The high growth in the sector is backed by the rising demand, fiscal incentives provided by the government like tax exemptions in some states and improved performance by leading companies, the chamber said in a statement.
Driving the growth of the sector, the 'deodorant' segment of the industry has achieved the highest growth of 40 per cent followed by hair dye at 30 per cent and chemical segments including cleaner and repellents at 23 per cent, the survey pointed out.
Although, there has been some deceleration in the soap and toiletries segment, it said.
The industry has been able to achieve growth despite of rising prices, increase in costs of various inputs such as petroleum products and packaging materials, the chamber said.
According to the study done by Indian market research bureau, the industry has witnessed launch of over 251 new products including 223 variants of existing products during the first 10 months of 2007, compared to 191 products including 173 variants in the same period in 2006.
The on-going retail boom in the country has forced the FMCG companies to re-work strategies and making arrangements with retail majors for sales promotion, the chamber said.
( Source: indiabiznews )
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