Being deeply consumer-centric and agile in adapting to changing trends is essential for fast-moving consumer goods (FMCG) companies, said Sanjiv Puri, Chairman and Managing Director of ITC Limited, at the Business Standard Manthan Summit on Tuesday.
Speaking during a fireside chat titled ‘Reimagining FMCG for a Future-Ready India,’ Puri emphasized that brands must align closely with evolving consumer expectations. “We must be where the consumer is and serve what the consumer needs,” he said, underlining the importance of omnichannel presence and continuous portfolio refresh.
He highlighted ITC’s strategy of scaling its core brands while building new growth avenues through acquisitions such as Yoga Bar, 24 Mantra Organic, Prasuma, and Mother Sparsh. These additions, he noted, strengthen ITC’s presence in high-growth and premium segments.
On research and development (R&D), Puri observed that India still has significant ground to cover, with private sector participation accounting for around 40 percent of total R&D investment. He described R&D as central to ITC’s strategy, pointing to the company’s Life Sciences and Technology Centre as one of the largest private-sector innovation hubs in the country.
Artificial intelligence (AI) is increasingly shaping FMCG competitiveness, Puri said. AI-driven tools are helping companies accelerate product development, optimize supply chains, and sharpen marketing execution. “AI tools can shortlist optimal product formulations in hours rather than months. AI is integral to FMCG success,” he remarked.
Addressing premiumization, Puri said it is a natural outcome of economic progress and is no longer limited to metropolitan markets. He noted strong rural demand for premium offerings such as Choco Fills and Fiama Gel Bar, suggesting that aspiration runs deep across India.
He added that rural markets are likely to grow faster than urban areas due to being relatively underserved. “That is actually a healthy sign of India’s economic progress,” he said.
On geopolitical uncertainties, climate change, and technological shifts, Puri acknowledged that such disruptions are becoming the norm. He stressed the need for businesses to build resilience and adaptability. “We have to stay invested and build capabilities to navigate these changes,” he concluded.
Puri’s remarks underscore ITC’s focus on innovation, premiumization, and rural expansion as pillars for sustaining growth in India’s evolving FMCG landscape.
