With New Product Launches, ITC Is Set To Cross Rs. 10,000 crore In Food Business

ITC Ltd, the brand which is synonymous with several products across many categories in the country, is all set to cross the Rs. 10,000 crore mark in its food business within the next 3 years. The company which entered the food market just over a decade ago has its hands on several categories in the country helping its business reach significant milestones. The company crossed the elusive $1 billion mark in the food business in 2014-15. 

New Initiatives

According to an official speaking to Economic Times regarding the company’s initiatives, the growth expected in several categories which the company present in along with a new product launches will help the company cross the high mark within the next three years. ITC has already entered the premium chocolate segment in the country with the launch of its luxury chocolates, Fabelle, and also has plans to introduce dairy whiteners as part of its ever growing products list in its portfolio. The company is also looking for new opportunities to enter the emerging snack segment of the country. 

Market Leaders

Although the company doesn’t get its major share of revenue from the food business like other FMCG players such as Parle, Britannia and Nestle, it still provides stiff competition in this specific sector. ITC currently has several products in the biscuits, ready-to-eat foods, snacks, and dairy categories as part of its portfolio. ITC’s Aashirvaad and Sunfeast products are one of the market leaders in their respective categories. Speaking to ET regarding the company’s position as one of the leaders in the FMCG sector of the country, Sanjiv Puri, ITC executive director and head of FMCG business, said, “We have recently forayed into the dairy and juices segment. We are either No. 1 or No. 2 in most of the FMCG categories. Our focus now is to drive innovation to create unique and differentiated products in every category to cater to the needs of the evolving consumers.” 

‘Make in India’

ITC has also played a huge part in Prime Minister Narendra Modi’s ‘Make in India’ initiative as the domestic player in the country. The company is investing nearly Rs. 25,000 crore in 65 ongoing projects across several categories to give support to the Prime Minister’s initiative. The company has established 12 food processing factories across India encouraging support for local labor and providing the foundation for the growth of the initiative in the country.