Global confectionary major Perfetti Van Melle expects to increase its market share in India to around 25 per cent in the next three years, a company official said.
The company expects to climb the ladder on the back of its "innovative" products, "iconic" brand building and extensive distribution network with price point starting from Re 1, the official mentioned.
India is among its top five markets globally.
Perfetti Van Melle (PVM) India is also adapting to changes in consumer preferences and would continue to introduce more products under its seven core brands present here -- Center Fresh, Center Fruit, Alpenliebe, Juzt Jelly, Chupa Chups, Mentos and Happydent.
"In the next three years, the company hopes to increase its share to over 25 per cent in the confectionary market," Perfetti Van Melle India Managing Director Rajesh Ramakrishnan told PTI.
India is an "important market for us from potential prospective and size prospective", he noted.
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PVM India has more than 20 per cent share in the confectionary market, which is estimated to be worth around Rs 12,000 crore and is growing at a rate of 10-12 per cent, he added.
The confectionary market has large players which include Parle, ITC, Mondelez and Wrigley.
"The opportunity is there in the segment. Growth is happening and definitely we would like to tap and as the market leader, we would further grow the category," said Ramakrishnan
On being asked about whether PVM India would introduce more brands in the Indian market from its global portfolio, he said that it would prefer to extend the exiting seven brands to house its innovations.
"We have seven really solid brands here and I do not think we need more brands. What is more important is how to create master brand architecture for these brands," Ramakrishnan said, adding "Idea is not to proliferate more brands. We would make sure that a brand takes more products beneath its umbrella."
PVM India would continue to have new products with "meaningful propositions" and also plans to upgrade consumers by "launching more and more products in Rs 5 and Rs 10 kind of price points as you expect consumer to go up the value chain".
PVM India is also expanding its vast distribution network further, which is spread over four million outlets pan India.
"We would continue to expand our distribution footprint as there is still opportunity as India is a huge country," he said adding that PVM is also exploring the opportunity to enhance its presence on the online sales channels.
According to Ramakrishnan, presently urban and rural market contributes in a ratio of 60:40 to PVM India's total revenue.
When asked if PVM India would foray into the chocolates segment, he said, "It is a different kind of category. It has its own set complexities as cold chain etc and that would not be an area of interest.
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