China’s FMCG market grew just 0.8% in 2024, with volume up 4.4% but average prices down 3.4%, reflecting a strong “value substitution” trend.
Q1 2025 growth hit 2.7% YoY, driven by improved macro signals, policy support, and Lunar New Year consumption.
Smaller cities (Tier 3–4) outpaced larger ones, unlocking new demand pools amid demographic shifts.
Inside China’s FMCG slowdown and premium pivots
China’s FMCG sector sees muted growth as value-for-money preferences persist, but innovation-led premium products still carve out gains amid shifting channel dynamics.
Keep reading with a 7-day free trial
Subscribe to China Innovation Watch to keep reading this post and get 7 days of free access to the full post archives.