Monday, March 24, 2008
Nestle to expand chocolate portfolio
Swiss FMCG major Nestle is expanding its chocolate portfolio in India with an aim to strengthen its market share in the estimated Rs 1,900-crore chocolate market in the country. "Our current market share is over 27 per cent and we will continue to strive to enhance our position," Nestle India General Manager (Chocolate and Confectionery) Stewart Dryburgh said. The company, which currently offers six brands of chocolates - Munch, Kit Kat, Milkybar, Milk Chocolate, Bar One and Selection, has added two more variants to its popular Kit Kat range to boost the growth momentum. "The chocolate market, valued between Rs 1,700 crore and Rs 1900 crore, grew at 23 per cent last year and we have been able to better the industry growth. Going forward, we expect to continue this," he said. Asked if the company had any specific targets for the coming fiscal, Dryburgh declined to comment. He, however, said Nestle India would be launching the two new Kit Kat variants, Kit Kat Chunky and Kit Kat Mini-in 23 cities across India, which would be supported by adequate advertising and communication campaigns. Dryburgh said keeping in mind the changing lifestyle of consumers, the new Kit Kat variants would target those who are seeking to balance indulgence with lighter eating.