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“We aim for 10% share, targeting turnover of Rs 500 cr”
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Monday, 12 August, 2024, 08 : 00 AM [IST]
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 The edible oil market in India is currently estimated to be worth around Rs 1.5 lakh crore. It is growing at a steady rate of 5-6% annually, driven by increasing consumer awareness of health and nutrition, rising disposable incomes, and urbanisation. Anubhav Agarwal, MD and CEO, B N Group, talks about varied product portfolio, company’s fair trade principle and its plan to expand Nutricia product line, in an email interaction with Harcha Bhaskar. Excerpts:
What does your product portfolio consist of?
We are a leading edible oil manufacturer, and we have a range of premium edible cooking oils. We have a variety of single seed and blended oils. Under the single seed oil umbrella we have two brands - Simply Fresh & Healthy Value. The Simply Fresh range has soybean oil, sunflower oil, and groundnut oil. It is low in saturated fats, high in vitamins E and K, and helps boost immunity. Our Kachighani mustard oil, Healthy Value, is a cold pressed, unrefined, naturally cholesterol free oil that contains high PUFA levels and is packed with vitamins A and E, boosting overall health. Our newest addition to a range is blended oil through the introduction of Nutrica. Nutrica is a premium lifestyle brand that uses advanced pro-blend that helps consumers manage a healthy lifestyle. It has three different varieties - Nutrica Pro Immunity, Nutrica Pro Energy and Nutrica Pro Fitness.
How are your products different from other edible oils available in the market?
With consistency and dedication to fair-trade principles, we have established ourselves as the leading player in the industry. We source the finest raw materials that not only meet but exceed industry standards, ensuring a premium experience. With our manufacturing facilities in Gandhidham and Mathura, we drive innovation, invest in R&D, and are committed to providing delightful experiences to our customers. With a range of cooking oils to choose from, we serve different customer segments with varied needs and interests. Nutrica stands out due to its unique formulation enriched with Vitamin C, offering added health benefits that go beyond traditional edible oils. Nutrica Pro Immunity Oil, Nutrica Pro Energy Oil, and Nutrica Pro Fitness Oil are specifically designed to cater to different health needs, providing immunity support, energy boost, and fitness enhancement, respectively.
How big is your manufacturing facility, where it is located?
Our primary manufacturing facility is located in Gandhidham, where we have made significant investments to enhance our production capabilities. We have heavily invested in Nutrica product line, which included setting up a new production system at this facility. This state-of-the-art plant is equipped with advanced technology to ensure the highest standards of quality and efficiency in our manufacturing processes. Our facility is designed to support our ambitious growth plans and to meet the increasing demand for our high-quality edible oils.
Tell us about your distribution network, how strong it is?
Our distribution network is robust and expansive, comprising 600 distributors who help us retail our products across 50,000 modern and general trade outlets across key markets such as UP, HP, Punjab, Orissa, Delhi, Chandigarh, Mumbai, and Pune. Additionally, we leverage quick commerce and e-commerce platforms to reach a wider audience. Our network is continually expanding, with plans to enter 8-10 new metro cities. This extensive distribution network ensures that our products are accessible to consumers nationwide, supporting our growth and market penetration goals.
What are the new products you are going to launch in the next five years?
There is a need in today’s time to improve our lifestyle in order to live a healthy life. This need is attributed to increased health awareness, early age diseases such as diabetes and thyroid, population growth, economic expansion. In the next five years, we plan to expand our Nutrica product line to include new variants and innovative formulations that cater to evolving consumer needs. We are aiming to bring few new products to the market, which will revolve around nutrition. These new launches will reinforce our commitment to health and well-being, helping us achieve our goal of becoming a globally admired FMCG brand.
What research and development is taking place in the R & D section of your company?
We are developing new formulations to improve nutritional profiles and flavours while increasing healthy components. We are trying to manage waste better and lessen our carbon footprint. For our edible oils we are looking towards researching more on the health benefits of different oils and seeds to support the creation of functional foods, ensuring they maintain safety standards. We also collaborate with leading research institutions to stay at the forefront of industry trends.
What is your marketing strategy and growth plan for product Nutrica?
Our marketing strategy for Nutrica focuses on positioning us as a high-quality, and effective brand focused on enabling healthy lifestyles. We aim to achieve a 10% market share, targeting a turnover of Rs 500 crore in the next three years. Our marketing strategy focuses on driving innovations, engaging with our consumers and promoting sustainable practices. We invest in R&D to bring innovative technology and nutritional products to our consumers. We plan to engage with them using targeted campaigns and social media to create a recall and further establish a loyal base. Our growth strategy includes expanding our product range, entering new markets, and leveraging data-driven insights to refine our offerings and marketing efforts.
What are your expansion and acquisition plans?
We have ambitious expansion plans, targeting revenue of Rs 8,000 crore in the coming fiscal year. This includes strengthening our presence in existing markets and entering new ones, particularly in South India and key urban centres. We are also exploring strategic acquisitions to complement our product portfolio and enhance our capabilities. These acquisitions will help us diversify our offerings and accelerate our growth. Our focus remains on sustainable and profitable expansion, ensuring that we continue to deliver value to our stakeholders while pursuing new opportunities.
How big is the edible oil market in India and at what rate is it growing?
The edible oil market in India is a significant and growing sector, currently estimated to be worth around Rs 1.5 lakh crore. It is growing at a steady rate of 5-6 per cent annually, driven by increasing consumer awareness of health and nutrition, rising disposable incomes, and urbanisation. Our goal is to capture a better part of this market within the next five years, positioning Nutrica as a leading brand in the edible oil segment. Our innovative products and strategic market initiatives will help us capitalise on this growth and expand our market share.
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