China’s FMCG sector showed signs of gradual recovery in early 2023 after a period of significant disruption, with cautious optimism for the rest of the year. As consumer activity slowly picked up, demand began to stabilize, supported by easing restrictions and improving mobility. However, the recovery remained uneven, with continued pressure on prices and shifting consumption patterns as shoppers stayed value conscious. The report highlights that while growth momentum was returning, companies needed to adapt to heightened competition, changing channels, and more selective consumers. Success required sharper execution, clearer value propositions, and agility to respond to ongoing uncertainty while positioning for a more sustainable rebound.

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