Kolkata, Feb 4 (IANS) Ruchi Soya Industries is planning to have new products in the health and wellness space to increase sales under its flagship soya food brand Nutrela about five-fold in five years, a company executive said Monday.
Currently the company under the brand sells edible oil, soya chunks and granules, and table spread. The firm has clocked Rs.1,200 crore sales turnover from the brand.
"We have a target to garner Rs.5,000 crore turnover from the Nutrela brand within the next five years," Ruchi Soya Industries Ltd assistant vice president, marketing, consumer brands division, Sandipan Ghosh said here.
"We will be aiming for both inorganic and organic growth. We will be growing from existing categories of around 20 to 30 percent and then we will also be expanding into newer category, which will also fuel the growth," Ghosh said.
He said the newer categories in the health and wellness space would be home-grown and the company was now carrying out a consumer research for that.
"On the basis of the consumer research we are going to decide the potential of the category and potential of our business. As we progress towards second and third quarter of this calendar year, we will see that Nutrela will be expanding into newer category or incrementally innovate into the existing category," he explained.
The makers of the largest-selling soya food brand enjoys about 90 percent market share in organised soya chunks and granules segment.
The firm, which is currently concentrating on domestic market said it will also focus on expanding its presence in tier III and IV cities.