Marico aims to strengthen its position in the healthier foods and easy-to-cook segments in India by focusing on innovative and distinct product offerings that cater to consumer needs, according to Sanjay Mishra, COO, of India, and CEO of new business at the company. Saffola Masala Oats, in particular, has witnessed impressive market penetration and has become a leading brand in the oat category, contributing to 18% value growth and nearing Rs. 600 crores in revenue for Saffola Foods in FY23.
The company recognizes the growing demand for nutrient-dense, convenient, and healthier food options, especially in the breakfast and snacking categories. To capitalize on this trend, the Saffola Foods portfolio has been expanded to include oat variants containing millets. Marico plans to accelerate the expansion of its food portfolio, focusing on categories with significant growth potential and addressing unmet consumer needs through differentiated offerings.
Marico is committed to providing healthier and more convenient food options to consumers, capitalizing on market trends, and proactively meeting evolving consumer demands.
The shift in consumer preferences towards branded packaged food products is evident, with an increasing preference for healthier snacking options in the packaged snack segment. Marico sees a rising demand for quick and nutritious food that fits seamlessly into the post-Covid lifestyle of new-age consumers.
Marico supports and appreciates the government’s vision to promote millets, as highlighted by its proposal to the UN to observe 2023 as the International Year of Millets. The company believes that government efforts to promote and scale the consumption of millet can positively impact the food industry and encourage healthier eating habits among consumers. As a company committed to offering nutritious food products, Marico views this as an opportunity to innovate and develop millet-based offerings that align with changing consumer preferences.