ITC Ltd has achieved a significant milestone by emerging as the top Fast-Moving Consumer Goods (FMCG) foods manufacturer in India, surpassing key competitors such as Adani Wilmar, Britannia, Parle Products, and others, according to recent market data. The company’s food FMCG sales reached Rs. 17,100 crores in the nine-month period ending in September, securing its position at the forefront of the industry.
According to data from market tracker NielsenIQ, ITC’s success is highlighted by its strong performance compared to other leading players. Britannia reported sales of Rs. 16,700 crores, Adani Wilmar Rs. 15,900 crores, Parle Products Rs. 14,800 crores, Mondelez Rs. 13,800 crores, and Hindustan Unilever Ltd (HUL) Rs. 12,200 crores during the same period. This marks a notable ascent for ITC, which was ranked fourth in the previous year’s corresponding period when Adani Wilmar led the market.
Industry executives attribute ITC’s success in surpassing Adani Wilmar to a significant drop in edible oil prices, impacting Adani Wilmar’s revenue as the largest edible oil company in the country. During the nine-month period, edible oil prices decreased to less than $1,000 per ton, down from the peak of $2,000 per ton observed in April-May 2022.
ITC’s performance has been bolstered by an increase in atta (flour) prices, with its packaged atta, sold under the Aashirvaad brand, being a major contributor to its food business revenue. Additionally, ITC’s diverse portfolio, featuring over 100 new food FMCG products annually, has experienced growth across various categories. Hemant Malik, Executive Director of ITC Ltd, emphasized the positive contribution from every product category in the company’s food business, citing an 11% growth in biscuits and over 20% growth in salty snacks in the current calendar year.
The combination of these favourable market trends and the rise in atta prices has played a pivotal role in driving ITC’s revenue growth, solidifying its position as the leading FMCG foods manufacturer in India.