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ITC forays into branded snacks segment
Wednesday, 14 March 2007, 17:30 IST
New Delhi: Tobacco major ITC's food division made a foray into the fast-growing branded snacks segment with an initial investment of over $13.3 million.
The product named 'Bingo' will initially offer a wide variety of snacks in both potato chips and finger snack segments priced within the range of 
5-10, keeping in line with its competitor and the market leader PepsiCo's Frito-Lay.
"This is a fast-growing category with huge untapped potential. Our retail distribution strength and our insightful understanding of consumers will help us redefine the category," ITC Food Division chief Ravi Naware told reporters here.
The tobacco-cum-FMCG (fast moving consumer goods) player, which has earned revenues of over Rs 18 billion in the latter category, has plans to invest over 1.5 billion in the next two years.
Saying that the current size of organised snacks retailing is growing at a rate of 30 percent annually, Naware added: "We are looking at a huge potential and we are targeting a market share of 25 percent within four to five years."
With this, 'Bingo' became the fifth product to be added in ITC's food business after its venture into staples, biscuits, ready-to-eat snacks and confectionary.
Source: IANS
5-10, keeping in line with its competitor and the market leader PepsiCo's Frito-Lay.
"This is a fast-growing category with huge untapped potential. Our retail distribution strength and our insightful understanding of consumers will help us redefine the category," ITC Food Division chief Ravi Naware told reporters here.
The tobacco-cum-FMCG (fast moving consumer goods) player, which has earned revenues of over Rs 18 billion in the latter category, has plans to invest over 1.5 billion in the next two years.
Saying that the current size of organised snacks retailing is growing at a rate of 30 percent annually, Naware added: "We are looking at a huge potential and we are targeting a market share of 25 percent within four to five years."
With this, 'Bingo' became the fifth product to be added in ITC's food business after its venture into staples, biscuits, ready-to-eat snacks and confectionary.
Source: IANS