New Delhi: India's direct selling industry has showcased robust growth, with its turnover surpassing Rs 21,000 crore in the fiscal year 2022-23, as per the annual survey conducted by the Indian Direct Selling Association (IDSA).
According to the survey, wellness and nutraceutical products emerged as the preferred segment, constituting 73.5% of the gross turnover, followed by cosmetics and personal care products accounting for 11.3%. The industry exhibited a Compound Annual Growth Rate (CAGR) of 8.3% over the past four years, witnessing a rise in the number of active direct sellers from 84 lakh to approximately 86 lakh.
The gross industry turnover for 2022-23 stood at Rs 21,282 crore, marking a significant increase compared to the previous year. This growth trajectory, which saw a rise of Rs 2,252 crore from the preceding fiscal year, reflects a comprehensive improvement across all facets of the direct selling industry. The survey, compiled by market research company Kantar, underscores the resilience of the sector, especially in overcoming the challenges posed by the pandemic.
Regionally, the Northern region retained its lead with 30% of the total turnover, followed by the East with 25%, West with 22%, South with 15%, and North East with 9%. Among the states, Maharashtra emerged at the forefront with 12% of the turnover, closely followed by West Bengal and Uttar Pradesh, each contributing 10%.
Vivek Katoch, Chairperson of IDSA, expressed his satisfaction with the industry's performance, stating, "A CAGR of 8.3% is a testament to the fact that direct selling business in the country has made steady growth, and is poised to strengthen further in the years to come on the back of a promising regulatory framework."
The positive momentum exhibited by India's direct selling industry not only signifies its resilience but also points towards its potential for further expansion and development in the foreseeable future.
ALSO READ: TATA semiconductor plant skill centre to train locals for hiring: CM Biswa Sarma
FIRST Business Portal addressing the potential of business capability of North East Region.
