India plans to expedite the utilization of artificial intelligence (AI) within the food processing sector, officials announced on Wednesday. This initiative aims to enhance efficiency, increase farmers’ incomes, and reduce environmental impact.
During a conference convened by the National Institute of Food Technology Entrepreneurship and Management (NIFTEM) to explore the integration of frontier technologies in the sector, senior bureaucrats and government advisors emphasized the necessity for a strategic roadmap to implement AI tools. They highlighted that despite being in a nascent stage, these tools hold immense potential within India’s expansive food processing industry.
“We, as an industry, must develop a roadmap. The MEITY secretary has expressed commitment to this cause. I am confident that his involvement will greatly bolster our efforts,” stated Anita Praveen, the Food Processing Secretary, in reference to the secretary of the Ministry of Electronics and Information Technology (MEITY).
S. Krishnan, the Secretary of MEITY, advocated for broader integration of AI, noting that while some progress had been made in agriculture, the food processing sector was still in its nascent stages regarding the adoption of such technologies.
Ramesh Chand, a member of NITI Aayog, highlighted that effective food processing practices are “climate-smart,” as they contribute to increased farmer incomes, consumer satisfaction, and environmental sustainability, especially in the face of growing challenges posed by climate change.
He proposed leveraging AI to create user-friendly, portable devices for assessing the quality of agricultural produce, which he deemed as potentially providing significant benefits to the nation. Chand urged consideration of small-scale devices for evaluating produce quality, emphasizing that without such tools, the focus remains primarily on quantity over quality.
The officials highlighted that AI tools have the potential to enhance the overall efficiency of the sector, aligning with India’s goal to achieve net zero emissions by 2070.
Lightbox Jewelry, the wholly-owned lab-grown diamond jewelry brand by De Beers Group, has announced a permanent price reduction, lowering its Standard range of lab-grown diamonds to as low as $500 per carat from the previous price of $800 per carat.
After months of testing lower prices and conducting research in the lab-grown diamond jewelry sector, Lightbox Jewelry is implementing a price reduction. The brand will now offer three distinct price points: $500 per carat for IJ color stones, $600 per carat for GH color stones, and $900 per carat for the highest quality stones of DEF color, down from $1,500 per carat. Each stone comes with a guaranteed minimum ‘very good’ cut and VS clarity, with DEF stones featuring an ‘excellent’ cut.
Sandrine Conseiller, CEO of De Beers Brands, expressed, “The wholesale prices of lab-grown diamonds in the jewelry sector are steadily decreasing, and we’re glad to extend these savings to our customers. These reduced prices will maintain the brand’s competitiveness in this rapidly changing sector, while ensuring the continued provision of high-quality lab-grown diamonds manufactured with 100% renewable energy. Lightbox has consistently upheld linear pricing, aligning with the linear production costs, and has remained transparent about the nature of lab-grown diamonds – and equally importantly, what they are not.”
“Consumers are becoming more aware that natural and lab-grown diamonds are fundamentally different items as a result of the rapid price gap between them at retail. Currently, a Lightbox lab-grown diamond of the greatest quality, weighing two carats, costs around 10% less than a comparable-sized, natural diamond of the same quality. This pricing trend confirms our long-held belief that fashion jewellery will present the biggest market for lab-grown stones because lower price points will allow for inventive and vibrant designs like the pink and blue Lightbox stones. Since labgrown diamonds do not have the same lasting value as natural diamonds, we think it is crucial that jewellery buyers recognise that labgrown diamonds are a separate product category.”
Armani Exchange (A|X), the renowned Italian fashion brand, has unveiled its latest store in Bengaluru, situated within the Phoenix Mall of Asia, as confirmed by a post from a mall representative on social media.
“Inaugurating its newest outlet at Phoenix Mall of Asia, Armani Exchange brings forth the epitome of fashion,” stated Shailja Ruia, Senior General Manager of Leasing at The Phoenix Mills Ltd., in a recent LinkedIn update.
Armani Exchange caters to a broad demographic, ranging from late teens to those in their mid-thirties, providing trendy streetwear clothing and accessories designed for both men and women.
Established in 1991, Armani Exchange represents Giorgio Armani’s mass-market sub-brand, appealing to the fashion-savvy demographic. Upon its inception, A|X absorbed elements from both the Armani Jeans and Armani Collezioni lines. With a presence in over 31 countries and online, its products are easily accessible to consumers worldwide.
