In anticipation of millets being dubbed as the superfood of the future, FMCG players are planning to fill retail shelves with a range of millet-based products. Prashant Parameswaran, the MD of Tata Soulfull, the manufacturer of ragi bites and millet muesli, has already announced a two-year product portfolio in this regard.
As consumers have become increasingly health-conscious in the wake of Covid, taking the time to scrutinize product labels before buying, FMCG firms have seized the chance to introduce a healthier range of goods to the market, hoping to gain a bigger slice of the pie.
ITC has devised a comprehensive plan to expand its selection of millet-based products.
“Plans are under way to launch more millet-based products such as noodles, pasta and ragi vermicelli,” said Chief Digital Marketing Officer Shuvadip Banerjee.
Last year, Britannia introduced its range of millet-based biscuits and cookies under the NutriChoice brand. The company has now expanded its millet-based product portfolio by launching millet breads, currently being piloted in Delhi-NCR.
Rajneet Kohli, CEO and Executive Director, said, “There’s a trend towards health and nutrition. It is a good opportunity to expand consumer base with the launch ofmillet fortified products. Typically, people who have tried our other health offerings are the ones, who are keen on experimenting with millets as well.”
According to Kohli, the Indian millet market is predicted to experience a compound annual growth rate (CAGR) of 16.7% between 2021 and 2026.
“There is the potential to achieve some amount of scalability in the category unless products are priced prohibitively,” said Yudhishter Shringi, Chief Business Officer (bread, cake & rusk) at Britannia.
Nestle India has similarly ambitious intentions to introduce additional millet-based products.
“There are three brands that will be involved in it—Ceregrow, Nestle Aplus and, of course, Maggi,” CMD Suresh Narayanan had said earlier this year.