Guiltfree Industries Ltd, a consumer goods subsidiary of RP-Sanjiv Goenka Group, on Thursday said it has entered India's ethnic snacks market with the launch of its Namkeen brand.
The company said it is eyeing a significant chunk of the over Rs 30,000 crore ethnic snacks market in the country, including the organised space of Rs 14,000-15,000 crore, and has set a target of achieving Rs 100 crore sales in the first year of operations.
"We have launched a sub-brand called Too Yumm Namkeen. This is our entry into the Indian ethnic (snacking) space," said Shashwat Goenka, sector head, retail and FMCG, RP-Sanjiv Goenka Group, addressing the media virtually on Thursday.
He informed that India's ethnic snacks market is worth over Rs 30,000 crore.
"If you look at the organised play in that category it is about Rs 14,000-Rs 15,000 crore and this is growing at a 14 per cent CAGR (Compounded Annual Growth Rate). So that's the space we want to target as well," Goenka said.
"It is a huge market and we hope to play a large part in not only taking a good share of that market but also defining that market as a large chunk of the market moves from the unorganised space to the organised space. We hope to be a key player in that," Goenka said.
Talking about the expansion plans in the ethnic snacks category, he said, "In the first year, we would like to get to a target of Rs 100 crore for this category and thereafter grow significantly more".
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
