Nitin Vishwas

For everyone in the food ecosystem in India 🇮🇳 So, last month we D2P Consultancy published a 108-page research report on the Indian Packaged Milkshake Market - 2024. Why? >>Because in the last 4 years of helping over 40+ F&B brands grow and scale, we realized there was a huge gap when it came to understanding how particular categories behave and function in the ecosystem. >>There were 2 major problems: ▶️ 1. The information was scattered all over the place. ▶️ 2. The industry reports were way too expensive & unaffordable for most brands and startups. >>To solve this problem: ▶️ 1. We created bite-sized content on our social media platforms. ▶️ 2. We then launched India's 1st community of food professionals and enthusiasts- Tasting Officers; to bring our audience honest and unbiased F&B reviews. ▶️ 3. We also carried out different tasting activities through the community for brands at an affordable price. >>However, we wanted to create solid content, that was more comprehensive with more insights and more perspectives. >>So we combined our ongoing research activities, bite-sized content, and Tasting Officer findings in one single report! >>And, after we released the report - a lot of people asked us who this report was for. So addressing this question by calling out everyone whom this report is for: 👨‍💼 1. Investors HNIs, Angels, Family Offices, VCs, and PE Funds: If you are looking to invest in a category through a brand; our research report can come in handy for you to know everything about the category and brands playing and why you should consider investing your money. Sharrp Ventures | Harsh Mariwala Investment Office Sauce.vc Fireside Ventures DSG Consumer Partners Mumbai Angels Indian Angel Network ah! Ventures Inflection Point Ventures Orios Venture Partners Saama Tracxn Artha Group Matrix Partners India Nexus Venture Partners Kalaari Capital Blume Ventures 100X.VC Kae Capital Ankur Capital Sixth Sense Ventures WEH Ventures IndiaQuotient Accel Sequoia Capital NB Ventures Anthill Ventures Helion Ventures Inventus Capital Partners IDG Ventures Vietnam Naspers Limited 👨‍💼2. Builders & Operators If you're an early-stage entrepreneur or an established business who wants to enter a specific category; we will help you build a research report to give you 360-degree and full-rounded information that will enable you to get confidence in the category you wish to build and operate into. 👨‍💼3. Incumbent Brands For market leaders in respective categories who want to experiment with categories outside their core line of business; our research report not only gives you impeccable information about the new line of business but also the whats/whys/hows for your line of growth. If you are one or any of the above - reach out to us to learn more about the process of building in-depth research reports. 🙋‍♂️ www.d2pconsultancy.com #research #report #insights

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I'm sure you have been astonished by the IPO subscription data from all recent IPOs. But are we in a bubble of hyperactivity from retail investors? Let’s try to see from a few angles: 1.     Trade volumes for India vs USA a.    India – On our most active index – NSE – has average daily trades of 3.85 Cr for FY25 YTD! This number was only 75 lakhs a day in 2014-15 – that’s more than 5x and is continuing to grow fast. BSE is less than 10% of the above numbers roughly. b.    USA – Nasdaq on the other hand has on average 1.6 Cr daily transactions for last 30 days. NYSE is additional ~25% transactions. 2.     Like many other cases, volumes don’t exactly translate into value a.     India – NSE has average daily turnover of 15.22 Bn USD (1,26,855 Cr) for FY25 YTD – 0.43% of India GDP! Over 7x from 2014-15 which was at 2.1 Bn USD (17,818 Cr) b.    USA – Nasdaq on the other hand has average turnover of 108 Bn USD daily transactions for last 30 days – 0.4% of US GDP! 3.     NSE has 2559 companies listed and Nasdaq has around 4000. But market cap for NYSE + NASDAQ is around 55 Tn USD; BSE + NSE at roughly 11 Tn USD 4.     But on the other hand, when it comes to Mutual Funds AUM – we have a lot of catching up to do. US has roughly 26 Tn USD AUM (95% of GDP) while India is at meagre 800 Bn USD (22.5% of GDP). Silver lining is India’s AUM is 6x in 10 years. Key inference for me is - we as a country need to somehow manage and educate the 10Cr+ retail investors on Risk Management because this fin-fluencers show is definitely not working. No amount of de-influencing on ‘Get Rich Fast’ is enough right now! The F&O trades are a story for another post! What do you think? #EquityMarkets #India #UnitedStates #TradeVolume #TradeValue #FinancialMarkets #Investing #GlobalFinance

