Food and Beverage Sector in India Monthly Update February 2012
Top Story India’s milk consumption to rise to 150 mn tons India has produced 116 mn tons of milk in 2011 and the demand is likely to touch 150 mn tons in the next 5 years; growing at a rate of 29%. India would be requiring 150 mn tons of milk by end of next five year plan (2012‐17). It is estimated that India’s consumption might further rise to 210 mn tons in next 10 years. This increase in consumption can be attributed to the fact that a lot of people are becoming health conscious and shifting to dairy products. Other major reason cited is increase in population. Moreover processed dairy products are easily available at all metros and even rural areas which facilitate the consumption of dairy based products. It is also the reason why India must improve its milk production scenario; else India might have to import milk in spite of being the largest producer of milk globally. It also suggests that there is a need to improve the cold storage scenario and food processing facilities in India.
News Update
General
Fast food chain ChicKing comes to Delhi Dubai‐based halal fast food chain ChicKing has opened its first outlet in north India in Delhi. They are already an established name in South India. They are planning to open at least 100 outlets by 2015.The company is of the opinion that unique recipes and products by ChicKing will easily create a strong brand loyalty. The restaurant will serve unique products; fish and other seafood will be added soon as a part of its menu. ChicKing has a global presence of 85 outlets in 11 countries and intends to start 50 outlets in the national capital region. Tata Starbucks to open 3050 cafes in 2012 Starbucks Corp. along with its Indian joint venture (JV) partner Tata Global Beverages Ltd. has outlined plans for a formal entry to India. They are planning to open 30‐50 outlets in India in 2012. Initial investment would be of the tune of INR 4 bn. The outlets will be branded as “Starbucks Coffee—A Tata Alliance”. Initially, the outlets will be launched in Delhi and Mumbai. The first retail outlets will be launched in Mumbai and Delhi, followed by other major cities. The JV will also look at jointly leveraging assets, with the two initially offering a premium tea product known as Tata Tazo and also mineral water Himalayan at the Indian outlets. India is the first market where Starbucks will source all its coffee requirements from the local market for retail chain use Food & Beverage – Monthly Update
Sheelpe Enterprises launches natural mineral water Behram Mehta‐promoted Sheelpe Enterprises has commercially launched Aava natural mineral water in Goa. This new mineral water will be served in 25 premium hotels, restaurants, clubs and fine dining restaurants in various parts of Goa. The company would further increase the penetration by supplying the same in other premium hotels and restaurants taking the count to 200 by end February 2012. Aava natural mineral water is sold exclusively at the Grand Hyatt and Ramada Group Goa through a special tie‐ up. The product is priced at INR 23 for a one litre bottle which is much lower compared to similar brands in the same product category. Aava goes through 77 tests in order to make sure that it is free from micro‐bacterial germs and harmful chemicals. The water is also free from any natural/human contamination Bangs opens its outlet in Mumbai India’s first domestic fried chicken QSR has opened its outlet in Mumbai. It has an area of 500 sq ft and located in the food court of High Street Mall, Thane. The company is of the opinion that they will be able to lure people with its variety of menu, low pricing and fast service options. Bangs is famous for its burger and fried chicken. Other than fried chicken, the brand also offers a variety of fast food options like burgers, wraps and pasta. As a part of its promotional strategy, the brand has come up with discounts so as to attract more customers. The company is also looking forward to spreading its wings to Pune, Aurangabad and Nashik Cadbury to enter the mishti market Cadbury to take a plunge in the traditional mithai/mishti market. Cadbury has tied up with Kolkata’s famous mishti shops to create their own fusion variety of Cadbury chocolates. This campaign is in sync with its tag line kuch meetha ho jaye. All these activities are in line with larger concept of positioning the chocolate as a universal sweet dish. For the initiative, Cadbury has tied up with nine leading mithai chains in the city — Balaram Mullick, Bhim Nag, Ganguram, Girish Nakur, Gupta Brothers, Hindusthan Sweets, Jadab Chandra Das, K C Das and Sen Mahasay. They are coming up with innovative items like ‘Chocolate fudge Sandesh’, ‘Gilato Sandesh’ and the ‘Mud pie Sandesh’ made from Cadbury Dairy Milk. Papa John’s is now in Chennai Papa John's has launched its first outlet in Chennai. Om Pizza is the master franchise for Papa John’s. They would like to take the number of outlets from 37 to 50 in next couple of years. The company would also like to focus on the tier 2 and tier 3 cities. So far the company has pumped in INR 1 bn along with their PE investor‐TVS Capital who has invested INR 0.5 bn. It takes on an average of INR 7.5 mn for each store. The expansion plans will be largely funded by TVS Capital. Food & Beverage – Monthly Update
