Two years after India's most storied business dynasty, Godrej Group, split into two separate entities, Godrej Industries Group (GIG) is targeting 15% annual growth over five years with incoming chairman Pirojsha Godrej leading the charge. As reported by The Times of India, GIG, with sales of ₹57,300 crore, plans to expand its nascent pet care business and untangle Godrej Agrovet (GAL), which Pirojsha describes as "a conglomerate on its own" spanning animal feed, dairy, poultry and frozen foods. The 46-year-old chairman, who takes over from his uncle Nadir Godrej in August, emphasizes that GIG wants to be "among the leaders, if not the leader" in its target sectors, with earnings per share projected to rise 20% annually.
According to NIQ's latest report titled Who's Really Winning FMCG Volume Growth in 2026?, both legacy companies and startups are leveraging online platforms to achieve faster volume growth than traditional channels. As reported by NIQ, e-commerce has become a testing and scaling ground where large FMCG players such as L'Oreal, Hindustan Unilever, Marico and ITC are using player acquisition and premium extension to accelerate growth. The online-first method is gaining meaningful volume share much faster than offline channels, driven by instant discovery, search visibility and quicker consumer trials.
The report reveals that only 129 out of more than 64,000 FMCG brands in India qualify as volume winners, defined as those delivering over 10% volume growth MAT '25. To qualify as a volume winner, companies must achieve 0.5% market share growth and have at least ₹10 crore in sales in 2025. Legacy players have achieved high-volume growth by acquiring fast-growing startup brands, with HUL's digital-first brands Oziva and Minimalist achieving 177% volume growth in MAT'25. ITC showed similar trends after acquiring stakes in health food brand Yoga Bar and frozen food brand Prasuma (102%), while Marico saw growth after acquiring stakes in popcorn brand 4700BC and protein powder brand Cosmix (86%).
The report highlights that online-first launches are gaining meaningful volume share through instant discovery, search visibility and quicker consumer trials. Cipla Health's skincare brand Asta Berry achieved 38% volume growth in MAT'25 with its online-only presence, as reported by NIQ. The online-first method helps companies easily familiarize customers with their brands, with Cipla Health selling its skin- and hair-care products only online to maintain personal conversations with customers. Other major volume winners include home-cleaning brand Beco (609%) and perfume brand Bellavita (236%).
According to Rutuja Vaze, director of insights and thought leadership at NIQ, beyond e-commerce dependency, affordable premiumization, local flavours/trends and health-focussed branding are ways to ensure volume growth. The report emphasizes that these deals are less about adjacency and more about importing digitally native capabilities—faster innovation cycles, sharper consumer targeting and premium positioning. The convergence shows incumbents adopting startup tactics while digital-first brands are scaling faster than traditional models allow.
