March 25, 2021
Bikano- leading packaged snacks brand is targeting to increase by two-fold to about Rs. 2,500 crore in the next three years on the back of market expansion and strengthening of the product portfolio.
The company, which largely gets its business from the northern markets, is now investing to expand in the southern and western markets.
Bikano launched six new masala-based products ahead of the upcoming festive season and expects a sales surge of up to Rs 75 crore with this addition, aimed primarily at consumers in the northern Hindi speaking belt.
In addition, the company is also expanding its portfolio by adding new product lines for the domestic markets and has introduced frozen food and ready-to-eat food (RTE), aiming the export markets.
Bikano Director Manish Agarwal said that Bikano is aiming to reach Rs. 2,500 crore business in the next three years and the market potential of packaged food segment is very high and the company is trying to harness it with its current product portfolio and new launches.
Agarwal also reproached that the salty snacks market in India has seen a remarkable evolution and growth in current years. With a widespread of Indian flavoured packaged snacks, we have witnessed the introduction of multiple new product segments and diverse traditional flavours.
In fact Bikano wants to increase our export market also and is adding ready-to-eat food and frozen-food for the export market.
Domestic snacks are popular among a large number of Indian diaspora spread across the globe and Bikano gets around 15 percent of its sale from the exports.
The company is investing around Rs. 100 crore to set up a new production plant in Hyderabad, which would help it expand its market share. Its investment in Hyderabad is almost completed. Through this, they would be expanding into Southern and Western markets.
The packaged food segment continued to witness impressive growth in the wake of COVID-19, as demand for packaged food items, grew, particularly in urban areas.
According to a report from a market research firm ReportLinker, the India food, and beverage packaging market was valued at USD 26.28 billion in 2019, and it is expected to reach USD 122.78 billion by 2025, registering a CAGR of 29.88 percent during the forecast period (2020-2025).