New Delhi: Nestle India's instant noodles brand Maggi has attained an over 60 per cent market share and has almost touched the pre-crisis level in value terms. However, volume-wise Maggi is still away from the pre-crisis period, when Nestle used to dominate the market with a 75 per cent market share.
"We are a little over 60 per cent (market share). In business terms, we are almost back to where we were (in terms of pre-crisis). In value terms, we are almost back there," said Nestle India chairman and managing director Suresh Narayanan.
At present, Maggi contributes around one-third to the company's total sales.
"Total contribution from the prepared foods (Maggi and Maggi franchise) is about 30 per cent," said Narayanan in a media roundtable here.
In 2017, Nestle India had crossed the Rs 10,000-crore sales mark.
Maggi was banned by the Food Safety and Standards Authority of India (FSSAI) in June 2015 for five months for allegedly containing lead beyond permissible limits, forcing Nestle India to withdraw the product from the market. Following legal battles, the popular noodles brand was back in the market in November 2015.
Nestle India plans to expand its product offering by introducing special masala noodles, dips and dark chocolates as part of its expansion drive
The company has also not ruled out acquisition and may consider if any opportunity arises.
"Till now the company has been completely on the organic growth path. If anything worthwhile that comes up, does become a candidate for discussion if not execution," Narayanan said.
According to reports, GSK Consumer health drink brand Horlicks and Kraft Heinz's Complan are looking for a potential buyer, and Nestle could be one of the buyers.
He further said that any inorganic opportunity will depend on the "size of the hunger and the need that you feel that category to bolster long-term health in the country"
Source: The Telegraph India