Reliance Consumer Products, the FMCG arm of Reliance Ventures, launched its indigenous consumer packaged goods (CPG) brand u2018Independenceu2019, on Thursday. According to the company, a wide range of products, like staples, processed foods, and other daily essentials, will be offered under this brand. The business debuted on Thursday in Ahmedabad, Gujarat, but is already preparing for a nationwide roll-out. Reliance said that it will develop Gujarat as a u2018go-to-marketu2019 state.
u201cI 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,u201d said Isha Ambani, director, Reliance Retail Ventures.
One of India’s major retailers, Reliance Retail, has more than 12,000 stores across the country. However, the company said that it is collaborating with trade partners including manufacturers and kirana for the same.Hindustan Unilever, Nestle, ITC, and Godrej are currently the leaders in India’s FMCG market.
A 2021 research by McKinsey Global Institute (MGI) stated that Asia represents a $10 trillion consumption growth opportunity over the next decade. Although the sector’s long-term development levers are solid, this year has not been very profitable due to a number of drag factors, including rising inflation that reduced many of its consumers’ spending power and increased the input costs for producers.u201c 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,u201d says a recent report BNP Paribas. Godrej Consumer Products said in its March quarter update that u201cthe sector continued to be hit hard by higher inflation levels, leading to successive price increases, and impacting volumes.u201d
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