India could be Mindshare's 2nd or 3rd Largest Market in the Next Couple of Years says Mindshare Global CEO
Mindshare Global CEO Adam Gerhart told sources that the company expects India to become its second or third largest market in the next few years, with the Indian business growing two to three times faster than other major markets.
"Right now, it is critically important as one of our top markets, but in the future, I think it can easily be number two or three in the next couple of years," he said. "The growth that we expect and are already seeing from India is two to three times that of the rest of the world." Gerhart, who will take over as Mindshare's global CEO in 2021, recently visited India.
Amin Lakhani, CEO of Mindshare South Asia, said that the firm is pursuing a strategy that involves both organic and inorganic growth in India while simultaneously expanding its portfolio with new mandates. "Mindshare India has won new media and marketing mandates worth over ₹ 2,000 crore in 2023," he said. Some of the new clients onboarded by the agency include Maruti Suzuki, Noise, Manipal Cigna, Qatar Tourism, Dr. Reddy's, Casio, Hafele, Orange Health, and Cult Sports. Gerhart noted that India is one of the few ad markets that is growing rapidly.
"I think this year we are expecting the ad market to grow 12%, and next year we are expecting it to grow over 13%."