Kolkata-based spices-maker JK Masale is eyeing a 66 per cent growth in turnover to ₹500 crore over the next two years as it looks to tap rural markets with packet offerings. This apart it would look to increase presence in the food category with new offerings.
Its current turnover stands at ₹300 crore.
The company saw a 15-20 per cent growth in FY21.
According to Vijay Jain, Chief Marketing Director, JK Masale, sales grew nearly 28-30 per cent during Q1FY22, YoY.
Also read: JK Masale to expand product range, strengthen focus on southern markets
“If there are disruptions caused by the third wave then our growth would be slightly lower at around 15-20 per cent. We are planning to step up focus on rural areas and launch sachets and small packs to tap into these markets,” Jain told BusinessLine .
The sudden lockdown in 2020 led to supply disruptions, unlike this year’s regional lockdowns. Even the company was better prepared, added new machines and took steps to minimise disruptions.
Export push
The spices market in India is estimated to be close to Rs ₹25,000-30,000 crore. It is largely dominated by unorganised players controlling nearly 78-80 per cent of the total market.
However, the organised players have been growing on the back of an increased awareness about hygiene and food safety norms.
Exports, which currently account for about five-to-six per cent of the company’s turnover would be doubled in the next one to two years.
“We export to Canada, Hong Kong, Thailand, Bhutan, Indonesia and parts of the UAE. It has been growing and we expect to double the share of exports in the next one to two years,” he said.
New products
JK Masale has already set-up another factory in West Bengal to ramp up production of spices and focus on new offerings.
Plans are afoot to launch sabudana (sago), fox nuts, and a range of culinary pastes including ginger, garlic and other variants.
It recently rolled out aampapad or aamsotto ( mango pulp candies), Kashmiri kesar and turmeric based products in its immunity booster category; amped up production of poha (flattened rice) after witnessing a rise in demand for these offerings.