US confectioner Mars Wrigley has begun producing its popular Galaxy chocolate in India, bringing the price down to Rs 10, the lowest in the world.
The Indian unit of the world’s biggest chocolate maker that manufactures Galaxy, Snickers, Twix, Bounty and M&Ms has the lowest price point starting at Rs 10 and going till Rs 500, including gift packs, The Economic Times has reported.
“This Rs 10 pack is not only for tier-2 and 3 cities; it is for people who want to watch their lifestyles. They want a treat, but want an under 70-calorie product. We want to be responsible; so people can control their portions,” Mars Wrigley India country general manager Kalpesh Parmar was quoted as saying by The Economic Times.
India’s per person consumption of chocolate is pegged at 140 grams a year, way behind the US’ 10 kilograms, the report added.
According to Parmar, the share of mouth also includes mithais and local delicacies and hence the the “job to be done is penetration, which we are doing now with the Rs 10 Galaxy.”
“India is a key market for Mars Inc to win; our lens is long term. We have seen pressures which are inflationary, and we are mitigating it, we are getting support from our global colleagues, local teams are working with suppliers,” Parmar added.
The festival season was “a positive surprise” for the company as compared to last Diwali, with e-commerce and traditional channels doing well, he said.
The Confederation of All India Traders (CAIT) said that trade figure broke the past 10 year’s sale record on Diwali.
“In this year’s Diwali festival, there is an estimated business of about Rs 1.25 lakh crore rupees in the entire country which is a record figure ever attained in the last decade. In Delhi alone, this business was about Rs 25,000 crore,” traders body’s president BC Bhartia and secretary general Praveen Khandelwal said.
With Nestle and Mondelez as competitors, Mars is now vying for growth in tier II, tier III and rural areas with low price point, the report said.
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