Nestle India's instant noodles brand, Maggi, has already captured a 57 percent market share after it was re-launched in November 2015, but there's plenty of room to grow, Chairman and Managing Director Suresh Narayan said.
Speaking to Bloomberg Quint from the sidelines of the India Economic Summit 2016 in New Delhi, Narayan said that the company is determined to get back the market share it lost after the ban on Maggi Noodles last year.
We've crossed over 57 percent market share. Clearly the share number we've reached are not the levels of satiation that I would look at. We were over 75 percent before. There is every intention to be as aggressive, as focused and as desirable to the consumers as we've been before.Suresh Narayan, Chairman and Managing Director, Nestle India
The rollout of a new variant Maggi Hot Heads will help the company expand its market share, Narayan said.
He expects growing competition in the instant noodles segment to help Nestle distinguish itself from other brands.
Competition intensity has gone up considerably in the market. It is also a good thing as it helps companies like Nestle to differentiate ourselves in terms of our brands plus also gives the opportunity for the consumer to enable newer offerings and to taste them.Suresh Narayan, Chairman and Managing Director, Nestle India
The performance of chocolates and confectionery, and milk and nutrition segments have picked up and Nestle expects the festive and winter seasons to help keep that momentum intact.
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