FMCG major Nestle India on Monday said the company has launched 10 new products in the first half of 2023 apart from the 110 odd products that have been launched.
In an exclusive interview with CNBC-TV18's managing editor Shereen Bhan, Suresh Narayanan, chairman, and managing director, said there are about 30 odd projects that are on the anvil in terms of new products.
Narayanan said tier-two or tier-six towns are adopting to company's brands and are seeing three broad trends in the market, "One is a strong trend towards premiumisation of brands. So, consumers are trending up in terms of certain categories, brands, and certain preferences."
"Secondly, there is a strong preference for brands, which have got high quality, safety, and nutrition embedded in those categories. The third, in a situation of still continuing economic stress of some sort or the other, there is a play also on the mainstream and on the price points," he noted.
Laying out future growth plans for the company, the CMD said Nestle India will get into new categories to establish another pillar of growth for the company.
Further, Narayanan said Nestle's health science portfolio will be contributing 2-5 percent of the business in the next 3-5 years. Founded in 2011, Nestle Health Science sells health-focused and nutrition products.
Talking about the growth, he said, "In the last 26 quarters, 21 quarters have been double-digit growth. In that, almost 15 out of the 26 quarters have been quarters of double-digit profit growth."
First Published: Jul 31, 2023 7:49 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Elections 2024 | Assault allegations or political accusations— what's Swati Maliwal controversy all about
May 19, 2024 2:25 PM
Phase five Lok Sabha polls: Rae Bareli, Amethi among 14 UP seats going to polls on Monday
May 19, 2024 1:03 PM