Reliance Consumer Products, a fast-moving consumer goods (FMCG) company backed by Reliance Retail Ventures, is reportedly exploring the possibility of entering the burgeoning ice cream market with its brand “Independence,” which was launched in Gujarat last year.
According to sources familiar with the matter, Reliance Consumer Products, a FMCG company backed by Reliance Retail Ventures, is reportedly in talks with a Gujarat-based ice cream manufacturer to outsource production of a new ice cream brand named “Independence,” which was launched in Gujarat last year. If the talks materialize, Reliance’s entry into the organized ice-cream market is expected to intensify competition, as per industry experts.
An email query sent to RIL did not receive a response.
According to sources, Reliance Consumer Products is in the final stages of negotiations with a Gujarat-based ice cream manufacturer to launch its new “Independence” brand this summer. The company aims to offer locally developed FMCG products and will sell its ice cream through its dedicated grocery retail outlets.
The Independence brand offers a range of products, including edible oils, pulses, grains, and packaged foods.
An expert said, “It is expected that the entry of Reliance will bring significant changes to the ice-cream market and competition will intensify. It will be interesting to see the range of products and the markets it targets.
The organized players in the Indian ice-cream market account for approximately 50% of the market, which has a size of over INR 20,000 crore. Experts predict that the Indian ice-cream market will experience double-digit growth in the next five years, as disposable income rises and electrification improves.
With rural demand for ice cream increasing significantly, industry experts believe other major companies may also enter the market. Manufacturers such as Havmor Ice Creams, Vadilal Industries Ltd, and Amul are expanding their production capacities to meet the growing demand for ice cream in India.