From China to India and the Multi Speed Future of Global FMCG

  Growth is real but uneven  In the twelve months to June 2025, FMCG value in Asia-Pacific grew 4%, powered mainly by 2.8% volume growth and a modest 1.2% price increase. That contrasts with North America and Western Europe, where growth has been slower and more reliant on price hikes than true volume recovery.

Within the Asia-Pacific, performance is sharply split. India posted value growth of 7.2% in 2024 and an even stronger 13.7% in the first half of 2025, while Southeast Asia cooled to 1.8% in early 2025 from 3.5% the year before.

China is showing early signs of a rebound, with FMCG growth rising from 2.8% in 2024 to 4.7% in the first half of 2025, driven largely by online channels. No single growth engine A decade ago, many multinationals treated China as the region’s default growth engine.

Now, its GDP has moderated from 6.8% in 2018 to 5.0% in 2024, with the IMF revising its 2030 forecast down to 3.4%…