In October 2016, Armani Exchange debuted its inaugural store in India at the Select Citywalk Mall located in New Delhi. The brand’s entry into the Indian market was facilitated through a collaboration with Reliance Brands Ltd. (RBL), a subsidiary of Reliance Industries Ltd., led by billionaire Mukesh Ambani.
Presently, Armani Exchange boasts a network of more than 26 stores across various cities in India, including Hyderabad, Kolkata, Bengaluru, New Delhi, Indore, Ahmedabad, Dehradun, Pune, Mumbai, Chennai, and Kochi.
Throughout its history, RBL has introduced numerous international brands to India, featuring names such as Bottega Veneta, Giorgio Armani, Balenciaga, Boss, and Zegna, among others.
Reliance has been in discussions with the Milan-based luxury company to introduce its acclaimed Armani/Caffè to India since 2020. The café chain is set to mark its Indian debut at Reliance’s Jio World Plaza in the coming months. The shopping center has allocated approximately 1,000 square feet for this upscale café.
On Wednesday, the food safety regulator of New Zealand announced that it’s probing potential contamination in spice products from prominent Indian brands MDH and Everest, following scrutiny in other nations.
After Hong Kong suspended sales of three MDH spice blends and one from Everest last month due to high levels of the cancer-causing pesticide ethylene oxide, the United States and Australia initiated investigations into contamination. Singapore also mandated a recall of the Everest spice mix.
New Zealand Food Safety, in a statement to Reuters, acknowledged being informed about the recalls conducted overseas.
Jenny Bishop, the acting deputy director general of the regulator, stated, “Ethylene oxide, a known carcinogen, has been phased out for food sterilization in New Zealand and various other countries. Since MDH and Everest spices are sold in New Zealand as well, we are actively investigating this matter.”
MDH and Everest did not provide comments in response to requests. However, they have previously stated that their products are safe for consumption.
Following global scrutiny, regulatory authorities in India have inspected MDH and Everest plants and sent samples for testing. However, the results have not been released to the public as of now.
MDH and Everest have been well-known household brands in India for decades. Additionally, their products are exported to various regions including the United States, Europe, Southeast Asia, the Middle East, and Australia.
An analysis of U.S. Food and Drug Administration data has revealed that since 2021, MDH has experienced an average rejection rate of 14.5% for its shipments to the United States due to the presence of salmonella bacteria.
The company noted that rural markets continued to show encouraging signs of demand recovery, outpacing urban areas in growth.
The filing mentioned that the company maintained its investment in brand building, with advertising spending increasing by 18% in the fourth quarter compared to the same period in the previous year.
Colgate-Palmolive (India) reported a robust growth in its Profit After Tax (PAT) for the fiscal year ended March 31st. The figure surged by 26.4% year-on-year, reaching INR 1,323.7 crore, compared to INR 1,047.1 crore in the preceding year.
It added that in FY24, there was an 8.8% increase in net sales, amounting to INR 5,644.2 crore, compared to INR 5,187.9 crore in FY23.
The company achieved a domestic growth rate of 9.5%, driven by double-digit growth in the toothpaste category.
It stated that its robust performance in FY24 stemmed from the successful execution of strategic objectives. These included accelerating growth in the core portfolio, enhancing premium offerings through science-based innovation, stimulating growth in the toothbrush category, and expanding into the personal care sector.
“Looking at it from a geographical perspective, our rural segment has outpaced urban growth, and we’re maintaining strong performance in modern trade and e-commerce platforms,” remarked Prabha Narasimhan, Managing Director & CEO of Colgate-Palmolive (India).
Regarding the outlook, Narasimhan expressed optimism, stating, “In the upcoming year, we anticipate market recovery, further enhancement of our already robust brand, and the introduction of innovative products, including the pioneering ‘Tooth Whitening Booster’ in our ‘Visible White’ range.”
The board of the company has announced a second interim dividend of INR 26 per share with a face value of INR 1 each.
Furthermore, the board has authorized a one-time special interim dividend of INR 10 per share to acknowledge the “outstanding performance” for the fiscal year 2023-24. As per the filing, the total dividend payout to shareholders will amount to INR 979.2 crore.
AbCoffee, a Mumbai-based tech-enabled coffee restaurant chain, has launched a new coffee counter, as announced by a senior company official in a social media post.
The latest coffee outlet is situated in the ground floor Lobby of Max Life Insurance, situated in Udyog Vihar, Sector 18, Gurugram.
