Georgian FMCG Sector Analysis

The Fast-Moving Consumer Goods (FMCG) sector in Georgia is developing rapidly. Over the last four years, total FMCG retail revenue has grown at a 5.8% CAGR and reached GEL 7.8 bn in 2017. Looking at the latest market development trend, total FMCG retail grew by 10% y-o-y in 2017. Revenue for the organized market grew 32% y-o-y to GEL 1.3 bn in 2017. On the other hand, unorganized market amounted to GEL 6.5 bn, displaying growth of 7% in the same period. TBC Capital Research projects 6% annual growth in total FMCG retail revenues over the next 6 years to GEL 11 bn by 2023. While organized FMCG market penetration is 16% currently, the lion’s share (84%) still goes to the unorganized sector, giving a huge upside potential to the organized market. We expect organized FMCG retail to grow its current market share to 30% by 2023, reaching GEL 3.4 bn, driven by substitution of the unorganized market.


Residential Real Estate Sector Analysis – Q1 2019 Report Update

May 16, 2019
Sales of apartments in Q1 2019 have not decreased as compared to sales of Q1 2018 in Tbilisi, they are on the same level. The expected decline in comparison to Q4 2018 can partially be explained by seasonality ... learn more

Residential Real Estate Sector Analysis

April 17, 2019
The Tbilisi housing sector displayed a dynamic growth in 2018, as the total turnover of the market reached USD 1.61bn, up by staggering 39% YoY. The 65% of the value was driven by the new apartments. A total of ... learn more