Packaged food, beverages & FMCG.

Packaged food, beverages, and personal & home care manufacturing turns ₹72.2 lakh crore of household food spending (37% of private consumption) into just ₹4.1 lakh crore of manufacturing value added (1.3% of national GVA), because most of the food rupee goes to farmers, traders and retailers rather than factories. The industry covers dairy processing, biscuits and bakery, snacks, edible-oil refining, sugar, non-alcoholic beverages and personal/home care, excluding alcohol and tobacco (Chapter 36); roughly 55% of the revenue pool is organised and branded, with the rest produced by an estimated 2.5 million unregistered mills, bakeries, dairies and oil-pressers. Growth has tracked manufacturing overall (11.2% nominal CAGR FY05-FY26), pulled between Engel's law (falling food share of household budgets as incomes rise) and rising processing depth and formalisation. The listed FMCG sector nevertheless carries ₹23.9 lakh crore of market capitalisation (41.6x trailing PE) on only ₹0.58 lakh crore of profit, because the equity market pays for brand predictability and cash conversion rather than economic weight.

Estimated GVA

4.1 ₹ lakh crore (1.3% of national GVA; 8.8% of manufacturing) · FY26

Household food & beverage spend

72.2 ₹ lakh crore (PFCE COICOP 01; +~₹3.5 LC personal care) · FY26

Listed FMCG revenue / PAT

5.65 / 0.58 ₹ lakh crore · FY26

Listed market cap

23.9 ₹ lakh crore (41.6x trailing PE; 10-yr avg 47x) · Jul-2026

Employment

~9 mn (incl. informal); listed leaders ~120,000 · FY26

Processed-food exports

~11 US$ bn (excl. rice, marine, raw sugar) · FY26

Listed and major private companies

40 listed, ~10 large private count · FY26

Organised share of revenue pool

55 % (rest unorganised) · FY26