Welcome to the Q3 2025 edition of Asia Pulse.
Amid ongoing global uncertainty and cautious consumer sentiment, Asia’s FMCG sector saw a modest uptick in Q3 2025, with value sales rising 2.4% year-on-year. Food sector maintained resilience, and beverages posted moderate gains, while dairy continued to struggle. Household and personal care sustained a steady performance.
North Asia registered a 1.6% increase in value sales, sustaining its pattern of subdued growth. Southeast Asia expanded by 2.3%, reflecting a slight slowdown compared to the previous quarter. South and West Asia remained the strongest performer with 6.6% growth, largely attributable to India’s significant contribution.
This report examines consumer trends across 11 Asian markets, highlighting shifts in spending, evolving category preferences, and emerging opportunities.
Market highlights:
• Mainland China
In the first three quarters of 2025, China‘s FMCG market maintained a stable upward trend. Across the five major categories, beverages continued to lead sales growth, while dairy still faced significant challenges due to declines in both purchase frequency and spend per trip.
• South Korea
South Korea’s FMCG market recorded 3.3% value growth in Q3, but momentum is slowing due to a decline in volume of 1.7%, indicating reduced consumption. With prices rising 5.1%, it’s clear that recent growth is driven by inflation rather than real demand, as households purchase less and adjust their spending under continued cost pressure.
• Taiwan
Following its robust rebound in 2024, growth momentum is gradually easing. FMCG value in each of the first three quarters of 2025 reached no higher than 5%, resulting in growth of only 6.2% between Q3 2024 and Q3 2025, down from 9.1% year-on-year. Both food and non-food sectors show similar trends. As a consequence, the full year growth rate for 2025 is expected to land at lower than 5%.
• Indonesia
Consumer confidence remains challenging and has been declining recently, indicating that spending may slow under current conditions. FMCG volume continues to contract, with no signs of improvement in shopping frequency. This trend suggests that brands may need to explore strategies to optimise limited consumer spending to sustain growth.
• Malaysia
Malaysia’s inflation rate held steady at 1.5% in September 2025, driven by modest price increases in food and beverages along with restaurants and accommodation. Shopping trips continue to decline, with consumers prioritising value over frequency. This behaviour signals ongoing caution among shoppers amid a resurgence of economic pressures.
• Philippines
Following a strong second quarter of 2025, spend on packaged goods continued to increase in Q3. Despite this, a downtrading trend remains apparent as FMCG inflation is not decelerating as fast as overall inflation within the Philippines.
• Thailand
Shoppers bought a greater number of categories and spent more on in-home FMCG in the second half of 2024, and during the government’s Digital Wallet scheme. However, they have reduced spending in 2025. The government subsidised co-payment campaign running between October and December may boost the market in Q4.
• Vietnam
Vietnam's economy demonstrated sustained momentum in Q3, positioning the country favourably to meet its annual GDP growth target, despite prevailing economic and tariff pressures. The robust growth was led by the services and entertainment sectors, thanks to a series of national celebrations and events.
On the other hand, total FMCG value growth in rural areas is flat, which is a recovery from the contraction observed during Q2. Slight decreases in value in the foods, beverages, and personal care categories were counterbalanced by modest value growth in dairy and home care.
• India
Urban FMCG recorded volume growth of 4.7% in Q3, slightly above the previous year’s 4.5% rise. While growth persists, rising inflation appears to be driving more cautious spending, influencing overall consumption. This shift is most visible in categories such as snacking and personal care, where shopping occasions are slightly declining.
• Saudi Arabia
FMCG volumes grew 3.6% in Q3, driven mainly by population growth (+5.2%), while volume per buyer remains flat, signalling that consumer engagement is stagnant. Brands can stimulate consumption by innovating around evolving needs, and leveraging behavioural insights to reignite relevance.
• United Arab Emirates
Overall FMCG volumes are rising in the UAE, but growth is primarily coming from a rise in the number of households, while basket sizes outside seasonal peaks remain tight. Increased consumption can be stimulated through new occasions and propositions that go beyond staples.
Stay informed on the latest trends and insights in the Asia FMCG landscape by accessing the Q3 2025 edition of Asia Pulse. Explore key developments across 11 markets and uncover growth opportunities tailored to the diverse dynamics of the region.
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