“We are excited to unveil our 38th deck across the country, marking our 12th in the vibrant hub of Delhi NCR. Our latest AbCoffee deck is primed to concoct aromatic delights and offer scrumptious bakes to delight our guests. Let’s spread the message and keep brewing happiness together,” stated Anuj Rohila, Project Assistant Manager at AbCoffee, in a LinkedIn post.
This marks the brand’s 12th point of sale in Delhi-NCR and its 38th nationwide.
Radico Khaitan Ltd, a liquor manufacturer, has reported a 26.43% rise in consolidated net profit, reaching INR 53.91 crore for the quarter ending March 2024. According to regulatory filings, this marks a significant increase from the INR 42.64 crore consolidated net profit reported in the corresponding quarter a year ago.
The consolidated revenue from operations for the reviewed quarter amounted to INR 3,894.64 crore, surpassing the INR 3,375.36 crore recorded in the corresponding period of the previous year.
During the fourth quarter, the overall volume of Indian-made foreign liquor (IMFL) stood at 7.16 million cases, marking a slight decrease of 1.2 percent. Conversely, the volume of prestige and above brands reached 2.92 million cases, exhibiting a notable increase of 14.2 percent, according to the company’s report.
Total expenses rose to INR 3,820.3 crore from INR 3,325.37 crore in the same period last fiscal year.
As per the filing, the consolidated net profit for the fiscal year ending on March 31, 2024, surged to INR 262.17 crore from INR 220.35 crore in the preceding fiscal year.
In the fiscal year 2024, the consolidated revenue from operations totaled INR 15,483.88 crore, marking an increase from INR 12,743.91 crore in the fiscal year 2023.
The total volume of Indian Made Foreign Liquor (IMFL) for the year was 28.73 million cases, representing an increase of 1.7 percent. Moreover, the volume of prestige and above brands reached 11.26 million cases, demonstrating a growth of 20.3 percent, as reported by the company.
“For us, the fiscal year 2024 has been a year of consolidation. Despite a challenging socioeconomic climate, we achieved strong operational performance throughout the year,” according to Lalit Khaitan, chairman and managing director of Radico Khaitan.
Regarding the outlook, he commented, “With increasing affluence, low per-capita consumption levels, and a notable premiumization trend, we hold confidence in the mid-to-long-term prospects of the Indian alcobev sector.”
Hard seltzer, often dubbed as bubbly bliss or chaser alcohol, is captivating attention like never before. Latest to Indian taste buds and relegated as a niche category this effervescent drink is swiftly making way in the nation’s drinking scene. Driven by a burgeoning culture of mindful imbibing and the enthusiastic embrace of millennials, it is now gaining popularity. And leading the charge in this burgeoning trend is none other than Barneys Hard Seltzer.
In a landscape dominated by established liquor brands, Ruchi Gupta and her Co-Founder Gaurav Sharma embarked on a journey to introduce something new to the Indian alcohol industry. Amid the chaos of the COVID-19 pandemic in 2020, their Goa based venture, Barbrew Beverages, was born out of a desire to offer a refreshing alternative—Barneys Hard Seltzer in a market saturated with traditional options.
Ruchi Gupta & Gaurav Sharma, Co-Founders, Barneys
Talking to SnackFax, Ruchi Gupta shared insights into the inception and evolution of Barneys Hard Seltzer.
“When we started this particular category called hard seltzers, it was very new in the country. You have too many products in the beer, whiskey, vodka, and wine categories, but if you see just the ready-to-drink alcoholic beverages category, you actually do not have many options,” Ruchi explained. Recognizing the growing trend of health-conscious consumers seeking low-sugar, low-calorie alternatives, Ruchi and Gaurav saw an opportunity to fill a gap in the market.
Barneys Hard Seltzer quickly gained traction, resonating with a generation eager to experiment with new flavors and healthier options. Ruchi emphasized the significance of their product’s appeal, stating, “Barneys comes from a very popular sitcom, How I Met Your Mother. So that character resonates with the generation that we have today.”
Despite being a relatively new entrant, Barneys Hard Seltzer has made significant strides in the market. In its inaugural year, brand experienced unprecedented success, becoming India’s top-selling brand with an impressive top line of nearly five crore rupees. However, the subsequent year presented its share of obstacles, particularly with the fluctuating policies in Delhi, shedding light on the industry’s volatility.