Sabar Dairy to come up with a new milk processing plant in Rohtak Gujarat‐based Sabar Dairy is planning to set up a new milk processing and packaging unit in Rohtak, Haryana. The company said that milk processing and packaging unit would be spread across 14 acres of land and that it would have milk processing capacity of about 0.6 mn litres of milk per day. The plant is expected to become functional next year. About 500 litres of milk would be sold through pouches of 500 ml or 1 litre. The company has invested INR 1.25 bn for this new project. Machineries and equipments would be partly imported from Germany. New initiatives from Coke and Pepsi Ahead of the summer season, juice companies are raring to go with new launches and branding initiatives. PepsiCo has launched two new limited edition flavours under its Mirinda brand (Orange Mango and Orange Masala) while its arch rival Coca Cola has come up with a new campaign for its mango juice brand Maaza. The two new launches from Pepsi will be supported by a campaign including outdoor, online and an innovative consumer engagement programme. On the other hand, Coca Cola has come up with a promotion which says "real mango experience throughout the year". Coca‐Cola advertising band wagon will consist of integrated communication plan including a range of initiatives like out‐of‐home (OOH) media, point of sale merchandise and on‐the‐ground initiatives across all key markets. Beer with expiry dates available in stores It has been seen that some of the international beer brands are being sold well beyond their expiry dates. The Danish brands — Carlsberg and Tuborg — being sold in some Gurgaon liquor vends were manufactured in June 2011. This is primarily because of the fact that a huge stock of the beer with expired dates has been lying dumped in the godowns of the distributors in Gurgaon as the firm failed to push the sale of the beer. Fearing legal hassle some of the outlets have stopped selling these brands. Nestle to come up with a R&D centre Nestle India to come up with an R&D centre in Manesar, Haryana. The facility costs INR 2.3 bn and is likely to be operational by the last quarter of 2012. This R&D centre will be using Ayurveda concepts to churn out better products in the market. R&D would be around basic food science, nutrition, and agriculture developments. This facility would also look to develop affordable fortified popularly positioned products (PPPs) such as calcium enriched Maggi noodles. The team size will be approximately 100. Tata Global and PepsiCo to launch bottled water PepsiCo and Tata Global to launch Tata Water Plus. They are targeting a turnover of INR 7 bn over next five years. Tata global beverages also have plans to expand the portfolio with glucose‐based and lemon‐based non‐aerated drinks over the next 18‐24 months. The new bottled water, to be priced at INR 16 for a 750 ml bottle, will be rolled out in Tamil Nadu first ‐ covering 20 towns such as Coimbatore, Salem and Madurai, among others. Food & Beverage – Monthly Update
Mother dairy launches its premium icecream in Bangalore Mother Dairy’s ice cream range has entered the Bangalore market. They have launched its entire range of impulse and take home ice‐creams, including the premium “Classics” range. Ice‐creams are made from rich, creamy milk and superior ingredients. The company claims that Mother Dairy ice Creams offer the widest and most comprehensive range which is bound to delight people from all age groups. Pepsi test markets Slice in Canadian Markets PepsiCo has started test marketing its mango‐based drink Slice in Canada to tap the Indian population living in Canada. The company is of the opinion that a lot of other residents will also like the mango drink. The company has plans to scale up the production and expand in 2012 and 2013. The company would also like to introduce some of its other products like Nimbus and Kukure in near future. Future group selects Cognizant as its vendor for IT infra services Cognizant Technology Solutions Corporation has entered into a five‐year contract with the Future group. As part of the deal, the CTS would provide end‐to‐end IT infrastructure services for all Future group companies including Big Bazaar, Food Bazaar, Pantaloons, Future Generali Life Insurance etc. CTS would provide IT systems of the Future group’s growing network of stores, warehouses, offices and data centres in all these companies. The Future group employs around 35,000 people