Hindustan Unilever India (HUL) is under pressure to continue to focus on its premium strategy to continue expansion in the country, featuring products such as Horlicks Plus as prime example.
HUL recently announced its currency effects for the third quarter of fiscal year 2023 ending December 31, 2023, reporting a near-flat expansion of 0. 1% to INR 154. 6 billion (USD 1. 86 billion) and a -2% reduction in profit after tax to INR 34. 6 billion. ($416. 4 million).
The company attributed the decline in profits to its attempts to reduce prices of the final tea product, as well as ongoing climate and economic challenges.
“We’ve cut costs over the past few quarters in commodity-related categories [to] pass on the benefits of cost reduction to our consumers,” HUL Chief Financial Officer Ritesh Tiwari told an investor convention where the monetary results were delivered.
In India, plant-based dairy brands continue to avoid traditional dairy terms on their product labels until regulators further explain what is allowed.
In 2020 and 2021, the Food Safety and Standards Authority of India (FSSAI) announced a ban on the use of traditional dairy terms such as “milk” and “cheese” for plant-based products. It also ordered plant-based brands to replace the labels on all of these products and e-commerce platforms to remove them from the list as well.
“Prohibition is still necessarily a movement that is being heard in the courts right now,” Rohit Jain, co-founder and CEO of Drums Food International, one of the five corporations that helped suspend the initial ban, told FoodNavigator-Asia.
Indian startup Salud Beverages is expanding its diversity of ready-to-drink alcoholic beverages, while also branching out into a fashion line, music playlists, and an NFT collection, in a bid to attract consumers new to the market.
With over 65% of India’s population under the age of 35, this demographic has expanding purchasing power when it comes to non-public attention and entertainment. The younger generation, characterized by a preference for convenience, prefers streamlined experiences.
Whether buying drinks at a local liquor store or during the COVID-19 pandemic, when domestic consumption surged, the call to laugh seamlessly persisted. It is this hole in the market that Salud Bebidas needs to exploit.
India’s Hemp Horizons believes that a cutting-edge technique that combines the nutrition of hemp seeds with the wellness benefits of Ayurveda may be the key to attracting a wider customer base for the sector.
Food regulators in Asian markets, in addition to India and Thailand, have eased restrictions on hemp seeds and similar products in recent years, and customer interest has also expanded amid strong interest in fitness and wellness.
Hemp seeds have many nutritional benefits, ranging from their high protein and omega fatty acid content to their antioxidant action.
Mumbai-based ProV Foods is doubling down on healthy on-the-go snacks and flavor innovations, amid growing demand for functional snacks in the country.
According to Shalin Khanna, co-founder and CMO of ProV Foods, there are several untapped categories in India’s nascent healthy snacking sector.