Tata Consumer Products (TCP), a leading player in the Fast-Moving Consumer Goods (FMCG) industry, has set its sights on achieving a 5 percent sales contribution from its latest product offerings by the fiscal year 2025.
Since 2020, Tata Consumer Products (TCP) has introduced an impressive lineup of 70 new products. These innovative additions have made a significant impact on the company’s sales, with their contribution rising from 0.8 percent in FY20 to an impressive 3.4 percent in FY23.
Tata Consumer Products (TCP) has introduced a range of innovative products that have captured consumers’ attention. Among these noteworthy offerings are Tata Salt Immuno, Tata Simply Better (a plant-based burger patty), Tata Gluco+, Tata GoFit (a plant-based protein powder), Himalayan Preserves, Himalayan Honey, and Tata Soulfull Masala Oats with millets. These products showcase TCP’s commitment to delivering unique and wholesome options to meet the evolving needs and preferences of its customers.
Vikas Gupta, Head of Global Research and Development at Tata Consumer Products, said, “We streamlined our capabilities and infrastructure last year. In the Bangalore centre, we have some of our central functions, including research, Analytics, a sensory lab, and a packaging development centre. In Kharghar, there is a food innovation centre with development teams that handle the entire mandate for the food business. It caters to both Tata Sampann and ready-to-eat businesses. In Sri City, we have a centre for both food and beverage portfolios. We have 20,000 square feet of research and development facility to drive innovation.”
Tata Consumer Products is also strategizing to enhance its range of health-conscious products across various categories. This includes a focus on reducing sugar content in beverages and fortifying salt to provide healthier alternatives.
“Health and wellness are relevant for the food and beverage industry, and organisations focused on innovation cannot stay away from it. In salt, we were the first to come up with a patented formula on double-fortified salt, and in some of our tea products, we are looking at functional benefits in it,” he said.
The company is exploring the utilization of AI to shorten innovation cycles and swiftly adapt to evolving consumer trends in the FMCG industry.
“We are looking at how we leverage AI and the whole digital space. How do we digitize our innovation process and tracking governance mechanism in such a manner that we can churn out more projects in a shorter period of time? We are working with two global agencies on a pilot scale to spot early emerging trends,” added Vikas.
