Kolkata, India-based FMCG firm ITC, as part of its efforts to diversify into new areas of agri business, has launched a new brand "Farmland" to mark its foray into the fresh fruits and vegetables segment.
The company today launched four variants of potatoes and would introduce apple by the next quarter under Farmland brand.
"We are introducing potatoes in Delhi. It should be available in seven metros in the next 12 months," S Sivakumar, ITC Group Head Agri Business and IT.
The company is also working with farmers to produce climate-controlled farm products mainly the leafy vegetable as it aims to introduce one new product in every quarter.
On the introduction of new products, he said, "You could see dehydrated onions in some time and for some other dehydrated vegetables (and) fruits, it will take little bit more time."
There would be one new product every quarter, Sivakumar said adding that the company has plans to bring fresh apples and dehydrated onions.
He, however, clarified that dehydrated products would not come under the 'Farmland' brand.
"Not Farmland for sure, we might use any existing brand, which is for processed. Farmland is essentially for fresh and processed would be a different brand," he said.
The Indian fresh fruit and vegetable market is estimated to be around $77.3 billion USD, and of that potato is around $10.8 billion USD.
The company has introduced potatoes in four variants as - natural low sugar potatoes, potatoes with antioxidant, baby potatoes and French fry potatoes.
"Potatoes are the largest consumed vegetable in the world and in India. We believe that Farmland potatoes with their quality and taste in different variants will resonate well with Indian consumers who today have distinct tastes and preferences," he added.
The company is tapping its traditional FMCG channel to tap the neighbouring stores, modern format trade channels and online channels.
The company is also expanding its ITC Masterchef brand by adding more metro cities in its network.
"In the last quarter, it was in Delhi and Hyderabad and now also available in Bengaluru and Kolkata. All metros would be added," he said.
In the first phase, the company will target metro markets and its products will be sold at a 10-15 percent premium over local prices.
Source: moneycontrol.com