and 4 of its companies are listed. CoCa Cola reduces prices Coca Cola has reduced the prices of its 200 ml bottle by INR 2. Thus, the new prices would be INR 8 all over India. The company feels that since 200 ml marks the entry to this new market, reducing prices will see addition of new customers. This move is particularly targeted at the rural customers. This is applicable only for its returnable glass bottles which account for 35% of its sales Jumpin creates the tallest fountain Jumpin has created the tallest fountain of mango drink to enter the Limca Book of Records. This spectacular Jumpin fountain was unveiled amongst much fan fare at Fun City, near Chandigarh. Jumpin created a buzz for its brand as the fountain reached 30 feet high. The company hopes to capitalize on the expanding and fast growing fruit drink market. The drink has been enriched with delicious Alphonso mangoes. CavinKare launches milk with longer shelf life CavinKare launched ultra high temperature (UHT)‐treated milk ‐ Cavin's Pure+ ‐, which can last for 120 days even without using refrigerator. This step marked the company’s consolidation in the dairy segment. Over the last few months they had launched Cavin's Ghee and Cavin’s Flavoured Milk. The product will be made available first in Tamil Nadu and they are planning revenues of INR 650 mn in the first year itself from this product. The plant is based out of Tamil Nadu and the company has tied up with 11,000 farmers,
Food & Beverage – Monthly Update
who are in a 50 km radius from the plant, so that the milk reaches the plant in less than 3‐ 4 hours and can be processed and packed very quickly. Rediscovering banana chips In Kerala the manufacturers of banana chips are taking new ways and means to fight the more promising potato chips. These companies are developing better packaging and competitive pricing. The new banana wafers would start from INR 5 to INR 20. The packaging would be such that it would last for 4‐6 months in the super markets. They would also like to target the youngsters as majority of the customers are elderly people/ tourists as of now. CCD launches prepaid cards CCD has launched a prepaid card which is usable at all its retail outlets. Customers can buy cards ranging from INR 100‐5,001. Apart from gifting, the card offers convenience of use, periodic benefits like special deals, bill discounts from 5 % to 10% depending on the denomination on the card. Apart from this the company is also trying to revamp its menu targeted at the youth Bisleri to revive soda business Bisleri is trying to revive its soda business. The product is available at INR 15 for a 600 ml bottle. The company has dedicated plants in Mumbai, Delhi and Mysore. Competitors of Bisleri include Pepsi and Coca Cola as well as beer companies like Kingfisher and SAB Miller. Bisleri would face competition from both branded as well as unbranded players Paramount Farms launches new Sweet Chilli variety Paramount Farms International has launched its new Sweet Chilli variety, a new flavor with a mix of sweetness, crunch and tangy chilli peppers. Wonderful Pistachios are sun‐ ripened and dry‐roasted to meet the highest quality standards of food aficionados. The 80 gm pack costs INR 90 and the 200 gm pack costs INR 200. The pack is available in all leading outlets across New Delhi ‐ NCR, Mumbai, Bangalore and other cities. The other varieties include: roasted salted, roasted no salt and salt & pepper Metro Cash & carry forays into Delhi Metro Cash & Carry will open its first outlet in Delhi on 23rd February, 2012. It will offer a tailored assortment of 10,000 products to a target group of business license holders in Delhi. The store will remain open all round the year from 6 a.m to 10 p.m. Some of the items would be procured locally while some other would be imported like exotic food items, olive oil etc. Hatsun to set up a national chain of icecream parlor Hatsun Agro Product Ltd. plans to come up with a national chain of ice cream parlors and will invest over INR 500 mn for this project. It will be marketed under the brand Ibaco. The company plans to set up a chain of 250 Ibaco outlets including 70 in Tamil Nadu. Each outlet will incur an investment of about INR 2.5 mn to INR 3 mn. The company has Food & Beverage – Monthly Update
two ice cream factories in Chennai and Salem with a total capacity of about 70,000 litres a day. Amul to sponsor the Indian Contingent in Olympics Amul has agreed to be the sponsor for the Indian contingent in the forthcoming Olympics to be held in London. The company has inked a deal with Indian Olympic Association. Amul is of the opinion that milk is nature's original energy drink and plays a pivotal role in building the physical and mental strength of the athletes. Through this association, the company would also like to target the youth of the country so that they can consume higher amounts of dairy related products.
