By: Retail In Asia
2020 was marked the most dynamic year for Asia with the outbreak of the COVID-19 pandemic.
On the whole, FMCG growth was flat (-0.1%) in 2020 compared with 8% growth in 2019. When broken down by country, most Southeast Asian markets experienced a significant decline with Singapore being an exception recording the highest growth of 15.5%. Northeast Asian markets saw a lower but reasonable growth with China recording 3.1%. India experienced an unprecedented 40% decline in April’2020 due to mass store closures, which bounced back to 2019 levels of 8% towards the year end recording a balanced -1.9% growth.
Local, mainstream, innovative products driving sales
According to NielsenIQ, 62% of FMCG sales in Asia come from local brands. The company’s recent survey shows that Asians prefer buying local to support their country’s brands (49%), and because local is better priced (49%), more fresh (44%) and more trustworthy (41%). In fact, figures prove local brands are not only winning but growing as they account for 60.1% in 2018, 61% in 2019 and 61.7% in 2020 in Asia FMCG sales.
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