The retail market in India is expected to grow to USD 1.2 trillion by 2021 from USD 795 billion in 2017, it said.
“Further, as the internet penetration in the country increases and more international retailers start operating in India, the share of organised retail market is expected to increase from 12 per cent in 2017 to 22-25 per cent by 2021.
“This will also be driven by the growth of e-commerce market from USD 24 billion in 2017 to USD 84 billion in 2021,” the report said.
Omicus comments: If you are currently not present in India you are missing out on a huge opportunity. Do not let your lack of resources either at HO or in the country come in the way. If you wish to enter India and grow brands there, or if your business in India is not growing to potential, contact us at contact@omicus.com.
Although this article is 4 years old, the contents are still relevant. India is living up to its promise, and the market continues to be attractive for consumer products.