MAM
Indian research and insights industry reaches $2.9Bn in FY2023: MRSI
Mumbai: India’s apex industry-led market research body, Market Research Society of India (MRSI) has announced the launch of its industry sizing report titled ‘The Indian Research & Insights Industry 2023 Update’. As per the report, India’s market research and insights industry grew by 17.6 per cent in FY2023 reaching USD 2.9 Bn from $2.7 Bn in FY2022. Currently at the third position globally, India’s market research and insights industry is further expected to reach USD 3.4 Bn in 2024.
With a strong growth trajectory, supported with global confidence, India is considered a talent hub with strong analytics expertise. The growth witnessed aligns with the global research and insights industry, which posted a substantial 12 per cent increase to reach $130 Bn, over $118 Bn in the previous year. Data analytics is the fastest-growing sector of the global insights industry in absolute terms.
With large project commissions and strategic work being revived, India’s market research industry is well aligned with the Government of India’s Vision-2030 strategy. Custom research and analytics have also fuelled the domestic market to grow by 12%. Analytics business from local clients continues to grow with an increasing focus on combining survey data, client data, and social data to derive insights.
Speaking on the industry’s growth, Market Research Society of India president Paru Minocha said, “The Indian research and insights industry witnessed another year of significant growth, achieving a substantial size of USD 2.9 Billion. This growth is a testament to India being the focus growth market for companies and the market research industry’s ability to navigate challenges and capitalize on emerging opportunities to enable that growth. In addition, there is global confidence in India as a talent hub and as a market that is pivotal in offering valuable insights and research solutions.”
Market Research Society of India director general Mitali Chowhan further added, “The growth our sector is undergoing is very encouraging. This has helped maintain us our Global ranking, and infact has moved us up to the third position in the global Market Research & Insights industry. India’s significant capabilities, along with our industry’s ability to adapt effectively to challenges and thrive on both global and domestic fronts is something we can be proud of.”
The BFSI, FMCG, technology, and healthcare sectors continue to contribute significantly to sectors growth and revenue. Emerging sectors like telecom, electric vehicles, and gaming have seen increased demand for analytics and custom research. While online data collection is gaining traction, traditional methods such as face-to-face interviews remain relevant for their cost competitiveness and ability to provide wider coverage of the Indian consumer.
The executive summary of The Indian Research & Insights Industry Report 2023 is available to download on https://insight.mrsi.co.in/indian-industry-report/
MAM
Shoppers Stop elevates Biju Kassim as GSS Beauty CEO
Move comes as GSS Beauty scales global brand partnerships in India.
MUMBAI: From store shelves to global shelves, the beauty game is getting a sharper makeover. Shoppers Stop has elevated Biju Kassim as managing director and chief executive officer of Global SS Beauty Brands Limited (GSSBB), signalling a stronger push into the premium beauty segment. The move builds on Kassim’s role in setting up GSSBB, a wholly owned subsidiary that has quickly positioned itself as a fast-growing distribution platform for global beauty brands in India. The unit has been central to Shoppers Stop’s ambition of expanding its footprint in the high-margin beauty and luxury categories.
Chairman Nirvik Singh noted that Kassim’s experience across the beauty ecosystem and his understanding of premium and luxury consumers would help steer the next phase of growth. The focus, he indicated, will be on sharpening the company’s beauty portfolio and scaling partnerships with international brands.
Kassim, for his part, steps into the role at a time when India’s premium beauty market is undergoing rapid evolution, driven by rising consumer aspirations and increased access to global labels. He highlighted that GSSBB will remain a key strategic pillar, with an emphasis on expanding brand partnerships, enhancing consumer experiences and driving growth across markets.
As global beauty brands continue to eye India as a high-growth destination, Shoppers Stop’s bet is clear: owning not just the shelf, but the entire beauty ecosystem behind it.