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Bottlers are the moat of Coke/Pepsi. And it looks like Reliance may be able to overcome that disadvantage. “If need be, we will make a range which will fight that (B-segment) pricing also," said Ravi Jaipuria, chairman of the Varun Beverages, PepsiCo's largest bottling partner in India, though he said PepsiCo "is not affected" by the pricing strategy of Campa. "Going forward, they will take share of the total market. Who will get affected first - I'm not sure ... I don't know. But we are improving our go-to market," Jaipuria said. This is a quote from an interview by Ravi Jaipuria, the largest Pepsi bottler. What he is really saying is that Pepsi volumes are under pressure but the company is not ready to compromise on margins. Hence Pepsi is planning to launch new mass brands where they will play the discounting game to tackle Campa. Campa cola will face bottling challenges initially due to demand surge. They have the capital to make it happen. But it takes time to set up these bottling plants all over India with a large scale capacity. Coke/Pepsi bottlers operate on a thin margin. It is a turnover business. If volumes are affected in a major way for Coke/Pepsi, Bottlers will revolt. And then they can migrate to Reliance for higher margins & volumes. That is when the business of Coke/Pepsi will suffer acutely. If they retain bottlers, they may have to part with higher margins. In which case their own profit margins will start suffering. In the last couple of years both Coke/Pepsi have migrated from Company owned bottling to Franchisee owned bottling operations and freed up cash by selling assets. Infact Coke is in the last leg of monetising HCCB (bottling operation owned by Coke) This will come back to bite them if the above scenario pans out with bottler migration to Reliance. We live in interesting times. Link to the interview in comments. Read my views on how retailers are behaving in this price war: https://lnkd.in/ga3xhGjg My views on how consumer adoption for Campa can work: https://lnkd.in/gSifuUMV

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From initial investment of Rs.20,000 to 7534 Cr Market Cap: Story of Mrs. Bector Little did the 7-year-old girl, who crossed into India during Indo-Pak partition, know that she would be running a baking company with a Rs.7,535 crore market cap. 📌 Migration from Lahore to Delhi: Rajni Bector was born in 1940 in Karachi (now in Pakistan). She spent early years in Lahore where her father was an accountant general. During Partition of 1947, her family migrated from Lahore to Delhi amidst traumatic scenes of violence. She completed schooling in Delhi and joined Miranda House college at Delhi University. At age 17 in 1957, married Dharamvir Bector, a businessman from Ludhiana, Punjab. After marriage, continued studies and graduated from Miranda House before moving to Ludhiana.   📌 Selling Ice Cream at Local Fair: In late 1970s, set up a small stall selling homemade ice cream at a local fair in Ludhiana. Her ice creams were an instant hit compared to established brands like Kwality. Encouraged by positive response, started offering cooking classes and selling ice creams, puddings, cakes, cookies, buns from her backyard kitchen. Husband Dharamvir insisted on selling products under a brand name - chose "Cremica" (cream ka) Word spread quickly, Rajni became a household name in Ludhiana for her delicious recipes.   📌 The Backyard Bakery: In 1978, with Rs.20,000 gifted by her mother, set up a small bakery in their backyard. This marked the inception of Mrs. Bector's Food Specialities Limited. In 1985, established first bread unit in Punjab producing 5,000 loaves per day. As demand grew, expanded operations by opening more manufacturing facilities producing 50,000 loaves per day.   📌 Becoming McDonald's Sole Supplier in India: By mid-1980s, business was booming with added production capabilities in Punjab. Two sons Akshay and Anoop joined the business around this time. In 1995, when McDonald's entered India, they selected Mrs. Bector's after trials to be their supplier for burger buns.   📌 India's First Vegetarian Mayonnaise: Recognizing gap for vegetarians/egg allergics, developed a vegetarian mayonnaise under Cremica brand. Traditional mayonnaise uses egg yolks, making it unsuitable for certain groups   📌 Early Investment by Goldman Sachs and IPO: In 2006, Goldman Sachs acquired stake to fund Mrs. Bector's expansion plans. In 2010, Motilal Oswal PE bought out Goldman's 21% stake for ~Rs.70 cr when company faced difficulties. In Dec 2020, Mrs. Bector's Food went public with an IPO raising ~Rs.541 cr, oversubscribed 198 times.   📌 Financials and Working: Manufactures products under flagship brands 'Mrs. Bector's Cremica' for biscuits and 'English Oven' for bakery. - Has 10 manufacturing facilities across India and exports to over 60 countries. - For 9M FY2024, revenue stood at ₹1,016 cr, up 38% YoY. - Market capitalization as of May 2024 is around ₹7,500 crore Cremica Food Industries Limited #successstory #business #cremica

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The Whole Truth Foods team recently participated in a gifting expo in Pragati Maidan, New Delhi. Despite taking a modest stall, accoutred only with energy and smiles, we must have received 200+ enquiries from gifting partners, corporate clients, distribution partners, retail chains, gyms, packaging vendors etc. Now, this isn't a humble brag. One, I don't know if this number is worth bragging about. Two, when I want to brag, I prefer doing it properly. So, back to my train of thought. What's the best practice in setting up a stall at any industry event? How do you collect leads, bucket them and get back to them? What's the system or process here? The experience felt overwhelming for us, and while we designed something on the fly, I'm keen to know how others approach these events. If you've participated in an event, do shout. If not, whisper your secret thoughts like a normal person. #gifting #events #leadmanagement

