India’s toy exports dip to $152.34 Million in 2023-24: GTRI Report

May 8, 2024

India’s toy exports dipped marginally to USD 152.34 million in 2023-24 from USD 153.89 million in the previous financial year, as reported by the economic think tank GTRI. Despite the implementation of mandatory quality control orders, India’s toy exports failed to experience substantial growth, according to the Global Trade Research Initiative (GTRI).

While the domestic measures primarily targeted bolstering the local industry and ensuring safety, they did not notably bolster India’s toy exports, according to the report.

The report indicated a modest increase in exports from USD 129.6 million to USD 177 million from FY’2020 to FY’2022. However, by FY’2024, exports declined to USD 152.3 million.

However, imports surged to USD 64.92 million in 2023-24 from USD 62.37 million in 2022-23.

Continue Exploring: Ace Turtle inaugurates third Toys“R”Us store in India, plans 12 new stores in 2024

Ajay Srivastava, the founder of GTRI, remarked that while the Quality Control Orders (QCO) effectively curbed substandard imports from China, they did not translate into increased exports from India.

“India has undertaken significant measures since 2020 to restrict the influx of substandard toy imports, especially from China, and to bolster the domestic toy industry,” he said. “However, India needs to adopt a broader approach for the development of the sector.”

The report suggests a holistic strategy aimed at fostering the growth of India’s toy industry and increasing exports.

He recommended initiatives such as cultivating a strong domestic ecosystem, enticing global toy brands to establish manufacturing operations in India, drawing lessons from China, and localizing the production of essential inputs.

Srivastava emphasized the importance of investing in research and development to stimulate innovation in toy design and functionality, thus positioning Indian toys competitively worldwide. He also highlighted the need to enhance collaborations between toy manufacturers and design institutes to consistently introduce innovative products.

The report suggested the establishment of specialized toy manufacturing hubs to cut costs and improve efficiency, alongside modernizing traditional Indian toys while preserving their cultural significance to craft distinctive products.

It proposed supporting small and medium enterprises in utilizing digital marketing and advocating for Indian toys at international fairs to establish global connections.

Additionally, it suggested that India extend invitations to international toy manufacturers, including companies like Hasbro, Mattel, Lego, Spin Master, and MGA Entertainment, currently operating in China, to explore the possibility of establishing production facilities in India.

This initiative could potentially redirect a portion of the global toy production market to India.

Moreover, it suggested decreasing reliance on imports by enhancing local production capacities for essential toy-making materials and components, including glass eyes for dolls, beads, imitation stones, various plastics, electric motors, and remote control devices.

According to GTRI, this measure will lower costs and bolster the self-reliance of the Indian toy sector.

Continue Exploring: Walmart targets $10 Billion annual exports from India, with toys taking center stage

Srivastava pointed out that imports of inputs used in toy manufacturing surpass imports of finished toys. “For instance, in FY’2024, we imported glass eyes for dolls or other toys, beads, and imitation stones worth USD 137.2 million.”

He emphasized the necessity for India to devise distinct strategies for various categories of toys, such as plush toys like stuffed animals (with a global trade value of about USD 7 billion); educational toys (with a global trade value of about USD 6 billion); construction toys like LEGO (USD 10 billion); action figures and dolls (USD 10 billion); electronics (USD 15 billion); board games and puzzles (USD 9 billion); and outdoor and sports toys (USD 5 billion).

In 2022, the global market imported toys valued at about USD 60.3 billion.

Leading this market, China exported toys valued at USD 48.3 billion, capturing an 80 percent share of global exports.

Other notable contributors to the global toy export market comprise the Czech Republic with exports totaling USD 3.2 billion, the European Union with USD 2.7 billion, Vietnam with USD 1.7 billion, and Hong Kong with USD 1.1 billion.

On the flip side, India’s contribution to the worldwide toy export sector is meager, amounting to just USD 167 million. This figure accounts for merely 0.3 percent of global exports, positioning it at the 27th spot, as per the report.

Continue Exploring: Toys ‘R’ Us bets big on Indian market, eyes top five position within 4-5 years

In terms of imports, India falls even further behind, securing the 61st position, with toy imports totaling USD 60 million.

