Goldman says estimates are based on assuming per capita consumption in India would reach the levels of China in 2025.
Within consumer goods, Goldman says skin care, quick service restaurants and jewellery will exceed sector growth, while detergents, oral care and personal wash will lag.
Goldman thus initiates coverage of Jubilant Foodworks, which operates the Domino's pizza chain in India, with a 'buy' rating and a 12-month target price of 1,704 rupees.
The investment bank also maintains 'buy' ratings on cigarette maker ITC and personal care products maker Marico Ltd.
But the bank initiates Asian Paints with a 'neutral' rating and a target price of 3,732 rupees, saying the "high growth and returns" are already reflected in current valuations.
Goldman maintains Hindustan Unilever and Nestle India with 'sell' ratings.