5 MLMs are killing the Indian network marketing industry.
A new report, by the Network Marketing Consultancy (NMC) found that the number of companies offering network marketing has reached 6% in the country and the growth rate is accelerating.
The report also highlighted that network marketing is the second largest industry in India after marketing, at $13.2 billion in 2016.
It was valued at $18 billion in 2020.
The number of MLMs in India has grown to $7.8 billion in 2018 from $2.6 billion in 2010.
The growth is likely to accelerate as the industry continues to evolve and diversify, according to the report.
However, the growth has been slower than the industry at large and it’s unclear if the number will pick up as it is already more than five times the number in 2018.
The NMC report said that India’s network marketing sector is facing challenges as more people are becoming network marketing professionals.
It said the number is projected to reach 6% by 2022 and that the growth is expected to be driven by growth in marketing, as it continues to attract more professionals.
According to the NMC, there are 3,788 companies in the network marketing business in India.
Of them, the number that are currently operational is about 5.7%.
The rest of the companies are currently in transition.
The growth rate for the industry is also expected to accelerate in the coming years as it has an opportunity to expand into new segments, such as telemarketing and online marketing, which were not even seen in the previous decade.
The network marketing companies in India are mostly in the age group of 25-35 years.
While the growth in the market is expected in 2019, the industry will be hit by the impact of the demonetisation.
The market is already facing challenges with the closure of several online and offline platforms and the number being added in the marketplace is limited.