Southeast Asia FMCG Growth Stalls as Shoppers Trade
A Bain & Company and NielsenIQ report finds flat consumer goods value growth across six Southeast Asian markets from 2023 to the first half of 2026.
Updated on Nov. 5, 2026 in Consumer Goods
Live Poll
Are you buying fewer everyday household products than you did two years ago?
FMCG value growth remained largely flat across Malaysia, Indonesia, the Philippines, Singapore, Thailand and Vietnam between 2023 and the first half of 2026, as weak sales volumes offset continued price increases. Seven in 10 consumers who traded up in one category also traded down in another.
Why it matters
Household spending in the region faces pressure from slower real wage growth and high household debt, leaving consumers more deliberate about where they spend. Brands are being forced to compete on demonstrated value rather than price alone.
Flat FMCG value growth from 2023 to the first half of 2026 reflects weak volumes masked by continued price increases across six markets. Half of Southeast Asian shoppers would switch brands immediately if their usual choice were unavailable, while 58 per cent will pay more for proven quality.
The players
Bain & Company
Bain & Company is a global management consulting firm that co-authored the report on Southeast Asian consumer goods trends.
NielsenIQ
NielsenIQ is a global consumer intelligence company that co-authored the report using retail and shopper data across the region.
The details
Beauty and baby care products are seeing greater premiumisation, while household products remain more value-oriented. The findings draw on consumer behavior measured across Malaysia, Indonesia, the Philippines, Singapore, Thailand and Vietnam.
Timeline
2023 to the first half of 2026: FMCG value growth remained largely flat across the six markets.
2026: Southeast Asia's economy is projected to grow 5.1 per cent.
2030: More than 50 million people are expected to enter the consuming class.
Market Landscape
The flat value growth signals a shift from volume-led expansion toward a more selective consumer base in Southeast Asia's fast-growing markets. Competing brands face a market where premium gains in beauty and baby care contrast with value-seeking behavior in household goods.
Shoppers in the region are likely to compare prices more carefully and switch brands when their usual product is out of stock. Households managing tight budgets may find premium purchases in beauty and baby care harder to justify, while household staples remain a value-focused choice.
The takeaway
Consumers who value proven performance are willing to pay more, so comparing product effectiveness rather than sticker price may stretch a household budget further.
Further reading
For broader context on shifting shopper priorities, explore the Consumer Goods coverage on Wisevoter.
Source note: This article includes information reported by NST Online.
Live Poll
Are you buying fewer everyday household products than you did two years ago?
