Mars Wrigley aims 50% of premium chocolate gifting market in a decade | Company News
Chocolate maker Mars Wrigley aims to capture 50 per cent market share in the premium chocolate gifting market in the coming decade with the launch of Galaxy Jewels.
“Galaxy has had a scorching pace of growth in India. According to market research company NIQ, it is the fastest-growing chocolate brand in India with a growth rate of 16.5 per cent in the first half of this year,” said Nikhil Rao, chief marketing officer, Mars Wrigley India.
“When it comes to gifting, mass gifting is growing at 3 per cent, while premium gifting is growing at 20 per cent, making it the more lucrative part of the business,” he added.
Talking about the rising cocoa prices, Rao said that the company is not looking to raise prices in the near term.
“We are very conservative about passing on prices to the consumer. We have enough forward cover as we have enough cocoa bought for a few months. So we have not yet raised prices,” he said.
Mars Wrigley currently has a 3 per cent share of the Indian chocolate market. It sells brands like Snickers, Galaxy, Mars, Bounty, and Twix along with chewing gums like Boomer and Orbit.
Talking about the growth of e-commerce, he said, “Since we cater to the upper mainstream and premium segments of India, e-commerce is very important for us and contributes more than 20 per cent to our business. It has grown at very high double digits over the last four years. Of this, half the contribution is coming from quick-commerce.”
First Published: Jul 24 2024 | 9:05 PM IST
