Home-grown FMCG major Marico on Monday announced its entry into the hair cleansing segment by extending the coconut hair oil brand Parachute to the shampoo category.
Through its Parachute ‘Advansed Protein Shampoo’, the Mariwala family promoted firm will compete in the hair cleansing (shampoo) segment, which is heavily dominated by multinational FMCG giants and legacy domestic brands, primarily led by Hindustan Unilever (HUL) and Procter & Gamble (P&G).
With this, Marico is eyeing a slice of over Rs 10,000-crore shampoo market, which is growing at 9 to 10 per cent annually.
Marico, which has legacy brands such as Parachute, Saffola, Hair & Care, Nihar, and Livon, among others, under its folds, is expanding its play as the company has ambitions to have Rs 20,000 crore in revenue by FY30.
“Extending Parachute Advansed into shampoos is a strategic step to address the growing consumer shift towards nature-forward solutions,” said CEO – India Core Business, Ashish Goupal.
Parachute Advansed’s entry into hair cleansing unlocks a sizeable growth opportunity while enhancing the brand’s relevance across the entire hair-care regimen, he said.
“The initial response from consumers and the market has been encouraging, and we remain confident in the long-term potential of this product,” Goupal added.
Marico said its focus on expanding core portfolio into high-value adjacencies positions it strategically to tap into a category that reaches millions of households annually and opens a significant growth opportunity in a segment where premiumisation is accelerating rapidly year-on-year.
According to Marico, entry into shampoos forms a key pillar of its strategy to capture a greater share of the Indian consumer’s total hair-care spend.