AUGUST 21, 2023
NEW DELHI: India’s direct selling sector has registered a growth of 5.4% over 2021 retail sales, even as the industry shrunk globally by 1.5% in 2022 to $172.89 billion.
According to a report by the World Federation of Direct Selling Association (WFDSA), India has moved up to 11th position in the ranking of top markets of direct sellers, with retail sales of $3.23 billion (around Rs 26,852 crore) in 2022.
On a constant dollar basis, the Indian market attained the highest Compounded Annual Growth Rate of over 13.3% during the last three years, it added.
The top market in the list was the US with $40.52 billion — a decline of 5% over 2021. It was followed by Korea, Germany, China, Japan and Malaysia.
Indian Direct Selling Association (IDSA) chairman Rajat Banerji said: “India’s direct selling market is growing steadily and has the potential to place itself in the top five global markets over the next decade.”
With the notification of Consumer Protection (Direct Selling) Rules 2021 and its subsequent amendment, the direct selling industry in India should see stability that could inspire investor confidence as well as interest from the large global direct selling companies, he added.
“Only three among the top ten (sellers) are in India today and we would like to see all of them start their business in India,” Rajat added.