ITC Chairman and Managing Director Sanjeev Puri said in the company’s annual general meeting (AGM) on Thursday that the company expects its FMCG market to grow to about Rs 8 lakh crore by 2035. The company is trying to strengthen its position through brand-building, expansion of digital commerce and strategic acquisitions.
Addressing shareholders at the AGM, Puri said the Indian MCG market is “poised for rapid expansion” as the consumer environment is rapidly changing. He said that aspirational India, premiumisation, Gen Z and Gen Alpha consumers, expanding digital reach and the rise of quick commerce are reshaping categories, channels and expectations.
Puri said that to take advantage of these trends, ITC is using an AI-based consumer insight ecosystem. This enables micro-segmentation and helps in creating differentiated products according to changing consumer needs, lifestyles and occasions.
He also emphasized the increasing role of online and omnichannel commerce in the company’s growth strategy. Puri said that these different types of products reach millions of homes through your company’s smart omnichannel network. This network has unique multi-dimensional capabilities in the supply chain of ambient, chilled, frozen and perishable goods.
8 lakh crore market in 10 years
The company is also using acquisitions to expand its presence in fast-growing and premium categories. Puri said that there is a lot of scope for growth in the Indian FMCG market. He said that the Indian FMCG market is ready for rapid expansion. The addressable market of your company is estimated to be around Rs 8 lakh crore by 2035, which indicates immense growth potential. The consumer environment in India is also changing rapidly. Puri said ITC’s FMCG business – which now has a portfolio of more than 30 world-class FMCG brands – has maintained strong momentum. Their revenue has increased from approximately Rs 14,720 crore in FY 2021 to more than Rs 24,200 crore in FY 2026, and profits have also improved continuously.
Export is done in 70 countries
Puri said that your company’s ambition to become the number one FMCG player rests on this big vision. He said ITC’s FMCG brands represent consumer spend of approximately Rs 37,000 crore annually, reach approximately 280 million homes and are exported to more than 70 countries. Puri also said that India faces both the challenges of proper nutrition and lifestyle related health problems. He said that under its “Help India Eat Better” mission, ITC is preparing a range of “good-for-you” (beneficial for health) products, so that the deficiencies related to protein, fiber, micronutrients and gut health can be removed. He cited several examples, including Yoga Bar’s protein range for Gen Z consumers, Sunfeast’s protein-rich breakfast shakes for young professionals, and protein-fortified Aashirvaad atta.
Getting help from AI
He said the AI-based consumer insight ecosystem is helping the company do targeted micro-segmentation to create differentiated products based on life stages, lifestyle, channel, occasion, shelf-life requirements and health needs. Puri further said that today’s customers want a balance between taste and nutrition, convenience and reliability, as well as value and premium experience. To meet the changing preferences of customers, the company is expanding its core brands as well as building a future-ready portfolio. It is using an AI-based consumer insight ecosystem to identify unique customer needs and develop targeted products across different life stages, lifestyles, channels, occasions and health needs.
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