Marico expects food business to reach ₹850 crore in FY24

Marico to scale up food business to ₹850 cr in FY24; Saffola expands total addressable market to ₹10,000 cr. Marico to focus on market dev., brand building, supply-chain excellence, dist. expansion & innovation to scale food biz. Premium personal care to grow at 20% CAGR. Digital-first segment to reach ₹400 cr exit run-rate in FY24. Domestic biz share of new portfolios to reach 20% of rev. in FY24. Marico to invest in omni-channel, agile & data-driven dist. strategy. Widening stockist network & enhancing presence of chemists, cosmetics & speciality foods outlets in urban regions.

Home-grown fast-moving consumer goods (FMCG) firm Marico expects its food business to scale up to ₹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 more than ₹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 ₹850 crores by fiscal 2024, after closing near the ₹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 revenue from 8% in FY20 to 15% in FY23.

"We expect the share of these portfolios to move to 20% of domestic revenues in FY24," it said.