Nestle India's instant noodles brand Maggi, whose sales were severely hit by the Food Safety and Standards Authority of India (FSSAI) ban in 2015, has now cornered close to 60 per cent market share, a top company official said.
Maggi commanded a market share of around 75 per cent prior to the five-month ban in 2015.
Nestle India, which is looking to consolidate its leadership position in the noodles segment, is also working on new products and categories for overall growth.
"We are now close to 60 per cent market share and we are at the market leadership position," Nestle India Chairman and Managing Director Suresh Narayanan told PTI.
Asked how much time would it take for Maggi to reach its pre-crisis level, he said, "Its difficult to speculate. The energy and drive of the organisation remains to get back to the peak level, but it is going to involve a lot of efforts, a lot of imagination and perseverance, which we are willing to do." The company has launched 35 products across categories in the last six months to diversify its portfolio.
"We have launched 35 new products in the last six months as for Nestle renovation and innovation is a key dimension of the growth equation of the company. This will continue. This would involve not just new offerings in existing brands but also in venturing into new categories," Narayanan said.
Maggi was banned by FSSAI in June 2015 for allegedly containing lead beyond permissible limits, forcing Nestle India to withdraw the product from the market.
Following legal battles, the popular noodles brand was back in the market in November 2015.
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