Satendra Aggarwal, chief operating officer, Ruchi Soya Industries Ltd, who was here to relaunch company’s refined sunflower oil brand ‘Sunrich’, said with this launch the company planned to take its share for Sunrich in the sunflower oil category to 15 per cent in the next 2-3 years.
At present, it has a market share of 4-5 per cent in the sunflower category. To support the target, the company plans to add 200,000 outlets every year to the current 700,000.
Aggarwal said the company is now moving more towards branded and organised retail.
Alok Mahajan, head of marketing, popular division of Ruchi Soya Industries said that the new Sunrich refined oil is 'clearer, lighter and healthier' as it made by way of a 7-stage refining process, compared to five in the previous offerings. The new process will help to elimate impurities and the new offering also contains Vitamins, A, D&E.
The company has launched Sunrich in Southern states and said it would expand to other parts of the country after six months, based on the success in South.
He noted, Sunflower oil market in India has been growing on the back drop of growing income levels, increasing trend towards spending, better living standards and growing health consciousness among Indian consumers.
The current sunflower oil market in India is estimated to be around Rs 18,0000 crore and South India accounts for about 70 per cent. The industry is expected to growth at a CAGR of around 10 per cent between 2013-14 and 2016-17.
According to company's estimate India at present is able to meet only less than 20 per cent of its demand for sunflower seeds from the domestic market, with the balance coming through imports.
