With Saffola Boost, Marico Eyes $1,036m Food Business
With Saffola Boost, Marico Eyes $1,036 million Food Business in FY24
NEW DELHI — Saffola, the master brand under which Marico offers its healthier foods, has some Ambitious News for all lovers of Saffola products.
Marico, one of India’s home-grown fast-moving consumer goods (FMCG) firms, expects its food business to scale up to Rs 850 crore [over $1,036 million] in FY24 in the domestic market, according to the company’s latest annual report…
What’s more, Saffola has expanded the total addressable market to over Rs 10,000 crore, through a portfolio of healthy value-added offerings, it said. ”The company aims to ramp up its revenue from the foods portfolio to Rs 850 crores by fiscal 2024, after closing near the Rs 600 crore mark in fiscal 2023,” said Marico, which also owns popular brands such as Parachute and Hair & Care.
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About Saffola Oats | Saffola Masala Oats
Saffola Masala Oats brings to you a range of delightful flavors making for a perfect evening snack. Made with wholegrain oats, real vegetables & a tasty mix of authentic desi spices, Saffola Masala Oats forms a delectable warm bowl of joy. What’s more is that it is ready to eat in just 3 minutes—super convenient to make, super tasty to eat, and super hard to resist! You can also enjoy Saffola Masala Oats in a variety of tasty recipes like Crispy Cutlets, Penne Pasta, or just as a delicious bowl of joy with crunchy topping like namkeen, peanuts or crushed papad.
Healthy is not about size or shape. Being healthy is about consciously thinking about your health. Saffola, as the pioneer of heart health brings to you a range of products that have been formulated to seamlessly integrate health into your life in YOUR own way. Each Saffola Oil variant has been formulated keeping your health needs in mind, so that now you can choose the right oil which meets the needs of your healthy lifestyle.
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A market leader in its category and one of our oldest brands, Parachute Coconut Oil today stands for purity and quality. Over the years, the brand has seen a lot of innovations in packaging, sizing and tamper-proofing. Parachute enjoys enormous loyalty in urban, semi-urban and rural market.
Saffola Booster — Marico’s Big Expansion Plans
In the last two-three years, Marico has expanded its play in the food segment with multiple products, including oats, honey, noodles, peanut butter, mayonnaise, and ready-to-eat healthy snacking category under the aegis of Saffola Munchie [Explore HERE on Amazon].
The company maintains a ‘steadfast focus’ on market development, brand building, supply-chain excellence, distribution expansion, and sustained innovation to scale its foods business.
In the domestic business, its newer portfolios of foods, premium personal care, and digital-first segment have led to a shift in their share of domestic revenues from 8 per cent in FY20 to 15 per cent in FY23.
”We expect the share of these portfolios to move to 20 per cent of domestic revenues in FY24,” it said. In premium personal care, it will focus on growing the portfolio at a CAGR (Compound Annual Growth Rate) of over 20 per cent, aided by innovation, market insights and strong brand equity.
”The current portfolio of digital-first brands continues to scale up healthily and is poised to reach an exit run-rate of Rs 400 crore in FY24,” it said. For the financial year ended on March 31, 2023, Marico’s consolidated turnover was Rs 9,764 crore. In this, its domestic business registered a turnover of Rs 7,351 crore, marginally higher than the last year.
Upbeat Saffola Management!
Marico is investing towards building an omni-channel, agile and data-driven distribution strategy.
While addressing its shareholders, Marico CEO and MD Saugata Gupta said: ”Over the past year, we have witnessed a slowdown in general trade dragged by consumption stress in rural India and the lower and middle-income strata in urban areas.”
Correspondingly, consumers, especially in the urban segment, are increasingly veering towards the alternate channels of modern trade and e-commerce. ”We continue to strengthen our presence on alternate channels through trusted partnerships, channel-focused product strategy and customer engagement,” he said, adding, ”Given the depth of the Indian market, we believe there is significant headroom for traditional and alternate channels to co-exist and grow harmoniously.”
”Volume growth was modest at 1 per cent, owing to persistent retail inflation weakening consumption trends, especially in the rural sector,” the company said, adding the operating margin of the India business was at 19.8 per cent, higher than the previous year.
”The improved profitability was a result of moderation in the prices of key commodities such as copra and vegetable oils as well as a more favourable portfolio mix,” it added.
Marico’s coconut oil, under its Parachute brand, contributed 37 per cent of its domestic business.
Marico’s Future Plans
Marico will continue to widen the stockist network as it expands rural direct reach. It is also enhancing the presence of chemists, cosmetics and specialty foods outlets in urban regions.
”A dedicated foods Go-To-Market is one of our strategic priorities, which focuses on top specialty foods stores and aims to deliver accelerated growth in our foods business through wider range availability, in-store execution, and effective shopper engagement,” Gupta added.
The foods GTM has already expanded to over 20 cities and aims to strengthen our network and distribution reach, he said.
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