China’s FMCG sector is settling into a new, more moderate growth phase marked by sustained price pressure, according to the China Shopper Report 2024. After years of rapid expansion, category growth has slowed as consumers become more value conscious and spending behavior stabilizes. Competition is intensifying, with pricing deflation and frequent promotions weighing on revenue growth. Brands face a tougher environment that rewards sharper value propositions, disciplined cost management, and better alignment with evolving shopper needs. To succeed, FMCG players must adapt to this new reality by balancing growth ambitions with profitability while responding more precisely to changing consumption patterns across channels and categories.

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