New Delhi, Feb. 25 -- India's consumer goods market is at an inflection point, with smaller regional brands and digital-first direct-to-consumer (D2C) players reshaping competition in an industry long dominated by large fast-moving consumer goods (FMCG) companies. The shift is forcing established firms to rethink their strategies, balancing premiumization, acquisitions, and distribution expansion to stay ahead in a rapidly evolving landscape.

Saugata Gupta, managing director and CEO of Marico Ltd, sees competition rising from both ends of the spectrum. At the top, D2C brands are making inroads with niche offerings, while at the bottom, regional players have returned after pandemic-induced supply disruptions, reclaiming market share with ...