New Delhi: Global FMCG firm GlaxoSmithkline Consumer Healthcare on Wednesday announced its entry into the noodles segment, with aims to capture 10% of the estimated Rs1,000-crore organised noodles market within a year.
The company launched its noodles under the popular Horlicks brand named ‘Foodles´ that is expected to compete with market leader ‘Maggi´ from Nestle.
“The Indian noodles market is estimated to be around Rs1,000 crore and has been growing at the rate of 25%. We, believe that the overall entry of Horlicks will expand the category further,” GSK Consumer Healthcare (GSKCH) India executive vice-president (marketing) Subhajit Sen told PTI.
The company said the new product will further extend its Rs1,500-crore ‘Horlicks’ brand and help in sustaining the double-digit growth that it has been registering.
“In 2009, Horlicks brand is around Rs 1,500 crore. With ‘Foodles’ it will surely extend further. Though our aim right now is to establish and create awareness about the product (noodles), our target will be to have a market share of 6 to 10% in the next 6-12 months,” he said.
GSKCH said at present it is focusing on the South India, including Kerala, Andhra Pradesh, Tamil Nadu and Karnataka. It plans to introduce the product in the National Capital and other northern states in the next six months to one year period.
At present, industry estimates pegs the Indian noodles market at around Rs1,000 crore with Nestle’s Maggi accounting for about 80% of the share.
Horlicks Foodles will be available in Rs10 and Rs15 in multi-grain and regular variants under various flavours like ‘Ala Masala’, ‘Curry in a Hurry’ and ‘Slice of Spice’.
Sen said the company will not launch as many products as it did last year and would rather focus on building the ones introduced last year.
Under the Horlicks brand, GSKCH had introduced around eight products in 2009.