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Godrej Tyson Foods’ CEO Abhay Parnerkar on the importance of market visits, sampling and consumer research

The company’s ready-to-cook brand Godrej Yummiez is trying and testing new recipes to impress vegetarians.

By  Priyanka NairNov 25, 2022 9:10 AM
Godrej Tyson Foods’ CEO Abhay Parnerkar on the importance of market visits, sampling and consumer research

Five months into leading Godrej Tyson Foods’ Abhay Parnerkar has identified the growth map for the company’s ready-to-cook brand Godrej Yummiez. While a lot of research and development work was happening before he took charge, under Parnerkar’s leadership Godrej Yummiez expanded its vegetarian frozen food segment. The brand launched a potato-based snack without any added preservatives. The size of the vegetarian frozen food segment is estimated to be about two third of the total category for the company. Godrej Tyson Foods’ chief executive officer sees this as a huge opportunity not only for Godrej Yummiez but also for the Rs 3,500 crore frozen food market. Godrej Yummiez aims to become a Rs 200 crore plus brand and record growth of more than 30 percent in FY 2023.

Earlier this year, when the brand launched a paneer-based snack, Parnerkar, decided to go on market visits, especially in the North Indian cities where the brand is seeing an uptick in demand for vegetarians snacks. Parnerkar tells Storyboard18 the biggest compliment he got from retailers was that the taste of the product was on point. That’s a relief for any food brand, he says. Having spent 18 years at Coca-Cola Company, Parnerkar knows the importance of market visits. “It is critical for brands in our category to deeply understand the consumption habits and preference up close. To see the shopper and consumer behaviour, you need to go on-ground,” he adds.

Samplings are a big part of Godrej Yummiez’s marketing plan. Parnerkar pops into some of tasting booths and talks to the consumers and takes note for his teams. “It’s important that food brands give good retail experiences to consumers,” he opines. Sampling along with digital advertising takes about 70 percent of the brand’s marketing budget. Godrej Yummiez also plans to advertise on television and OTT platforms to push its new launch. The snacking industry is expected to grow at a CAGR of 11.5 percent by the financial year 2023 and is likely to reach a value of over Rs 15 billion by 2024. Given the fast rate growth of the category, Parnerkar and his teams are investing time in research for insight mining.

As per The India Snacking Report, that the company recently released, 62 percent of Indians felt potato-based snacks is an omnipresent part of their snacking platter. It has to do with the fact that potato is versatile and blends well with Indian recipes, observes Parnerkar. Potato snacks also are a large part of restaurant menus, which consumers want to make at home too. The report also found out that 41 percent surveyed consumers consume vegetarian frozen snacks daily.

Interestingly, the study stated that women snack more than men. 53 percent of females associate snacking with a mini meal. 83 percent of mothers who were surveyed said that frozen snacks are quick-fix hunger solutions for kids. 71 percent of mothers also believe that there is no fixed time for snacking. The brand’s core target audience remains mothers and women in the 25-45 age group, which is reflected in the brand’s advertising. Apart from convenience, the study indicated that consumers feel snacking is a mood lifter. “This research has given us enough insights for designing our portfolio more sharply in the future,” he adds.

While the brand has a national footprint and presence across all key online and offline channels, currently South and West are the highest contributors. With Godrej Yummiez’s focus on affordability, the company is expecting further growth across tier 2 and 3 cities, concludes Parnerkar.

First Published on Nov 25, 2022 9:10 AM