India: A young country of untapped opportunities
|With 65% of the population born after the 1980s, India’s population is one of the youngest in the world.|
|India is the 38th most competitive economy in the world, up 16 places and biggest leap from last year.|
|India’s GDP surpassed UK’s for the first time in a century in 2016,
both because of India’s thriving growth and the outcome of Brexit.
|Rising urbanisation rate|
|The growing urbanisation rate of India is raising a lot of challenges, but also a lot of opportunities. Challenges all concern a sustainable way to welcome more and more people into cities without widening the gap between classes. One of the main opportunities, that has grown hand-in-hand with the rate of urbanisation, is the growth of household and personal care, which has grown 3% in sales since 2014 and is planned to grow 5% more by 2020, supported by the Indian government in an effort to promote cleaner and healthier lifestyles.|
|India’s per capita spending in 2015 is comparible with China’s in the mid-2000’s.|
|Most of the India’s household spending still goes to the food categories, particularly fresh foods, but personal care and healthcare have both been growing over the past years.
In the same way some channels have known an exponential growth, chemists (pharmacies) are the main example of this, reaching a third of the retail share while supermarkets only reach 20%. This trend is very strong for personal care.
Amongst the new categories entering baskets in 2016 we can find floor cleaners, toilet cleaners, insecticides.
The male grooming market is now worth over $500 million in India, with face wash and bar soap growing the most.
Some of the new categories entering baskets in 2016 were sauces, particularly ketchup as well as breakfast cereals.
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The Europanel Thought Leadership Team