Modi Naturals eyes 20% pie in olive oil mkt
Modi Naturals which has recently forayed into premium edible oil market is looking to gain 20 per cent market share in the segment within two years....
Hyderabad: Modi Naturals which has recently forayed into premium edible oil market is looking to gain 20 per cent market share in the segment within two years. This New Delhi-based firm on Thursday launched its olive oil products called Oleev Active into the Andhra Pradesh market. “Modi Naturals is aiming at 15 to 20 per cent market share in the premium edible oil market. Our Oleev Active as a flagship brand has already captured five to 10 per cent market share in some markets,” Akshay Modi, Executive Director, Modi Naturals, told media here after launching the products.
Saying that the AP launch was starting point for the company’s foray into southern market, he said the company’s products would remain healthy choice for the consumers across the country. “Oleev Active is a unique blend of olive oil and rice bran oil especially created to fulfill the demands of modern lifestyle,” he explained.
At present, Modi Naturals has 10 distributors across AP. It tends to increase the number to 25 by the fiscal year end. Besides, it also tied up with modern retail chains such as Heritage Food and Bharti Walmart which would sell these products at their retail stores.
Established in 1974, Modi Naturals has been in the edible oil business for the past 40 years. However, it has confined to supplying edible oils, particularly rice bran and mustard oil, to leading edible oil producers. Now with the launch of the new products, it has entered into retail business. “Nearly 70 per cent of our total income comes from the commodity market segment while the remaining 30 per cent is coming from the retail business. We expect this ratio to change in coming years and our company will emerge as leading player in the retail segment in this space,” said Modi.
11 Dec 2019 7:59 PM GMT