On Thursday, Reliance Consumer Products, the FMCG arm of Reliance Ventures, unveiled the ‘Independence’ brand of indigenous consumer packaged goods (CPG). According to the corporation, this brand will offer a wide range of products such as staples, processed meals, and other daily necessities. The startup is aiming for a countrywide rollout, but it debuted in Ahmedabad, Gujarat, on Thursday. Reliance has stated that it plans to establish Gujarat as a “go-to-market” state.
“I am happy to announce the launch of our own FMCG brand Independence which brings a wide choice of high quality and affordable products including edible oils, pulses, grains, packaged foods and other daily need products,” said Isha Ambani, director, Reliance Retail Ventures.
Reliance Retail is one of India’s major retailers, with over 12,000 outlets across the country.
However, the corporation stated that it is working with trade partners like as manufacturers and kirana to achieve this goal. Hindustan Unilever, Nestle, ITC, and Godrej presently lead the FMCG industry in India.
According to McKinsey Global Institute’s (MGI) 2021 research, Asia represents a $10 trillion consumer growth opportunity over the next decade. While the long-term growth levers remain strong, the industry has not been very lucrative this calendar year, which has had many drag factors such as rising inflation, which has damaged the spending power of many of its consumers and increased the input prices of the producers.
“Revenue growth was driven by price hikes, with volumes remaining subdued across categories. The volume contraction was more pronounced in rural areas. Companies expect rural demand to recover in the second half of FY23, on the back of government interventions, a good monsoon and higher crop realisations,” says a recent report BNP Paribas.
Godrej Consumer Products said in its March quarter update that “the sector continued to be hit hard by higher inflation levels, leading to successive price increases, and impacting volumes.”
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