Nestle India has said that India has emerged as the largest market globally for its instant noodles and soup brand, Maggi, and the second largest for its chocolate wafer brand, KitKat. Additionally, the Indian market, experiencing high double-digit growth, has become one of Nestle’s fastest-growing markets, the FMCG giant said in its annual report for 2023-24.
“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 report.
Nestle, known for its famous instant noodles and other prepared dishes and cooking aids, reported selling over six billion servings of Maggi during FY24. This achievement establishes India as the largest market for Maggi globally within Nestle’s portfolio, it said.
Nestle is expanding its offerings under the Maggi brand by introducing Oats Noodles, Korean Noodles, and several masala variants, priced at Rs 10.
“The Prepared Dishes and Cooking Aids business recorded a strong growth momentum. This was aided by a balance of product mix, pricing and volume growth in Maggi noodles and Maggi Masala-ae-Magic, supported by strong consumer engagement and market presence with media campaigns and attractive consumer activations,” the firm said.
In the confectionery segment, Nestle India reported selling 4.2 billion KitKat fingers, driven by new product launches, expanded distribution networks, and innovative brand promotions. “KitKat has emerged as the star performer by not only delivering strong growth but also making Nestle India the second largest market for the brand globally,” it said.
Nestle is in the process of establishing its tenth factory in Odisha, reiterating India’s importance as a key 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,” said Suresh Narayanan, Chairman and Managing Director of Nestle India while addressing shareholders.
The company has prioritised innovation, launching more than 140 products over the past eight years. Innovative products played a significant role in 2023’s sales performance. Nestle India recorded sales of Rs 24,275.5 crore in the fifteen months ending March 31, 2024.
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