Bengaluru, Feb 7 (IANS) The Indian ConsumerTech market is projected to reach $300 billion by 2027, growing at a compound annual growth rate (CAGR) of 25 per cent, according to a report on Friday.
This report highlighted high-potential categories in the domestic market, such as health foods, pet care and “athleisure” (a hybrid style of athletic clothing typically worn as everyday wear).
Health foods, with a CAGR of 20 per cent, and pet care, with a 17 per cent CAGR, have been observed as fast-growth subsegments in the emerging brand’s segment, according to the report by Chiratae Ventures, in collaboration with Google and 1Lattice.
“Athleisure” can potentially reach $7 billion by 2028 — opening exciting opportunities for new startups to build.
The report also highlighted categories such as lab-grown diamonds, millet-based foods and Ayurveda. For these, there is a large export market seen, right-to-win emerges from technology innovation and R&D, as well as brand building and communication to appeal to the global markets.
“India has seen close to 5-6 years of the recent wave of new-age brands, and we have created a clear framework of right-to-win in specific categories,” said Anoop Menon, ConsumerTech lead for Chiratae Ventures.
In ConsumerTech, the report sees significant opportunities to create impactful brands that address unmet consumer needs while leveraging innovative business models.
Supply chain and distribution in India have been considered for years, as a well-oiled machine, sourcing, manufacturing and distributing products to the remote corners of the country.
However, with the onset of insurgent brands innovating in an agile and proactive manner to capture early signals before they become dominant trends – a deeper understanding of the margins that exist at each stage of the value would help the entrepreneurs building in the space understand the value they can capture and scale profitably, the report observed.
“With rising customer expectations and the changing dynamics of how brands reach customers, distribution in India is no longer a one-size-fits-all model. D2C brands today are redefining industry standards by paving the way for more agile and efficient models,” said Abhilasha Jaju, Director, Financial Investors, 1Lattice.
—IANS
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