Global food coporation Cargill is witnessing double-digit growth in India with the B2B business emerging as a key growth pillar. The company said it is also leveraging its Innovation Centre in the country to develop and co-create solutions with food manufactures, at a time when evolving Indian consumers are increasingly seeking healthier and premium food options.
Dheeraj Talreja, Vice President & Managing Director, Cargill Food South Asia told businessline, “ Over the past six and half months, we have been witnessing a double-digit growth, which is close to mid-teens. We have a strong B2C business in the country. At the same time, India has become an important growth enabler for the B2B business for the overall Asia-Pacific region for us. Given the evolving needs of Indian consumer demands and the requirements of food manufacturers, we believe the future growth will come more strongly from the B2B business.”
Strong growth
In terms of the B2B business, Talreja noted that the company is witnessing strong growth in segments such as healthier food product solutions, bakery as well as chocolate and confectionery segments.
“As consumers are increasingly seeking healthier food options, we are working closely with food manufacturers to co-create and develop solutions that are commercially viable and ready to scale. Health and nutrition now cuts across segments. We are also bringing many global food solutions to India. So, whether it is protein fortification, oil reduction, premium chocolate formats or reformulation, we are helping food manufacturers navigate the dynamic landscape of balancing cost pressures with their growth ambitions,” he added.
Talking about the chocolate and confectionery segment, he noted that India’s per capita chocolate consumption is much lower compared to developed economies. “We are also leveraging our global innovation centres in terms of product development. The innovation center plays a key role in enabling us to serve the diverse consumer needs of India and working closely with food companies. The chocobakery segment, for instance, is emerging as a key growth area in overall confectionery space in India and has been seeing lots of new launches.” Talreja said.
Responding to a query on the B2C business, Talrjea pointed out that brands such as Gemini and Leonardo Olive oil are outpacing market growth rate. “ We have mustard oil, rice bran oil and coconut oil as part of our portfolio, which are witnessing decent growth rates.,” he added.