|
VMPL
New Delhi [India], April 5: India's direct selling industry continues its upward trajectory, achieving an all-time high turnover of Rs. 22,142 crores in FY 2023-24. This marks a 4.4% year-on-year (YOY) growth from Rs. 21,282 crores in the previous fiscal year, according to an Annual Survey Report released by the Indian Direct Selling Association (IDSA). The survey, conducted by IPSOS, the knowledge partner of the IDSA, highlights the sector's sustained expansion with a CAGR of 7.15% over the past five years, growing from Rs16,800 crore in FY 2019-20 to Rs22,142 crore in FY 2023-24. The country's northern region leads with 29.8% of gross sales, followed by the East (24.2%), West (22.4%), South (15.3%), and Northeast (8.3%). Among states, Maharashtra holds the highest share at 13%, followed by West Bengal (11.3%), Uttar Pradesh (10%), Bihar (6.2%), and Karnataka (5.7%). Wellness & Nutraceuticals reign supreme, accounting for a staggering 64.15% of total sales, while Cosmetics & Personal Care contribute 23.75% and Household Goods 3.1%. Together, these three segments drive a remarkable 91% of all direct sales, according to the survey. The report also highlights a significant increase in the number of active direct sellers, rising to 88 lakh from 86 lakh in the previous year. Notably, women now constitute 44% of the total direct seller workforce, up from 37% in FY 2022-23, showcasing the growing role of women entrepreneurs in the industry. Vivek Katoch, Chairperson, IDSA, said, "The report showcases an encouraging trend for the direct selling industry in the country. The growth trajectory of the industry has been on a surge over the years. A CAGR of 7.15% is a testament to the fact that direct selling businesses in the country have made steady growth and are poised to strengthen further in the years to come on the back of a promising regulatory framework by the government for the industry." (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
|
