Reliancehas launched a homegrown consumer packaged goods brand ‘Independence’ which will offer products across multiple categories including staples, processed foods and daily necessities.
- The company plans to start the national rollout of the brand with Gujarat.
- In India, the volume of packaged goods fell sharply in early 2022
The company said it will offer a wide range of products under this brand such as staples, processed foods and other daily necessities. The company is gearing up for a national rollout, but it launched on Thursday in Ahmedabad, Gujarat. Reliance said it will develop Gujarat as a go-to-market state.
“I am delighted to announce the launch of our very own
Reliance Retail has more than 12,000 stores across the country and is one of the largest retailers in India. However, the company said it is working with trade partners including manufacturers and kirana for the same. The FMCG industry in India is currently dominated by Hindustan Unilever, Nestle along with ITC and Godrej.
A 2021 McKinsey Global Institute (MGI) survey states that Asia represents a $10 trillion consumption growth opportunity over the next decade. While long-term growth drivers are solid, this calendar year has not been very profitable for the sector, which has had many restraints such as rising inflation, which has affected the purchasing power of many consumers and also increased input costs for manufacturers.
“Revenue growth was driven by price increases, with volumes remaining low across categories. Shrinkage was more pronounced in rural areas. Firms expect rural demand to recover in 2H23 on the back of government interventions, a good monsoon and higher crop realisation,” says a recent BNP Paribas report.
In its March quarter, Godrej Consumer Products said, “The sector continues to be hit hard by higher inflation rates, resulting in sequential price hikes and affecting volumes.”
A quarter of India’s gig workforce has grown by 50% in the past year
Sensex, Nifty50 fall over 1% as US Fed comment disappoints