The United States emerges as the top importer of toys, single-handedly acquiring toys valued at USD 22.2 billion. It is trailed by the European Union at USD 9 billion, Japan at USD 2.8 billion, and Canada at USD 1.6 billion.

India hiked import duties on toys starting from February 2020. The basic customs duty saw a surge from 20 percent to 60 percent, further escalating to 70 percent by July 2021.

Enforced since January 2021, the QCO (Quality Control Order) stipulates that all toys distributed in India, regardless of their origin—domestically manufactured or imported—must adhere to designated Indian safety standards.

American Brew Crafts acquires third brewery in Odisha to drive expansion in Eastern India

SnackTeam

May 8, 2024

American Brew Crafts Pvt Ltd (ABCL), a prominent brewing enterprise known for its craft beers, has announced its recent acquisition of Denzong Brewery situated in Odisha.

ABCL plans to invest over INR 80 Crore in acquiring and refurbishing the brewery. With a capacity to produce 2 Lakh cases of beer per month, this acquisition will increase American Brew Crafts Pvt Ltd’s owned capacity installation to 8 Lakh Cases per month. This includes their renowned Flying Monkey, Blockbuster, and Karjura range of beers.

This strategic step signifies a major milestone for ABCL, fostering the company’s expansion in East & Northeast India and reinforcing its dedication to providing top-tier craft beers to beer enthusiasts across the country.

Continue Exploring: AB InBev plans INR 400 Crore investment for brewery expansion in Karnataka

The acquisition seamlessly fits into ABCL’s growth and innovation vision, propelling the company ahead in the ever-evolving craft beer industry. ABCL maintains quality and consistency through small-batch production, where each batch undergoes thorough research and is meticulously crafted using premium malts and hops for exceptional flavor. With this addition, ABCL now operates three cutting-edge breweries, leveraging the latest German Technology, situated in Andhra Pradesh, Telangana, and Odisha. This setup ensures the delivery of top-notch brews and sustains a consistent supply across all operational regions.

Nagendra Tayi, Director and Chief Executive Officer of American Brew Crafts Pvt Ltd, expressed, “We are excited to fortify our presence by welcoming Denzong Brewery into the American Brew Crafts family. This acquisition will bolster our production capacity, meeting the rising consumer demand in the region. It’s a pivotal step in expanding our footprint in the East and Northeastern parts of the country. Our commitment lies in fostering the beer culture in India and offering diverse options to beer enthusiasts. With our seasoned team of brew masters ensuring consistency in taste and flavor across batches, we aim to delight beer connoisseurs and ensure they have a memorable experience. Additionally, our innovative and visually appealing packaging has received commendations from both customers and consumers.”

Continue Exploring: Medusa Beverages’ sales skyrocket by 106% in FY24, fueled by strong demand and market expansion

The Beer Cafe unveils fifth location in Noida at Binge Central

SnackTeam

May 8, 2024

The Beer Cafe has launched its fifth location in Noida at Binge Central, coinciding with the chain’s 12th anniversary celebrations.

Rahul Singh, the Founder and CEO of The Beer Cafe, expressed, “We are pleased to open our fifth location in the fast-evolving city of Noida. Our ongoing goal has been to transform the beer-drinking landscape in India and position ourselves as the ultimate destination for exceptional brews. This beer haven offers a distinctive and enjoyable experience for both professionals and leisure enthusiasts alike. As we mark our 12th anniversary, we eagerly look forward to achieving many more milestones in the years to come.”

Continue Exploring: The Beer Café continues Mumbai expansion with two new chic outlets

The Beer Cafe at Binge Central in Noida exudes a vibrant and inviting atmosphere, characterized by its green, grey, black, and white color palette. The incorporation of mosaic tiles and neon green highlights adds a touch of elegance and modern flair, harmonizing seamlessly with wooden and metallic features. Cement-textured walls further enhance the contemporary and down-to-earth vibe, rendering it a unique and welcoming destination.

Stepping into The Beer Cafe at Binge Central, guests immerse themselves in a world of diverse flavors, with over 50 beer varieties to choose from. The fusion menu offers a tantalizing blend of global and local cuisine, perfectly complementing the array of brews. Whether indulging in local favorites or exploring international selections, patrons are sure to find a beer to suit their palate.

