RS Sodhi, President of the Indian Diary Association said that the Indian consumption story is growing at a faster pace compared to other parts of the world.
Speaking about the reasons for the same, Sodhi further said that the inflation in India has been much less as compared to other parts of the world.
“The way we are growing in terms of income and economy as we crossed a $4 trillion makes us not only the biggest consumer economy but also the fastest growing,” said Sodhi.
We have already crossed the tipping point of explosive growth according to him. “So now it is up to the individual Indian companies how much they can exploit, and how much they can meet the market requirement,” added Sodhi.
Speaking about consumers he said that Indian consumers are different and companies should understand the Indian consumer’s psyche.
Commenting further on the key focus areas of 2024 in dairy and food companies, Sodhi said, “Companies are sitting at the centre of the world’s biggest food and dairy market that is also fastest growing and also comparatively less organized. The sky is the limit. Companies should come out with a good product, efficient value chain and own the whole supply chain,” added Sodhi.
Sodhi also gave insights into the expansion of companies and said that they should not focus on spreading all over India, rather they should at least have a double-digit market share in one geography, one state, one district and then spread.
Speaking on the expectations from the upcoming Phygital Retail Convention (PRC) 2024 in May, Sodhi said that there needs to be an approach from the retail and corporates on how they can innovate and give products and services to the lower end of the consumers as that is the segment with more opportunities.
