Leading direct-selling company Amway believes India has the potential to become its third largest market in the next five years. India already ranks among the top 10 markets globally, the company said.
Direct selling players expect the industry to grow at a faster pace once the Centre and State governments formalise norms that will regulate the industry. Last year, the Ministry of Consumer Affairs had released model guidelines for the direct selling industry and now States have to notify these regulations.
Samir Behl, Regional President-Europe, Africa and India, Amway, said: “We are now working with the States so that that these rules get notified as soon as possible. States such as Chhattisgarh and Sikkim have recently notified these rules and many other States are in the process of doing the same.”
With the Centre now working on bringing a new consumer protection law, Behl said, the industry is also hopeful that regulations will be formalised at the Central-level.
“The single biggest impediment for the direct-selling industry has been the lack of legislation. We are confident once the legislations are put in place, the direct-selling industry will take off in a big way, as there is a huge potential for the industry to grow in India,” he said.
Nutrition space He said India is already among the top 10 markets for Amway globally and the company aims to make it among the top three markets in the next five years. Nearly half of the sales in India are contributed by its food supplements brand Nutrilite and the company will continue to focus on growing its presence in that segment.
Behl said, “We will to continue to focus on the core business which is the nutrition space through our brand Nutrilite. We are also working on bringing new products especially which are well-suited for the Generation Y and the millenials. So we will look at focusing in categories such as sports nutrition as well as introduce products that will offer a holistic approach to well-being.”
“Amway India is aggressively driving innovation by entering into newer categories, and we will continue to invest on multiple fronts,” he added.
Early this year, the company introduced its stainless steel premium cookware range with Amway Queen in India, which has become one of its fastest growing segments in the country. Globally, the company has a range of other consumer appliances products such air-purifiers and water purifiers. The company could look at introducing these products in India in the next few years.