News Update
Expansion Plans
Suguna Poultry in expansion mode Suguna Poultry in collaboration with Francorp has chalked out an expansion plan for south India. They would follow both the models: franchise owned and company owned outlets. The company is aiming to launch 500 outlets by the end of 2012‐13 in Tamil Nadu, Kerala and Karnataka. The outlet would be named as Daily Fressh and would stock fresh meat, frozen meat, ready‐to‐cook and ready‐to‐eat meat products with allied products such as spice mixes, herbs. Suguna processing plant has recently been certified as an ISO 20000:2005 company for poultry processing. It ranks among the top ten poultry companies worldwide. Jubilant Foodworks in expansion spree Fast food chain operator Jubilant Foodworks, which runs the Dominos Pizza chain in India, hopes to foray into Bangladesh in one year and add two new stores in Sri Lanka in the coming months. They also plan to open one Dunkin' Donut Store in New Delhi in next quarter as well as 100 such stores in next 5 years in India. They suggested that they are setting up a new plant in Noida, which will be operational by March. They will also relocate two units in Mumbai and Kolkata which are expected to be functional by March, 2012. Mother Dairy to expand its dairy portfolio Mother Dairy, a subsidiary of National Dairy Development Board (NDDB), is keen on expanding its ice cream portfolio. They plan to open 7,000 outlets across India over the next 2 years. Initially the focus would be top six metros, Mumbai being the immediate focus. The company is looking at the growth of almost 30% from the business that includes milk, packaged foods, frozen foods, fermented products, ice creams and ready‐ to‐drink beverages during the fiscal 2012‐13. Mother Dairy is planning to launch and
Food & Beverage – Monthly Update
renew the high‐end range in the product. The firm has increased its milk procurement rate by 100% over the last year and ice‐cream segment contributes INR 2 bn to the portfolio of Mother dairy. Godrej Group to expand in food retail Godrej Group and Future Group are on an expansion spree with plans to increase their store count this year. Godrej Group which currently operates 19 stores under the brand ‘Nature’s Basket’ is planning to open 7‐8 new 'Food Hall' stores in the country. The premium food retail chain is growing at a tremendous growth rate of 65% (CAGR) and is set to touch revenues of INR 900 mn in this fiscal. Future group has also entered the premium food category space which targets the affluent customers and currently operates one such store in Mumbai. Food Hall sells premium fresh and packaged foods of domestic and international brands, ready‐to‐eat items, cuisines from across the continents, besides health foods CCD to focus on food Café Coffee Day (CCD) which has a presence of 1,200 outlets in India, is in its way to revamp its menu. They are looking to strengthen their food services at a time when the cafe culture is in a growth trajectory with the entry of new players. The move is a pre‐ emptive measure by the company to counter the stiff competition. The company wants to position itself as a hang out zone among the youth. At this moment CCD is following a value for money approach whose average ticket size is between INR 100 and INR 150 for coffee and food together. The company would like to increase the ticket size by providing an enticing menu. In the last few years, CCD has introduced an assortment of beverages and combo meals. Arza Bibi Kebab in expansion mode Delhi‐based Kebab chain is on an expansion spree with special emphasis on Delhi/NCR, Mumbai and Bangalore. They plan to open 25 outlets in NCR alone. The chain offers 27 different types of kebabs made of meat, cheese, fish and vegetables – with each one flavored with rare spices and rendered succulent over charcoal fire. The company is of the opinion that India is seeing rapid growth in the fast food and restaurant industries and hence they would also like to foray into this segment. QSR format is picking up largely in the metros because it is convenient for the customers who are on the move and have less time because of their work schedule. Costa Coffee in expansion mode Coffee chain major Costa Coffee wants to expand in India from 95 to 155 outlets. Each of the 60 cafes will be spread across 1,200‐2,000 sq. ft depending on the location and would require an investment of INR 6 mn. These outlets will come up in places like Chandigarh, Ludhiana, Jalandhar and Amritsar, Northern Capital Region, Chennai, Hyderabad and Bengaluru. The expansion would be in both café and kiosk formats and are targeted at the youth. They would also like to expand into airports , corporate houses and malls. Costa
Food & Beverage – Monthly Update
Coffee has a dedicated training centre providing not just the art of coffee making but also development of soft skills.