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My #Book on #Production and #Operations management as per AICTE and MAKAUT syllabus (and as per syllabi of many other Universities) is out for sale now at Amazon and physical Stores. Read this to learn about the latest best practices: PRODUCTION AND OPERATIONS MANAGEMENT https://amzn.in/d/02BRN6vh

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India’s F&B sector is thriving like never before. Brands are rapidly establishing their unit economies and scale. Names like The Waffle Co., Rebel Foods, Burma Burma, Foo, and Barbeque Nation Hospitality Ltd. Nation stand out, and the list goes on. In tandem with this growth is the emergence of Amplitude, a new Category 2 AIF in India designed to accelerate brand development in this space. Founded and nurtured by Sumit Govind Sharma, a serial entrepreneur, Amplitude is supported by investment specialists like Addishree., Devesh Chawla and Devang Mehta. Amplitude is playing a pivotal role in accelerating the growth of brands. The rapid success of brands like Eve and TAT showcases what financial and strategic support can achieve. Eve and TAT are growing rapidly, with a monthly MRR of INR 4.00 crore, and are gearing up to open a third Mumbai location in Santacruz's western suburbs. By leveraging key elements like stunning interiors, delectable food, exceptional service, and clever marketing, Eve is quickly becoming a leading example of F&B success in India. This will lead to more innovation in the F&B space which in turn would again lead to more job creation and opportunities. And continue to push India’s F&B industry to new heights. Stay tuned for more updates ! #VentureCapital #VC #FnB #Speedscaling

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The word ‘innovation’ is frequently thrown around like a cricket ball. However, only a skilled bowler can use it to score massive victories. One such figurative bowler is Sir Aadit Palicha, who leveraged revolutionary logistics and devotion to his customers to bring true convenience to life in the form of Zepto. It is a common belief that a successful business requires wisdom that comes only with age. Letting his success speak for him, Aadit has definitively disproved this notion; there is no minimum age required to achieve great things. Before 2021, there was a notable gap in the online delivery market in India. The concept of online delivery wasn’t anything new in and of itself, but it was becoming difficult to deny the tediousness of having to wait for an item for such a long time. Furthermore, the logistics of such deliveries present at the time were often unreliable or inefficient. This had awoken his entrepreneurial spirit. Aadit in just his early 20s, put forth a bold claim- delivery in under 10 minutes. Due to his willingness to take risks and ability to adapt, he had established that there is no need to wait for success. Precise problem identification and a deeply empathetic view of the situation greatly aided Aadit in launching Zepto. By observing the inefficiencies of the existing system and prioritising the customer’s needs, Zepto soon became one of the fastest rapid delivery platforms in the country. Aadit’s initial claims of delivery in just 10 minutes drew in a considerable customer base, but it was the act of following through on his promise that made its mark. With his tech background, Aadit made sure to put forth an app with customer convenience in mind. A proactive customer service system strives to ensure total customer satisfaction while the user-friendly app allows for quick order placement and tracking. Feedback and grievances are considered with utmost empathy to constantly improve the experience and eliminate discount. Aadit Palicha’s dedication to the customer can truly be felt through the experience. While the promise of such rapid delivery genuinely appears to be fictional, especially in big cities with infamous traffic conditions, Palicha’s incredible thinking and innovative reform of the market made sure that delivery under 10 minutes meant delivery under 10 minutes. An impressive solution implemented in the logistics chain is micro-warehouses. Strategically placed local storages make it simpler for wider distribution ranges, bringing the goods closer to densely populated areas. Palicha also used a tech-heavy approach, using intuitive algorithms to streamline delivery routes. The healthy integration of technology made operations smoother and faster, allowing for the fantastic 10 minutes delivery. Aadit Palicha’s innovation to the online delivery market has grown into an inspiring tale of success in spite of age, a showcase of the benefits of taking bold risks and the significance of devotion to customers.

