Key View
- The September 2024 announcement by the France-based mass grocery retail (MGR) giant Carrefour that they would be re-entering the Indian market highlights the growing opportunities in the MGR sector across India.
- India’s attractive consumer profile (favourable demographics, rising urbanisation, real wage growth and increasing ease of doing business) will drive demand for MGR retail in the market over the medium term (2024-2028).
- In 2024, household spending on food and non-alcoholic drinks will record strong growth, at 10.4% y-o-y, to a total of USD707.5bn. This trend will continue to play out over the medium term (2024-2028), with spending growing at an annual average of 10.4% per year, reaching USD990.5bn by 2028.
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