Fast-moving consumer goods major Marico Ltd. aims at increasing its share in the value-added hair oil market over the next two to three years, with new region-specific launches, a senior company official said on Friday.
Currently, the company enjoys a share of about 25% in the Rs 8,000-crore value-added hair oil market.
In terms of volume, it holds a market share of over 30-35%.
The FMCG company is planning to achieve growth through the introduction of new products and expanding its distribution network, the official said.
Marico Chief Marketing Officer Somasree Bose Awasthi acknowledged that the volume growth in the value-added hair oil segment had been affected by high inflation in the past. However, the company sees 'signs of recovery' in the growth and remains "optimistic" about gaining further market share in the coming years, she said.
With monsoon picking up, the company expects improved demand in rural markets, she said.
"We will launch one product targeted for certain south Indian markets in the next few days. We are also planning to go for another product launch," Awasthi said.
Marico had managed higher raw material costs by reducing pack sizes, and hence the company would not tweak prices amid the easing of input costs, according to the official.
In terms of distribution, it aims at expanding its presence across various channels.
Modern trade and e-commerce already account for around 13% of the company's total sales, and it plans to increase its efforts across all channels to boost sales, she said.
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