Reliance Ventures’ FMCG arm Reliance Consumer Products has unveiled its indigenous consumer packaged goods (CPG) brand ‘Independence’ in Gujarat. The brand will distribute products under different categories such as staples, processed foods, and other daily essentials. Gradually, the company will expand its brand nationally.
Although Reliance Retail has more than 12,000 stores across India, it will collaborate with manufacturers and kirana stores for trade purposes. In the industry, Reliance’s competitors are Hindustan Unilever, Nestle, ITC and Godrej.
According to McKinsey Global Institute’s 2021 research, the consumer packaged goods sector has a $10 trillion consumption growth potential in Asia in the coming decade. However, currently, the industry is going through a rough space due to higher inflation levels, increased prices and volume contraction. Inflation affected the purchasing power of people. Rural areas saw more volume contraction. Companies expect that rural demand will be back by the second half of FY23
