Elite Foods has charted out a vision to emerge as the “Food Factory of India” in the next five years.
“The idea, to start with, is to offer citizens a slice of our cake and later all other products in every part of the country,” said Danesa Raghulal, Executive Director, Elite Foods and Innovation.
To achieve this objective, the food company has planned market expansion, industrial development as well as sustainable distribution of products.
“We want to become a national brand rather than confining ourselves in the southern region. Right now, we are present up to Maharashtra from Kerala and are further expanding to the North in the five year period,” she told businessline in an interaction.
Started in 1987 with bread manufacturing from Aroor in Kerala, the company now has over 150 SKU products, garnering a comfortable market share in each segment.
The food business of the group is divided into three major categories—baking, milling and organic. The company is now looking at a growth rate of 20 per cent by reaching out to more customer entry points, creating awareness on quality and range of products, and innovations in the industry, she said.
Post Covid, there has been a tremendous growth in the food business but the competition from MNCs has become intense, especially with the acquisition of regional brands.
“Competitive pricing and quality is our USP to counter MNC’s threat,” Danesa said, adding that the rise in the middle class population from 17 to 26 per cent augurs well for the industry to grow.
Elite Foods has a presence in West Asia, USA, UK, Europe, Canada, Singapore, South Africa, Australia, Taiwan, Israel and Malaysia. The export revenue constitutes around 20 per cent of the turnover.
However, the rise in prices of commodities such as wheat, eggs, and milk products has adversely affected the food manufacturing industry. Our margins have been squeezed; however, we managed to keep afloat”, she said adding, that the wheat exports ban in the country has hit atta sales in the overseas markets.
Asked on new launches, she said the company has recently introduced fruit slice cakes and is expanding the product portfolio with multi-grain products.