Marico expects food biz to reach Rs 850 cr in FY24

Home-grown fast-moving consumer goods (FMCG) firm Marico expects its food business to scale up to Rs 850 crore in FY24 in the domestic market, according to the company’s latest annual report. Saffola, the master brand under which Marico offers healthier foods, has expanded the total addressable market to over Rs 10,000 crore, through a portfolio of healthy value-added offerings, it said. ”The company aims to ramp up its revenue from the foods portfolio to Rs 850 crores by fiscal 2024, after closing near the Rs 600 crore mark in fiscal 2023,” said Marico, which also owns popular brands such as Parachute and Hair & Care. In the last two-three years, Marico has expanded its play in the food segment with multiple products, including oats, honey, noodles, peanut butter, mayonnaise, and ready-to-eat healthy snacking category under the aegis of Saffola Munchie. The company maintains a ‘steadfast focus’ on market development, brand building, supply-chain excellence, distribution expansion, and sustained innovation to scale its foods business. In the domestic business, its newer portfolios of foods, premium personal care, and digital-first segment have led to a shift in their share of domestic revenues from 8 per cent in FY20 to 15 per cent in FY23. ”We expect the share of these portfolios to move to 20 per cent of domestic revenues in FY24,” it said. In premium personal care, it will focus on growing the portfolio at a CAGR (Compound Annual Growth Rate) of over 20 per cent, aided by innovation, market insights and strong brand equity.