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FMCG firm Ruchi Soya Industries Ltd (Ruchi Soya) has entered the ready-to-cook (RTC) category under its flagship brand Nutrela. Ruchi Soya is a Rs 30,000-crore manufacturer of healthy cooking oils and soya foods. The new products launched under the company’s flagship brand Nutrela would include Nutrela Instant Soya and Nutrela Ready Mixes.
The RTC food segment in the country has been growing fast owing to the fast-paced urban lifestyle, increasing prevalence of the nuclear family structure, rising disposable income and rising number of globetrotting Indians who are willing to experiment with food. Further, the growth of modern retail has provided unmatched brand and category visibility and promotion opportunities to convenience foods. Technological advancements in packaging and flavour science have also aided in the development of such innovative products which are now at the centre-stage among urban Indians.
With this, the company is confident that Nutrela would maintain its leadership position in the soya category and also capture a market share of 10 per cent by 2019 in the ready-to-cook category, which is growing fast owing to rising income levels, changing food habits and a growing need for convenience among Indian consumers. The constantly evolving ready-to-cook market in India is about Rs 500 crore and is growing at 25 per cent annually. This is expected to grow at a CAGR of around 20-25 per cent over the next five years.
Dinesh Shahra, Founder & Managing Director, Ruchi Soya Industries Ltd, said “Brands will be the growth driver in the years to come for the company. We have entered the ready-to-cook business with the aim of building a healthier India and to provide consumers a perfect balance between health and taste. Ruchi Soya wants to be a major player in this segment. With this new line of businesses and launches, we expect our flagship brand Nutrela to generate Rs 2,000 crore over the next five years.”
The company plans to invest about Rs 20 crore in this new business. The investments are primarily being made to make these products accessible to our consumers and make them aware as well as create taste trials among our desired target consumers.
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