Continue Exploring: Bira 91 wins big: Secures seven awards at European Beer Challenge 2024

Tipplers embrace local labels as policy maze leaves big brands in limbo

SnackTeam

May 8, 2024

Changes in state liquor policies are leading to an unprecedented shortage of popular brands such as Royal Stag, Budweiser, and Old Monk. This shortage is exacerbated by the code of conduct for the general election, causing disruptions in the supply chain and delays in label registrations and license renewals.

In Delhi, liquor stores are promoting lesser-known whisky brands such as ‘Party Special’, ‘Russian Nights’, and ‘O Darling’, which collectively sold 55,000 cases, 30,000 cases, and 20,000 cases respectively in April. Similarly, in Andhra Pradesh, whisky brands like Royal Palace recorded sales of 2 million cases, while Daaru House and Old Timer Blue each sold 1.2 million cases in the last fiscal year. Meanwhile, in Telangana, mainstream brands are restricting supplies due to payment delays, prompting a rise in local brands.

“Although the model code of conduct is intended solely for new policy announcements, the reality is that in certain states, it’s being cited as grounds to impede or prolong routine approval processes. License approvals are experiencing excessive delays in states like Delhi, routine production shift approvals are being withheld in Telangana, and payment cycles from corporations are being delayed, among other issues,” stated Vinod Giri, Director General of the industry body Confederation of Indian Alcoholic Beverage Companies.

Continue Exploring: Tasmac unveils new budget-friendly brandy ‘Veeran’, plans to introduce 12 more affordable liquor brands

“We acknowledge that some delays may stem from staff shortages due to election duties, but this explanation doesn’t suffice for areas where elections have concluded or are weeks away. It appears that bureaucratic apathy, compounded by election-related disruptions, is significantly impacting the industry’s supply chains,” commented Giri.

In November 2021, the Delhi government opted to withdraw from the liquor vending business, transferring it to private companies. However, a year later, it reverted to the previous policy. Pernod Ricard, the world’s second-largest spirits firm and the largest distiller in Delhi, faced restrictions on selling in the state as its license was not renewed by authorities. This led to a vacuum in the whisky segment, particularly affecting mass-premium brands.

“For customers, the current focus is on accessibility rather than choice. Additionally, these lesser-known smaller brands provide retailers with margins more than double ours, making it profitable for them to promote them. Although there’s a noticeable disparity between our supply and demand in these states, we rely entirely on excise officials to address such malpractices at the retail or wholesale level,” stated a senior official from a major liquor producer. “In certain states, we are avoiding from stocking up deliberately because any shift in the state government could potentially result in payment disputes or delays.”

This scenario is not novel for the alcobev sector. States such as Tamil Nadu and Kerala, which regulate liquor retailing, have long promoted local lesser-known brands, compelling top brands to either reduce supply or redirect attention to other regions. What sets this situation apart is that these states, where the government controls liquor sales, represent more than a fifth of India’s total alcobev industry.

The period from March to July marks the peak season for breweries, constituting 40-45% of annual beer sales. Telangana stands out as the largest beer consumer, whereas Delhi plays a pivotal role in brand building, particularly in bars and pubs.

Continue Exploring: Haryana takes bold step as first state to prohibit plastic bottles for locally produced liquor

Heritage Kulfi brings classic South Asian flavors to premium ice cream

SnackTeam

May 8, 2024

In South Asia, kulfi holds a special place as a delectable frozen treat, lovingly crafted by local street vendors in small batches. It’s the perfect way to beat the heat and bond with loved ones on a sunny day. Crafted slowly with fresh milk and classic flavors like saffron, rosewater, and pistachio, kulfi boasts a rich, creamy texture that evokes a sense of home for South Asians everywhere.

Mansoor Ahmed, a first-generation American, is embarking on a mission to introduce his unique take on this traditional delight to American consumers. With the introduction of Heritage Kulfi, his range of premium kulfi ice cream featuring authentic South Asian flavors, he’s aiming to captivate American audiences.

