Ruchi Soya Industries Ltd, one of India’s largest fast moving consumer goods (FMCG) and edible oil manufacturers, launched a range of premium refined sunflower oil branded ‘Sunrich’, in the city on Wednesday.
The company is expecting to grab a 10 per cent share of the sunflower oil segment by the end of next year.
Speaking to reporters, Satendra Aggarwal, COO, Ruchi Soya Industries Ltd., said the company had been providing customers healthy edible oil for over three decades now and the introduction of the new product (Sunrich) is the first step in its journey to establish a dominant presence in the sunflower oil segment in the country.
The current sunflower oil market in India is worth over `180 billion, of which, South India is the biggest contributor with around 70 per cent contribution through consumption.
This is expected to grow with a compound annual growth rate of around 10 per cent between 2013-14 to 2016-17.
The entire consumer edible oil market (all flavours) in Tamil Nadu is about 2.3 lakh tons per year, of which, sunflower oil contributes more than 60 per cent to the total edible oil consumed.
With the South being prime region for the sunflower market, ‘Sunrich’ is expected to do very well here, said company authorities.
“Ruchi Soya has great strength in terms of infrastructure and distribution channels in southern India to make this new product a success,” said Ajay Malik, VP, South. “With the launch of the product, we want to satisfy the requirement of housewives by offering them both healthy and tasty oil at an affordable price,” he added.
The new “Sunrich’ refined sunflower oil is available in 500ml, 1 litre and 2 litre pouches and 5 litre jars and even in a 15-litre bulk pack both in jars and tins.
It is available across all grocers, neighbourhood kiranas and general stores apart from modern retail chains, supermarkets and standalone self-service stores.