Mumbai: Poultry processor Godrej Tyson Foods Ltd, a venture of Godrej Agrovet Ltd and US-based Tyson Foods Inc., might open two more mechanized farms in five years to tap the growing poultry market in India, targeting annual revenue growth of 15% over the period.
The company hopes to cash in on India’s unorganized poultry market—roughly 95%—as well as the lack of packaged poultry products, chief executive officer Sadiq Malik told Mint.
“We are eyeing a revenue turnover of Rs200 crore by March 2009 and year-on-year, the revenue turnover is likely to grow at more than 15% for the next five years,” he said. “We plan to invest in new plants and supply chain,” Malik said, without elaborating.
The poultry firm plans to add more brands, both its own and from Tyson’s stable, Malik said. It also hopes to add fully-cooked products by 2010. He estimated the processed poultry market to be worth about Rs600 crore and growing at 15% every year.
The company currently operates two plants in India, in Maharashtra and Karnataka, with a daily capacity to process 28,000 and 32,000 chickens a day, respectively. Annual per capita poultry consumption in India remains at a low of only 1.8kg compared with 45kg in the US, Malik said.
A February report by business advisory Rabo India Finance Ltd—using data from agriculture ministry—said the Indian poultry market, world’s fifth largest, was estimated at $3.1 billion. It accounts for about 2.3 million tonnes of poultry meat a year from 2 billion birds in 200,000 farms.