Having grown up in New York, Ahmed enjoyed the best of both worlds: the flavorful heritage of South Asian cuisine, passed down by his Pakistani immigrant parents, and beloved American treats like ice cream. This fusion sparked his passion for blending these culinary worlds and paying homage to his family’s cultural ingredients in an innovative manner. Rather than resorting to flavor extracts, he opted for traditional recipes and cooking techniques, meticulously infusing whole Assam black tea leaves and sourcing top-tier, premium saffron threads carefully handpicked from crocus flowers.

Continue Exploring: Rising cocoa prices squeeze profits of chocolate and ice cream giants: Amul, Baskin Robbins, and Havmor navigate pricing challenges

The outcome? Heritage Kulfi delivers an opulent and contemplative twist on traditional ice cream, featuring flavors, textures, and fragrances that transport you directly to South Asia: Saffron, Rosewater, Pistachio, Cardamom Chai, Alphonso Mango, Coconut, Vanilla Bean, Malai Sweet Cream, and Almond Blossom. Each distinct ingredient takes the spotlight, showcasing its unique character. While initially appearing straightforward, every spoonful unveils the intricate flavors resulting from Ahmed’s meticulous sourcing and treatment of each exceptional element. For instance, the Rosewater flavor harkens back to the cherished childhood favorite falooda, now elevated with a fragrant, sophisticated, and delicate rose essence, coupled with its stunning pink hue. And only the finest Alphonso mangoes, hailed as the “King of Mangos,” meet the criteria for Heritage Kulfi, imparting each scoop with the essence of the euphoric peak summer season when these prized “liquid gold” mangoes grace the markets for a fleeting moment.

Every facet of the manufacturing process receives meticulous attention to detail. The comapny’s packaging holds certification for sustainably sourced materials by the Sustainable Forestry Initiative. Collaborating with local farms, the company ensures optimal flavor, freshness of milk and cream, and minimizes shipping impact. All Heritage Kulfi ice creams are crafted without eggs, meeting halal, kosher, gluten-free, non-GMO standards, and sweetened solely with organic cane sugar.

“Kulfi holds a special place in the cherished memories of many South Asians, evoking a sense of home that’s not always readily available here in the U.S.,” explains Mansoor Ahmed, the founder and CEO of Heritage Kulfi. “My aim was to reconnect with my heritage while also catering to flavor enthusiasts keen on delving into international culinary experiences. I’m incredibly proud of what we’ve accomplished and genuinely enjoy witnessing the delight on people’s faces when they savor Heritage Kulfi for the first time.”

Continue Exploring: Unilever’s Wall’s expands handheld ice cream range with trio of new products

Mondelez launches first-ever gluten-free Chips Ahoy! cookie

SnackTeam

May 7, 2024

Confectionery giant Mondelez International has launched the first-ever certified gluten-free chocolate chip cookie under its Chips Ahoy! brand.

Set to debut on store shelves this May, the introduction of the Chips Ahoy! Gluten-Free cookie signifies a significant expansion within the brand’s product offerings.

Continue Exploring: Mondelēz International surpasses Q1 sales and profit projections

Drawing upon years of development, Mondelēz has crafted a cookie that not only adheres to the rigorous criteria of gluten-free certification but also ensures the iconic taste and texture that has cemented Chips Ahoy! as a beloved household favorite throughout America.

Jainette Quinones, the brand manager for Chips Ahoy! Innovation, expressed, “Our goal in developing our first Chips Ahoy! Gluten-free cookie wasn’t just to make a good gluten-free option, but to craft a remarkable cookie that happens to be gluten-free. I’m thrilled to announce that our innovation team has achieved that goal – the new Chips Ahoy! Gluten-Free cookie is undeniably delicious and accessible to all.”

The introduction of the new variant closely follows Mondelēz’s recent success with its revamped Chips Ahoy! Original recipe, known as “MMMproved.”

Continue Exploring: Snacking continues to rise: Mondelēz International’s latest report reveals global surge in consumer snacking behaviors

Cosmetics brand Typsy Beauty debuts flagship store at IGI Airport, New Delhi

SnackTeam

May 7, 2024

Typsy Beauty, a pioneering Indian cosmetics brand, has unveiled its flagship store at IGI Airport in New Delhi. This milestone marks a pivotal moment for the brand as it strives to redefine the standards of the beauty industry.