Industry Expert Speak Milk consumption in India to rise to 150 mn tons –N.R. Bhasin, President, Indian Dairy Association “Keeping in view the rising population, India would need around 150 million tons of milk by the end of the 12th Five‐Year Plan (2012‐17)” Transactions (December 2011February 2012) Date
Buyer
Target
Deal Size (INR mn)
% stake
Deal Status
Type of Transaction
13th February
Bunge Ltd
Amrit Banaspati Co. Ltd.
4,130
NA
Completed
Acquisition
6th January 2012
Bain Capital TPG KKR
Parag Milk Products
3,750
NA
Not Private Equity Completed
20th December 2011
Everstone Capital
Pind Balluchi
1,000
45
Not Private Equity Completed
Annual Financial Results – Revenue (INR mn) Companies FY '08 FY '09 Amrit Corp Ltd. 260.837 339.346 Amrutanjan Health Care Ltd. 744.317 906.738 Anik Industries 7,583.7 10,209.8 Bombay Burmah Trading Corp. 3,715.5 4,119.5 Ltd. Britannia Industries Ltd 27762.501 34212.28 CCL Products (India) Ltd. 4,129.6 4,682.5 Dabur India Ltd. 23,657.2 28,122.4
FY '10 FY '11 363.465 454.742 897.789 1,054.088 12,232.8 12,788.3 42,409.2 51,444.2 37748.621 4,375.3 33,958.0
46071.969 3,650.2 40,817.4
Food & Beverage – Monthly Update
Emami 6,180.3 7,489.3 10,217.1 12,590.0 Hatsun Agro Products Ltd. 8,676.8 10,135.7 11,415.6 13,568.5 Heritage Foods (India) Ltd. 5,880.3 7,967.5 9,003.8 10,960.9 Hindustan Unilever Ltd. N.A. 166,639.8 180,319.3 200,245.9 ITC Ltd. 146,591.0 165,561.4 191,358.7 222,736.6 Jubilant Foodworks Ltd. 2,113.2 2,806.1 4,239.3 6,782.8 KSE Ltd. 2,894.7 3,502.5 3,714.1 4,541.5 Kwality Dairy India Ltd. 3,330.4 5,828.0 10,541.2 16,080.4 Marico Ltd. 19,050.4 23,884.2 26,607.6 31,283.1 Modern Dairies 4,135.6 4,594.9 4,379.5 4,670.7 Nestle India Ltd. 43,252.2 51,395.5 62,609.4 72,132.9 Radico Khaitan Ltd. 8,094.1 6,960.3 8,355.5 9,964.6 Tata Coffee Ltd. 9,222.6 11,184.3 12,896.3 12,966.5 United Breweries Ltd. 15,805.8 19,294.6 22,755.0 N.A. Zydus Wellness Ltd. 563.3 1,947.4 2,675.2 3,354.1 Annual Financial Results – Income (INR mn) Companies FY '08 FY '09 FY '10 FY '11 Amrit Corp Ltd. 14.979 27.795 25.956 186.756 Amrutanjan Health Care Ltd. 50.27 923.94 114.717 102.119 Anik Industries 232.6 107.9 110.6 100.9 Bombay Burmah Trading Corp. Ltd. 456.9 190.5 362.9 1,176.3 Britannia Industries Ltd. 1774.389 1514.848 1031.799 1343.489 CCL Products (India) Ltd. 354.5 169.9 280.0 259.2 Dabur India Ltd. 3,331.3 3,905.0 5,010.8 5,685.7 Emami 901.9 918.6 1,697.3 2,287.2 Hatsun Agro Products Ltd. 173.3 118.7 27.9 187.5 Heritage Foods (India) Ltd. 9.4 (357.2) 55.1 11.1 Hindustan Unilever Ltd. N.A. 20,036.1 21,566.3 22,960.5 ITC Ltd. 31,577.6 33,245.9 41,681.8 50,179.3 Jubilant Foodworks Ltd. 77.6 73.0 329.7 717.4 KSE Ltd. 25.8 32.1 82.7 45.0 Kwality Dairy India Ltd. 46.2 93.8 179.5 459.4 Marico Ltd. 1,690.7 1,887.2 2,316.7 2,864.4 Modern Dairies 66.0 (260.0) (17.8) (410.7) Nestle India Ltd. 5,340.8 6,550.0 8,186.6 9,341.2 Radico Khaitan Ltd. 265.4 65.4 415.4 728.0 Tata Coffee Ltd. 238.8 238.8 238.8 238.8 United Breweries Ltd. 541.7 460.9 896.4 N.A. Zydus Wellness Ltd. 45.548 238 452.7 594.8
Food & Beverage – Monthly Update
Quarterly Financial Results – Revenue (INR mn) Companies Amrit Corp Ltd. Amrutanjan Health Care Ltd. Anik Industries Bombay Burmah Trading Corp. Ltd. Britannia Industries Ltd. CCL Products (India) Ltd. Dabur India Ltd. Emami Heritage Foods (India) Ltd Hindustan Unilever Ltd. ITC Ltd. Jubilant Foodworks Ltd. KSE Ltd. Kwality Dairy India Ltd. Marico Ltd. Modern Dairies Nestle India Ltd. Radico Khaitan Ltd. Tata Coffee Ltd. United Breweries Ltd. Zydus Wellness Ltd.
