Image Source: hindustantimes.com
According to Nestlé India’s annual report, the country has emerged as the leading market for Maggi, with a whopping six billion servings of the instant noodles sold in the fiscal year 2023-24. The report emphasizes India’s position as one of Nestlé’s fastest-growing markets globally, boasting impressive double-digit growth.
Growth in India was particularly robust in the prepared dishes and cooking aids sector, driven by the notable success of Maggi noodles and Maggi Masala-ae-Magic. This achievement was attributed to a combination of the product mix, pricing strategies, and volume growth.
Additionally, Nestlé India disclosed the sale of 4.2 billion KitKat fingers, positioning India as the second-largest market for this product.
Maggi has encountered significant hurdles in India, notably a five-month ban in June 2015 by the Food Safety and Standards Authority of India (FSSAI) due to excessive lead content, which was measured at 17.2 parts per million (ppm) compared to the permissible limit of 2.5 ppm. Consequently, Maggi’s market share plummeted from 80% to nearly zero within a month. Since then, the brand has faced tough competition in regaining its market standing.
Despite these adversities, Nestlé India remains steadfast in its commitment to the Indian market, having introduced over 140 products in the past eight years. The company has outlined plans to invest Rs 7,500 crore between 2020 and 2025 to fortify its operations in the country. For the 15 months ending March 31, 2024, Nestlé India recorded sales amounting to Rs 24,275 crore.