Tipsy Beauty presents a diverse array of makeup products crafted to encourage customers to celebrate their distinctive beauty. With meticulously formulated formulas and delightful packaging, every facet of the brand embodies its commitment to delivering an extraordinary journey in beauty.

Continue Exploring: Katrina Kaif’s Kay Beauty makes its debut in the UAE market

Located at Terminal 3 of IGI Airport, the latest flagship store serves as a gateway to a realm where customers can indulge in beauty and glamour. Tipsy Beauty offers an exclusive range of makeup products, from everyday essentials to statement-making items. Stepping into the Tipsy Beauty flagship store, visitors are greeted by a space that radiates warmth, creativity, and inspiration. The welcoming ambiance of the store invites guests to explore new products and experiment with different looks.

With its recent debut at IGI Airport, Tipsy Beauty has not only extended its reach but also redefined the landscape of beauty retail in India. Positioned to be a prime destination for beauty aficionados, the brand presents a comprehensive makeup collection for eyes, face, and lips. In honor of the grand inauguration, the brand is extending a special 10 percent discount on its products.

Continue Exploring: Kylie Jenner’s Kylie Cosmetics launches in India in collaboration with House of Beauty

Hyphen expands anti-acne product portfolio, offering more solutions for Indian shoppers

SnackTeam

May 7, 2024

D2C skincare brand Hyphen, born from a collaboration between PEP Technologies and Celebrity Entrepreneur Kriti Sanon, is making waves in the Indian retail market with its latest venture. With the launch of its new line, the Ultimate Acne Care Range, the brand is expanding into a category of targeted skincare solutions.

Recognizing the prevalent demand for acne remedies among consumers, Hyphen has unveiled a holistic array of products meticulously crafted to tackle acne with efficacy. Encompassing a Clarifying Acne Cleanser, Acne Defence Serum, and Acne Fix Spot Corrector, this lineup showcases a fusion of powerful acne-fighting agents and natural elements.

Continue Exploring: Bollywood actor Kriti Sanon joins forces with mCaffeine to launch D2C skincare brand ‘Hyphen’

Infusing a rejuvenating blue tint into its packaging, the fresh lineup not only evokes tranquility but also elevates its aesthetic allure. Every product is meticulously crafted with a blend of potent ingredients like Salicylic Acid, Azelaic Acid, Tea Tree Oil, and Niacinamide, catering to diverse skincare requirements.

Kriti Sanon, Co-Founder, and Chief Customer Officer at Hyphen, expressed, “For years, many have battled persistent acne. There’s a universal need for anti-acne products that preserve skin moisture and prevent irritation, ensuring clear, balanced skin. Interestingly, since the inception of Hyphen, we’ve received numerous requests from customers for an acne-specific line. A substantial volume of feedback highlighted a strong demand for effective acne solutions.

Leveraging this insight and extensive consumer research, we introduced Hyphen’s Anti-Acne range. Our dedicated team has meticulously crafted a comprehensive range that combats acne while promoting skin balance and health. I’m thrilled to unveil this new product line, which has significantly improved my skincare regimen, to everyone!”

Vaishali Gupta, Co-Founder, and Chief Growth Officer at Hyphen stated, “Our objective with this latest anti-acne skincare range is straightforward: we aim to empower both men and women in their battle against acne with top-notch, efficient solutions. We’ve formulated products with innovative blends not only to tackle existing breakouts but also to thwart future ones, ensuring our consumers maintain confidence in their skin!”

Continue Exploring: Kriti Sanon unveils Hyphen’s innovative VIP Lip Balms at star-studded Nykaaland event

Aside from its gender-inclusive strategy, Hyphen has initiated the #MenNeedSkinCare campaign to promote skincare awareness among men. Through meticulous consideration of diverse skin types during product development, Hyphen guarantees that its Anti-Acne range is universally suitable.

Renowned for providing accessible and efficient skincare remedies, Hyphen remains at the forefront of transforming the skincare landscape. Its latest Anti-Acne range, now available for purchase on its website and leading e-commerce platforms such as Nykaa, Amazon, and Flipkart, is poised to leave a notable imprint on the Indian retail sector.