JanMar AprJun JulSep OctDec 2011 2011 2011 2011 150.31 127.491 N.A. 135.813 N.A. N.A. N.A. 363.639 3,912.0 3,283.3 3,287.9 24,929.8
24,929.8
N.A.
24,929.8
N.A.
N.A.
N.A.
12,491.0
1,035.4 11,125.1 3,378.6 3,073.8 N.A. N.A. 1,938.3 1,242.1 4,766.0 7,473.5 1,412.5 18,099.9 2,727.7 3,358.4 N.A. 773.9
987.2 12,045.8 2,999.1 3,139.0 55,793.6 58,601.8 N.A. 1,276.4 4,820.1 10,486.2 1,097.0 17,630.5 3,019.2 3,315.3 9,437.9 907.4
1,274.5 12,623.3 3,104.3 3,461.6 N.A. N.A. N.A. 1,311.4 5,131.0 9,744.5 1,057.3 19,631.0 2,627.3 4,102.8 N.A. 838.9
N.A. 14,526.8 4,572.6 3,545.1 59,376.3 62,478.4 N.A. 1,376.1 6,425.4 10,578.2 N.A. N.A. N.A. 4,128.3 9,610.6 381.7
Quarterly Financial Results – Income (INR mn) Companies Amrit Corp Ltd. Amrutanjan Health Care Ltd. Anik Industries Bombay Burmah Trading
JanMar AprJun JulSep 2011 OctDec 2011 2011 2011 12.306 5.942 N.A. 7.277 N.A. N.A. N.A. 43.172 3.3 26.3 9.4 N.A. 505.5 36.0 N.A. 1,298.1
Food & Beverage – Monthly Update
Corp. Ltd. Britannia Industries Ltd. CCL Products (India) Ltd. Dabur India Ltd. Emami Heritage Foods (India) Ltd. Hindustan Unilever Ltd. ITC Ltd. Jubilant Foodworks Ltd. KSE Ltd. Kwality Dairy India Ltd. Marico Ltd. Modern Dairies Nestle India Ltd. Radico Khaitan Ltd. Tata Coffee Ltd United Breweries Ltd. Zydus Wellness Ltd.
N.A. 18.3 1,469.8 545.7 15.7 N.A. N.A. 190.6 42.3 147.5 716.2 (257.6) 2,557.1 174.3 175.4 N.A. 188.1
N.A. 52.2 1,277.4 415.0 (5.3) 6,271.6 13,327.2 N.A. 24.9 146.4 850.0 (42.6) 2,138.3 207.4 132.6 710.4 84.5
N.A. 83.3 1,738.6 506.4 25.5 N.A. N.A. N.A. 34.0 162.0 783.0 (61.2) 2,611.8 147.9 175.9 N.A. 171.0
540.7 N.A. 1,728.2 944.9 42.4 7,538.1 17,009.8 N.A. 22.7 223.2 841.2 N.A. N.A. N.A. 215.1 286.2 186.4
Events Calendar Aahar International 2012 Date: March 12th ‐16th, 2012 Venue: Pragati Maidan, Delhi Organizer: Ministry of Food processing industries Ph: 011‐23378802 www.aaharinternationalfair.com
Food & Beverage – Monthly Update
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Food & Beverage – Monthly Update