The FMCG industry experienced significant growth in 2020 due to the COVID-19 pandemic, but the growth rate slowed down in 2022. The main driver of this growth was inflation, not demand. A shift to a long-term perspective shows that volume growth has been declining continuously in recent years, with the latest decline being triggered by inflation. Consumer behavior is also evolving, and the industry needs to pivot towards this change to stay relevant.
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