Feb 13, 2020
In coming three months, iD will sell its coconut range in all retail outlets and leading kiosks in Bengaluru, followed by Andhra Pradesh, Tamil Nadu and Kerala.
Azim Premji-backed iD Fresh Food has forayed into coconut industry. Well-known for its packed dosa and idli batter, the packaged foods company has added tender coconut and fresh grated coconut to its list of products. The coconut product range will be sold in natural coconut shells, creating a first move towards plastic-free packaging in saving environment. This approach will be an attraction making the product safe for consumption.
“With rising consumer preferences towards natural and healthy food and beverages, we believe our coconut range will disrupt the market,” said Musthafa PC, cofounder of iD Fresh Food, adding, and “We are expecting a revenue of Rs. 100 crore from this range in the next three years. By 2022, we aim to capture 60-70% of the organized packaged coconuts market share.”
Having a big coastline, India is one of the major producer of coconut globally and grated coconut is the biggest industry next to coconut oil manufacturing.
According to iD Fresh statement, though largely unorganized market, the tender coconut market is currently valued at Rs. 4000 crore growing at a CAGR of 10% and the grated coconut market is valued at Rs. 150 crore, growing at 30% CAGR.
In the interest of domestic coconut industry and to protect it, the central government has imposed restrictions on import of desiccated coconut powder, especially from Sri Lanka.
After the launch, the next phase will be to help street hawkers selling tender coconut to set up wheel-carts with coolers. The company will give fair price margins and offer waste-collection, thus controlling further pollution.
In the year 2019, iD Fresh ventured into the ready-to-use South Indian filter coffee decoction. iD Fresh makes approx 65000 kgs of idly/dosa batter per day, side-by-side ready-to-eat (RTE) products like vada batter, paneer, parathas and chapati to over 30,000 retail outlets and shops.