Edible oil brand Sunpure announced a new product category, packaged jaggery, with an annual revenue target of Rs 120 crore.
The company has launched jaggery powder and jaggery block (available in 500-g packs) in Bengaluru and Mumbai. It will introduce the new products in all its existing markets across Karnataka, Maharashtra, Kerala, Andhra Pradesh, Telangana, Goa, and Tamil Nadu over the next month, the company said.
The packaged jaggery market in India touched Rs 55.6 billion in 2022 and is expected to reach Rs 122.1 billion by 2028, as per market reports.
The company said its jaggery venture was spurred by the fact that consumers are increasingly looking to replace refined white sugar with a healthier alternative.
MK Agrotech, the parent company of Sunpure, plans to become a pan-India FMCG brand. In Mumbai, the jaggery products have been launched under the Riso brand.
“India is one of the leading exporters of jaggery, and the domestic market for packaged jaggery is ripe for disruption. With mounting health concerns due to the growing incidence of diabetes, heart diseases, and obesity-related issues, more and more Indian consumers today are replacing white sugar with jaggery,” said Sridhar Vaidyanathan, Chief Operating Officer, MK Agrotech.