The consumer products sector has enjoyed another year of tremendous growth, but there are telling signs that CPGs need to rewrite their growth playbooks. We estimate that retail sales value (RSV) for the industry globally rose by close to 10% year over year in 2023 (see Figure 1). That surge follows a similar rise in 2022 and is nearly double the 10-year average growth rate. Yet three-quarters of 2023’s growth is likely to have come from price increases rather than volume gains, as CPGs p
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