“Despite these hurdles, our cumulative sales have soared to an impressive eight crore rupees, underscoring the resonance of our product with customers. Notably, in the states where we operate, we’ve observed a remarkable repeat rate of nearly 50%, indicating a strong affinity for our offering. Witnessing customers transition from purchasing a mere two cans to 40-50 cans speaks volumes about the trust and satisfaction they have in our product,” she informed.
When discussing the market landscape, it’s essential to compare hard seltzers within the categories and contextualize the positioning of brands like Breezer. While Breezer has carved a niche for itself over the years, its market share remains relatively modest within the broader alcohol industry. This is partly attributed to its targeted positioning and distribution challenges. Barneys, on the other hand, occupies a unique space within the market, competing not only with breezers but also with beers, aerated drinks, and high-sugar cocktails.
Ruchi believes, Barneys emergence signifies the birth of a new category—one that offers a healthier alternative to traditional alcoholic beverages. “Hard seltzer is a category in itself,” she said.
The market potential for hard seltzers is immense, with global projections estimating a staggering 40 billion USD market size by 2027. In India alone, the market is expected to reach 2 billion USD, driven by a youthful population and growing health consciousness. This presents a significant opportunity for Barneys to cater to the evolving preferences of consumers, particularly those seeking lower-calorie options in line with their fitness goals.
“USD 2 billion is not a small number. So, if I’m creating something, it is for the future,” she added.
According to her, the hard seltzer segment is still taking shape. And navigating the competitive landscape requires a nuanced understanding of consumer preferences and market dynamics. While established formats of consumption, such as scotch and single malts, pose a challenge, they also offer opportunities for innovation and differentiation.
“It’s not about competing against industry behemoths; it’s about creating something new and extraordinary. Consider the trajectory of Bira in the beer category. Despite established brands like Haywards 5000 and Kingfisher, Bira introduced a sweeter, distinct taste that resonated with consumers. So, I feel hard seltzer is in the same boat,” she said.
When it comes to market performance, Chandigarh has emerged as a standout market for them, closely followed by Telangana.
“Telangana stands out as one of the strongest markets for ready-to-drink (RTD) beverages in India, with approximately 1 lakh cases of breezers sold every month. In Telangana, we proudly hold the position of the second-highest selling product in the RTD category,” she said.
“While Goa, as a market for them, presents its unique set of challenges. While conducive for trial and testing, it lacks the permanence needed for sustained market presence due to the transient nature of tourist preferences,” she added.
Discussing the challenges of marketing an alcohol brand, Ruchi emphasized the importance of innovative strategies tailored to circumvent restrictions on traditional advertising. “There are both positives and negatives. Thank God that we cannot advertise alcohol because the budgets that big companies have, we cannot match those budgets firstly,” she explained. Instead, Barney’s focuses on experiential marketing and tastings to engage consumers effectively.
Ruchi highlighted the brand’s strategic approach to market penetration, leveraging consumer trials and tasting sessions to create buzz. “The best part to market your particular category, which the consumer doesn’t know, is by tasting sessions and trials. And this is what we’ve done in Chandigarh, and we were able to see the results,” Ruchi stated.
Another challenge in this segment is obtaining a license for alcohol-based products, added Ruchi. However, Barneys has devised effective strategies to navigate this obstacle and drive success.
“I prefer not to divulge the exact tactics; I can share that our approach involves bringing consumers to us rather than actively seeking them out. This unique method has allowed us to generate significant buzz and interest in our products. For instance, if you were to visit any of Chandigarh’s markets, you would witness firsthand the tactics we employ. It’s a strategy that I’m eager to replicate across the country. Alongside distribution, I firmly believe that the strength of our sales team plays a pivotal role in our success,” she revealed.
With 6% alcohol content, Barneys Hard Seltzer rivals the strength of traditional beers. While appealing to both male and female consumers, it’s also debunking a common misconception that flavored drinks are exclusively favored by women. With this, Barneys have a big roadmap down the line, including securing the investments, revealed Ruchi.
“In terms of our approach to growth, we prioritize value over sheer numbers. We understand that falling into the trap of chasing numbers can be counterproductive in the long run. Instead, our focus lies on maximizing the potential of the resources we have. With the right funding, we believe we can achieve significant growth, possibly tripling or quadrupling our current capacity,” she said.
