ITC Foods, a major FMCG company has announced that is planning to launch 7-8 new food categories. This is part of its ongoing strategy to move away from its focus on tobacco and to diversify its portfolio.
A Range Of Segments
“We are constantly evaluating different categories, and our R&D team is working on multiple products that would be superior and differentiated. A lot of back-end exploratory work is going on,” said the divisional chief executive for foods business Hemant Malik to the Economic Times.
Some categories it is planning to enter are the health food segment, value added dairy products and edible oil.
By 2030, the company hopes to declare Rs.60,000 – Rs. 65,000 crore from its food categories.
“We can achieve our goal, given the huge opportunities that lie in every segment, and the GDP growth rate that India will be witnessing over the years. ITC has forayed into multiple categories and we are constantly expanding our portfolio of offerings,” said Malik.
With its new launches, ITC Foods will take on other major FMCG companies like Nestlé and Britannia.