Global Consumer Products (GCP), led by A Mahendran former MD of Godrej Group, entered the FMCG space with the launch of a new chocolate brand ‘LuvIt’. The chocolate market in India is estimated to be around Rs. 7,000 crore, which is dominated by Mondelez’s Cadbury, Nestle’s KitKat and other small player. Mondelez Cadbury has around 70 per cent share, while Nestle with 18 and Ferrero Group with 8 per cent respectively. The chocolate market is growing at a CAGR of 20 % with new players coming in.
The company has got plans to enter into beverages, personal care and many other household products. The acquisition ‘Cherio’ brand from Goodlife Ind., would enable the firm to enter into beverages segment effortlessly. Moreover, it want to make “Cherio” an umbrella brand for beverages category. The company has got plans to launch packaged drinking water, health- based drinks and dairy-based flavored milks. GCP did not rule out entering into ready-to-eat or cook products, including noodles, and snacks.
Needless to say that GCP has got an excellent and credible team, but the challenge is how the company going to establish its distribution network (pan India), will play key role in the success of the new startup.
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Note: Per capita consumption of Chocolate in India is 200 gm and in the US is 8-10 Kg.
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