Ruchi’s primary objectives revolve around securing better funding opportunities and further penetrating existing markets. “We’ve already obtained licenses for these markets. Additionally, we aim to diversify our portfolio by introducing one or two new beverages that cater to a broader age demographic. While our current target audience ranges from 21 to 35 years, these new products will extend our reach to consumers over 40 years, marking a significant breakthrough for us,” she said.
Looking ahead, for the next six months, Barneys has expansion plans to enter Haryana and explore two more markets, details of which will be revealed soon. Meanwhile, they are also venturing into the international market. “Our foray into Africa has shown promising results, with positive responses from consumers during product trials. With plans to send our first shipment to Africa soon, we remain committed to exploring new avenues for growth and expansion,” she concluded.
In a recent survey conducted by the community social media platform LocalCircles, it was revealed that approximately 56 percent of online shoppers felt that ratings on e-commerce sites and apps showed a bias towards positivity over the past year. The findings indicated that only nine percent of e-commerce or online users believed that platforms effectively facilitated the identification of sponsored or influencer reviews and ratings. Additionally, a mere 16 percent of consumers reported that their negative reviews were consistently published in the preceding year.
The survey holds importance as the government contemplates mandating e-commerce companies to adhere to quality standards for consumer reviews. This consideration arises following an unsuccessful voluntary effort to adequately address the issue of fake reviews.
According to LocalCircles, 56 percent of surveyed online shoppers have observed a positive bias in ratings on e-commerce websites and apps over the past 12 months.
LocalCircles stated that it conducted an extensive national survey to assess the efficacy of voluntary standards for online reviews and ratings, considering ongoing complaints.
“The survey gathered more than 54,000 responses from e-commerce site and app users across 344 districts nationwide,” it disclosed.
Although standards exist to prevent the removal of negative ratings and reviews, the survey unveiled a concerning trend: the percentage of e-commerce users who discovered that their negative ratings and reviews were not consistently published increased from 45 percent to 52 percent over the past 12 months.
Amid the controversy, the survey found that 46 percent of e-commerce users always consulted ratings and reviews when making purchases, while 44 percent referred to them occasionally.
“Despite the controversy, 46 percent of surveyed e-commerce users consistently relied on ratings and reviews when making purchases, while 44 percent referred to them occasionally,” it said.
Additionally, it was noted that only nine percent of surveyed e-commerce users indicated that all e-commerce sites/apps provided an interface for easily identifying sponsored, incentivized, or influencer reviews, while 46 percent stated that no e-commerce platforms had enabled such a feature.
The US parent company of Amazon Seller Services injected a fresh equity infusion of INR 1,660 crore ($199 million) into the company operating the Amazon marketplace in India, as per a regulatory filing.
As part of the fundraising, the Indian entity allocated 1.66 billion equity shares, each valued at INR 10, to Amazon Corporate Holdings Ltd and Amazon.com, Inc, as indicated in the filing by Amazon Seller Services on April 15.
This development builds on Amazon’s commitment to India, with investments of more than INR 1,000 crore into its local entities this year. In February, the marketplace entity received INR 830 crore, while in January, Amazon invested INR 350 crore in the entity operating its fintech unit, Amazon Pay.
A request for comment made to Amazon went unanswered.
Amazon’s primary competitors in India, namely Flipkart and Meesho, are also in the process of raising new funds for their Indian operations. In January, Flipkart received a cash injection of approximately INR 924 crore in two installments from its affiliated entities located in Singapore. Additionally, it was reported last December that the company is in discussions to secure up to $1 billion, with its parent company Walmart pledging to contribute $600 million.
Meesho recently concluded a funding round amounting to $275 million, which included a combination of primary and secondary share sales. This initial round serves as the first portion of a larger financing endeavor totaling $600 million, which the Bengaluru-based company is actively pursuing.
In a bid to compete with Meesho, Amazon India recently launched Amazon Bazaar, featuring low-priced, unbranded fashion and lifestyle products. This move enters Amazon into the low-priced ecommerce segment, where it competes with Flipkart’s Shopsy and Reliance Industries’ forthcoming platform named Ajio Street.
Amazon has been prioritizing its cloud services division, Amazon Web Services, over its core ecommerce business. In June of the previous year, CEO Andy Jassy announced the company’s plans to inject an additional $15 billion into the Indian market, thereby increasing its total investments in the country to over $26 billion by 2030.
According to the latest available data, Amazon Seller Services saw a 3.4% rise in revenue to INR 22,198 crore for the financial year that ended on March 31, 2023. However, the net loss widened by approximately a third to INR 4,854 crore.
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