IHCL continues expansion in Indore with fifth hotel signing

SnackTeam

May 7, 2024

Indian Hotels Company (IHCL) has announced the signing of a fresh hotel venture in Indore, Madhya Pradesh. This brownfield project will bear the Vivanta brand.

Suma Venkatesh, Executive Vice President – Real Estate & Development at IHCL, commented, “This agreement aligns with IHCL’s goal of broadening its presence in key commercial centers. Indore, the financial hub of Madhya Pradesh, is strategically situated near major industrial zones and significant pilgrimage destinations. With this establishment, IHCL will venture into fresh micro markets within the city. We are pleased to collaborate with Amaltas Palace Private Limited on this hotel venture.”

Strategically positioned on 2.3 acres, the Vivanta Indore boasts 180 keys and is conveniently situated just a short drive from both the Devi Ahilyabai Holkar International Airport and the central business district. The hotel will encompass an all-day diner, a rooftop restaurant, and a bar. Guests can enjoy recreational amenities such as a swimming pool and a fitness center. Additionally, the hotel will provide over 10,000 square feet of banquet space suitable for sophisticated social gatherings and corporate functions alike.

Continue Exploring: IHCL aims for double-digit growth, eyes international expansion in FY25

Suresh Singh Bhadauria, Director of Amaltas Palace Private Limited, expressed, “We are delighted to partner with IHCL, the forefront leaders in India’s hospitality sector. This establishment will offer guests the unique experiences synonymous with the Vivanta brand in Indore.”

Situated along the banks of the Kanh and Saraswati rivers, Indore is a bustling city in Madhya Pradesh. Renowned for its cleanliness, it holds the title of India’s cleanest city. Additionally, it serves as a significant transit hub for pilgrimages to the Mahakaleshwar temple in Ujjain.

With this new hotel, IHCL’s presence in Madhya Pradesh will extend to 12 establishments, with an additional 4 currently under development.

Continue Exploring: Hotel giants bet big on India: Radisson, Marriott, Hilton, IHG, and Wyndham compete in intense race for expansion

Plant-based specialty products firm Sanstar receives Sebi approval for IPO launch, plans to raise up to INR 500 Cr

SnackTeam

May 7, 2024

Sanstar Ltd, a company specializing in plant-based products, has been granted approval by Sebi to launch its initial public offering, as revealed in an update from the markets regulator on Tuesday. The IPO plan includes a fresh issue of 4 crore shares and an Offer For Sale (OFS) of up to 80 lakh shares by its promoters and promoter group selling shareholders, as disclosed in the draft red herring prospectus (DRHP).

According to market sources, the IPO size is expected to range between INR 425 crore to INR 500 crore.

Additionally, the company may explore a pre-IPO placement of up to 40 lakh equity shares. Should this placement be finalized, it will result in a reduction of the fresh issue size.

The Ahmedabad-headquartered company, which submitted its draft IPO documents to Sebi in January this year, obtained its observations on April 30, as per the latest update.

Continue Exploring: GoodDot teams up with ICCA Dubai to elevate plant-based culinary skills globally

In Sebi’s terms, obtaining observations signifies approval to proceed with the public issue.

Based on the draft documents, funds raised from the fresh issue will be allocated towards fulfilling the capital expenditure needs for expanding the company’s Dhule facility, repaying debts, and covering general corporate expenses.

Sanstar stands as a key manufacturer of plant-based specialty products and ingredient solutions within India. Its range of specialty products and ingredients enhances the taste, texture, nutritional value, and functionality of various foods, serving as ingredients, thickening agents, stabilizers, sweeteners, and more.

Continue Exploring: GFI India study unveils popular choices in plant-based foods: Chicken seekh kabab and soy milk lead the pack in consumer trials

With two manufacturing facilities located in Dhule, Maharashtra, and Kutch, Gujarat, Sanstar boasts an installed capacity of 1,100 tonnes per day.

The company will be selling its equity shares on the NSE as well as on the BSE.

Pantomath Capital Advisors is exclusively serving as the book-running lead manager for the IPO.

Continue Exploring: Nestlé India collaborates with SOCIAL and BOSS Burger to debut MAGGI’s plant-based menu across major cities

1...499500501...1,400 Page 500 of 1,400

NewsHub