China’s FMCG market saw a strong rebound after Covid-19 but slowed sharply in 2021, with growth turning negative by the third quarter due to macroeconomic pressures, natural disruptions, and weakened consumer confidence. Despite this, overall fundamentals remain stable, supported by a growing middle class and steady consumption. Performance varied by category, with beverages and personal care growing while packaged food declined due to earlier stockpiling. E-commerce continued to expand as the only growing channel, while offline channels lost share. Insurgent brands showed mixed outcomes, with only a minority sustaining strong growth, driven by brand strength, product innovation, channel capability, and organizational agility.

Join for free to read