Improvement in global direct selling ranking, India moves to 11th position

New Delhi/Chandigarh Despite the decline in global retail sales, the Indian direct selling industry has improved one position to rank 11th in the global direct selling rankings with a retail turnover of over $3.23 billion.

This information has been given in the latest report of the year 2022 released by the World Federation of Direct Selling Association (WFDSA).
According to the report, after securing the 11th position in the global ranking, the Indian direct selling market has also retained the 6th position in the Asia-Pacific region ranking. The top five countries are followed by Korea, followed by China, Japan, Malaysia and Taiwan. The Indian direct selling market has achieved the highest ever compound annual growth rate (CAGR) of over 13.3 per cent on a constant dollar basis during the last three years. So when only three of the global top 10 direct selling companies are in the Indian market.

The report states that global retail sales recorded a decline of about 15 percent in the year 2022 and the total turnover was about 172.8 billion as compared to 175.5 billion in 2021. Although the first quarter of the year 2022 was affected by Corona, but despite this, global direct sales this year managed to register a CAGR of 0.9 percent from 2019 to 2022. Even though the total direct sales declined in the year 2022, it remained higher than the sales of $ 168.17 billion in the pre-corona period of 2019 and $ 172.14 billion in the corona period of 2020.

Overcoming the challenges posed by the Corona pandemic, the Indian direct selling market has shown tremendous resilience and stability, achieving an annual growth rate of over 5.4 percent in 2022, going by the figures shown in the report and the global performance Which is better for the circumstances. The US continued to top the global direct selling industry rankings during this period with a total turnover of $40.52 billion. However, compared to the year 2021, its business registered a decline of five percent. Overall, global retail sales have shown resilience and positive growth over the period 2022, reflecting the industry’s potential to grow rapidly into the future despite challenging conditions.

Commenting on the WFDSA report, Mr. Rajat Banerjee, President, Indian Direct Selling Association (IDSA), said, “The Indian direct selling market is growing steadily and has the potential to be among the top five countries in the world over the next decade.” . He said “After the notification of the Consumer Protection (Direct Selling) Rules 2021 and its recent amendments, the Indian direct selling industry should see stability so that the confidence of large global direct selling companies along with investors increases and they come to India. As of now only three of the top ten direct selling companies in the world are in the Indian market and we want the rest to come here and start their business and contribute to the overall socio-economic development of the country”.