NEW DELHI: FMCG major Marico plans to continue expanding its brand ‘Saffola’ in line with the company’s aspiration to create a Rs 850-1,000 crore food portfolio by FY 2024, Marico Managing Director and CEO Saugata Gupta said while replying to the queries of shareholders in its Annual General Meeting.
During the year, the company launched Saffola Peanut Butter and Saffola Mayonnaise. The brand has other products including noodles, oats, honey and immunity booster Chyawanprash, besides the edible oil. “With these launches, we further expanded the total addressable market of the brand ‘Saffola’ to Rs 6,000 crores,” Gupta said.
“The Foods portfolio achieved the aspiration of reaching Rs 450-500 crore topline in FY22 and we are targeting Rs 850-1,000 crore by FY24.” The firm in May also announced an investment in ‘True Elements’, a clean label, digital-first brand playing in the rapidly growing healthy breakfast and snacks segment in India.
Replying to the question of plant-based meat, Gupta said the company has a plan for increasing the addressable market of Saffola brand as part of our food journeys.
“As you know we have already launched ‘Soya Chunks’ and therefore you will see innovations in future in the next couple of years,” Gupta noted that the firm doesn’t plan to foray into personal care space like soaps and detergents. “We will continue to stay focused on these (existing products).”