Skip to main content

India one of fastest-growing markets globally for Nestle, to focus on innovations

The sales of innovation products have been more than 6% in 2023 for Nestle India

New Delhi: India is one of the fastest growing markets for the Swiss global food & beverage major Nestle, where its local subsidiary has delivered a double-digit growth.

The company, which owns popular brands such as Maggi, Kit Kat and Nescafe, is leveraging existing competencies and capabilities and investing in new areas of opportunity to deliver long-term value, according to Nestle India’s latest annual report.

Now, India has become the largest Nestle market globally for Maggi and the second-largest for chocolate wafer brand Kit Kat.

“Penetration, premiumisation and innovation, combined with disciplined resource allocation, have been key in driving business, making your company one of the fastest growing markets for Nestle globally,” said the latest annual report.

The sales of innovation products have been more than 6 % in 2023 for Nestle India. It was at 3% in 2018.

Besides the domestic market, Nestle’s export business delivered good growth, the annual report said.

All of its key brands and product groups recorded consistent growth, despite escalating food inflation and volatile commodity prices, primarily in coffee and cocoa, it added.

Nestle, which is setting up its tenth Indian factory in Odisha, reaffirmed the significance of India as a market.

“Strengthening this further, your company is poised to invest approximately Rs 7,500 crore between 2020 and 2025 to develop new capabilities and expand existing ones with a sharp focus on sustained growth and innovation,” its Chairman & Managing Director Suresh Narayanan said while addressing shareholders.

Nestle India recently announced to continue to pay royalty to its parent company at the existing rate of 4.5% of net sales after a proposal to hike it was rejected by the shareholders.

The company’s board, at its meeting, approved continuation of payment of general licence fees (royalty) at the existing rate of 4.5% to Société des Produits Nestle SA (licensor) and recommended to the members of the company for their approval, Nestle India said in a statement.

In April, Nestle India’s board had approved increasing royalty payment to its parent company by 0.15% per year for the next five years, thereby enhancing it to 5.25% of net sales.

In its annual report, Nestle India said “the general licence fees (royalty) rate paid by the company to the licensor is comparatively lower” in comparison to other multinational corporations (MNCs) in India.

The post India one of fastest-growing markets globally for Nestle, to focus on innovations appeared first on India Retailing.



from India Retailing https://ift.tt/brM7uGO
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp lea
67 comments
Read more

Feather & Black plots return to high street with new Dreams concession

// Concept space for Feather & Black revealed in Dreams store // More openings due later in 2021 // Dreams acquired Feather & Black last year Dreams has opened the first bricks-and-mortar presence for Feather & Black  since it acquired the business last year. The new high street presence for Feather & Black comes in the form of a shop-in-shop concept located within Dreams’ Hedge End store. Dreams said the opening in Hedge Ends marks the beginning of a new phase for Feather & Black as an multichannel brand, with two additional standalone store openings planned for the brand this year. It comes after Feather & Black never reopened any of its stores after the first nationwide lockdown last year. That following July, Dreams acquired the Feather & Black brand, which entailed the permanent closure of the latter’s remaining standalone stores across the country. Leading up to the Covid-19 pandemic, Feather & Black had been under administration. Whil
6 comments
Read more

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been  given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxiety
Post a Comment
Read more