ITC to set up Confectionery Plant in Odisha
ITC is planning to invest Rs. 400 crore in a confectionery manufacturing plant in Odisha. Since 2003 ITC has been in the biscuit market with their brand Sunfeast. ITC has two confectionery brands presently, ‘mint-o’ and ‘Candyman.’ Other products that ITC has in the branded food space are Bingo! Yippee! Dark Fantasy, Delishus and Aashirvaad.
An ITC team will be meeting the MSME secretary, Odisha soon with their proposal since MSME is the nodal agency for food processing policy 2013 – in Odisha. The plant is likely to be set up in Khurda Food Park of Idco. Indo Nissin Foods Ltd, a subsidiary of Japan based Nissin Foods Holdings, has also commissioned a plant in the same park with an investment of Rs.100 crore.
With Britannia and Parle Agro already running their manufacturing units in the state and with ITC coming into the state, the food processing policy of the Odisha government will move in the direction it has planned. Odisha government is encouraging the food processing industry to set up establishments in their food parks and mega food parks so as to increase the flow of investments.
Indian Food Market to Almost Double by 2020
The research group Boston Consulting Group predicts that the India’s food market will touch Rs.42lakh crores by 2020. Presently the food market is around Rs. 23lakh crores. Trends suggest some changes in the overall food consumption especially in the urban context.
A threefold increase in household incomes is likely to see an upsurge in the demand for premium chocolates and premium biscuits. Urban consumers have also become food conscious and are going in for multi-grain, multi-vitamin and low-diet foods. Also Indian housewives now look for convenience foods that are also healthy and hygienically prepared.
Presently the Indian food market constitutes 41% perishable dairy, 34 % staples and 15% beverages and other foods but the trend is likely to change. Single living and pet keeping has pushed up retail and pet foods. Quick service restaurants are knocking on the doors to fill the ‘convenient’ demand.
One problem that this trend could create is that food standards would need to be changed so that the population does not suffer from malnourishment. Standards will also have to be harmonized with International standards for trade to grow and for this the regulations will have to keep evolving.
Dunkin’ Donuts Now in Pune
Dunkin’ Donuts has opened its 45th restaurant in India at Pune. This is their first restaurant in Pune and since they are in the QSR (quick service restaurants) segment they are sure that the new age consumers will connect with them strongly. The global chain sells doughnuts, coffee and other baked goods.
The exclusive rights for operating the Dunkin’ Donuts restaurants in India are with Jubilant FoodWorks Limited which is a part of the Jubilant Bhartia Group. With the opening of this newest restaurant, they have successfully launched 45 Dunkin’ Donuts restaurants in Indian cities. They are very excited about covering more cities across North, West and South India.
Amul in Expansion Mood
Amul is aiming to spread the Taste of India a little further especially to places where their reach is below average. The Indian dairy cooperative has 7220 Amul preferred Outlets and another 800 Amul ice-cream parlours but would like to take these numbers to 10,000 and 1000 outlets respective thought franchisees. Amul has one of the largest franchisee bases because it is one of the lowest in cost in the branded segment.
Variety is Amul’s main driver and this is why they will now plan to increase the variety of ice-creams which will cater to specific sectors. These would include innovative sugar free and probiotic ranges, ice-creams that are richer with higher fat content and also a premium and luxury range.