CRISIL predicts the home care segment of FMCG will see the largest margin expansion in 2023, driven by urban demand, with 8-9% growth expected in FY25. The food and beverages segment will follow, driven by rural demand. The industry is expected to see volume-driven growth of 6-8%, with a 1-2% price realization increase, offsetting recent increases in milk, wheat, and sugar prices.