The investment banking firm found X18 growth of generic brands from just 21 in FY 2009 to an impressive 388 in FY 2024, each earning over $14mn annually.

These brands, which make up 44% of the domestic $26.67bn market, have attracted $14bn+ of investment since 2018 and should expect a further 30% growth in revenue, according to Avendus’ MD.