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𝙐𝙣𝙙𝙚𝙧𝙨𝙩𝙖𝙣𝙙𝙞𝙣𝙜 𝙉𝙤𝙣-𝘾𝙤𝙢𝙥𝙚𝙩𝙞𝙩𝙞𝙫𝙚 𝘾𝙡𝙖𝙪𝙨𝙚𝙨 𝙖𝙣𝙙 𝙩𝙝𝙚 𝙃𝙤𝙘𝙘𝙤 𝙄𝙘𝙚 𝘾𝙧𝙚𝙖𝙢 𝙋𝙞𝙫𝙤𝙩 A non-competitive clause in business deals prevents sellers from starting or engaging in competing ventures for a specified period. This was the case when the Chona family sold Havmor Ice Cream to Lotte for INR 1,020 crore in 2017, including a non-competitive clause. After this period, the Chonas saw a significant opportunity in the new-age ice cream market. They pivoted their brand, Hocco , from serving Indian recipes in QSR restaurants to a thriving ice cream brand. This decision was driven by several factors: Market Potential: They recognized the growing demand for innovative ice cream products. Expertise: They already had extensive experience in the ice cream business. Goodwill: They had strong relationships with distributors and a positive reputation in the Indian market. Emerging Quick Commerce: The rise of quick commerce platforms provided a perfect boost for launching a new-age ice cream brand like Hocco. They secured a Rs 100 crore investment from Sauce.vc VC and other angel investors, successfully re-entering the ice cream market with renewed focus and innovation. Non-competitive clauses provide breathing room for Ankit Chona to plan their next move strategically without immediate competition. For Hocco, it meant transforming and relaunching as an ice cream brand, demonstrating the strategic benefits of such agreements. #StartupStrategy #NonCompetitiveClauses #Havmor #HoccoIceCream #Entrepreneurship #BusinessGrowth #Investment

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How many FMCG leaders, despite knowing these issues, remain silent, causing internal misalignment and contributing to brand failures and wasted money? This highlights the critical issue of leadership inaction and its detrimental impact on potential brands.One has to effectively addresses the problem of internal misalignment and its consequences

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Innovation is a driver of growth, but it must remain consistent with the brand values to maintain its credibility. For a brand like Gopal Snacks, innovation is not just about introducing new products but also about improving the customer value proposition that is consistent with the fundamental values of an organisation. This adaptability means the brand can be developed with new influences and yet retain the core values that underpin customer trust. The strong link between innovation and brand values needs to be supported by a progressive approach to development and promotion. In this way, we can implement change at each stage of the product development cycle while staying true to the brand’s core values and vision. This strategic alignment helps brands stand out in a crowded marketplace, reinforcing their reputation as a brand that innovates with purpose and integrity. #GopalSnacks #GopalNamkeen #Innovation #Values

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I have been studying the FMCG space in India for the past decade or so. Most large FMCG companies in India struggle to achieve double digits growth (both profit/sales vol) over a long*sustained period of time, mostly due to very high competition intensity & margin pressure. Nestlé is an exception. It has given tremendous growth in last 5 years both in terms of sales vol & profits, which is unlike any other FMCG company in India of that scale.   I was trying to understand what stands them apart from the rest and 𝐟𝐫𝐨𝐦 𝐚𝐧 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧𝐬 𝐬𝐭𝐚𝐧𝐝𝐩𝐨𝐢𝐧𝐭, 𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝐟𝐞𝐰 I could understand that sets them apart from the rest in the league: 🕐 𝑨𝒈𝒊𝒍𝒊𝒕𝒚 𝒂𝒏𝒅 𝑺𝒑𝒆𝒆𝒅: Nestlé has worked on simplifying its innovation processes, reducing the steps from six to three, which has made the process faster and more agile. This approach has shortened the time from concept generation to product launch, enabling quicker market entry. For example, some projects that used to take 33 months now take about 12 months, with some being completed in as little as six to nine months . 🕑 The company uses AI and data mining not only to analyze clinical studies but also to track consumer trends. This helps in creating AI-driven concept development and recipe formulation. 🕒 Nestlé emphasizes differentiation through intellectual property protection. The company has significantly increased its patent filings, seeing a 90% rise in patents for new technologies and innovative solutions. This reflects its commitment to safeguarding its innovation-driven advancements . 🕓 Innovation is fostered through both internal and external partnerships. Internally, initiatives like an "internal Shark Tank" encourage employees to propose ideas, while externally, Nestlé collaborates with startups and institutions, such as the Indian Institute of Millets Research, to drive product development . 🕔 𝑮𝒍𝒐𝒃𝒂𝒍 𝒂𝒏𝒅 𝑳𝒐𝒄𝒂𝒍 𝑺𝒚𝒏𝒆𝒓𝒈𝒚: Nestlé operates a three-tier R&D structure that supports global innovation while also catering to local market needs. This structure allows them to tap into global knowledge and adapt it to regional consumer preferences, ensuring that products resonate with local tastes and conditions . What do you think about these innovation strategies? How do you see other FMCG companies adapting to the changing landscape? Share your thoughts in the comments below and let’s discuss how innovation is shaping the future of the FMCG sector in India! #Innovation #FMCG #India

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FMCG firms dumping near-expiry products through quick commerce: Distributors' Fed Delhi: Fast-moving consumer goods (FMCG) companies are using quick commerce and e-commerce platforms as dumping grounds for near-expiry and non-movable stocks, often disguised through hefty discounts, the All India Consumer Products Distributors Fede. The industry body that represents FMCG distributors in India has raised this issue with the Ministry of Consumer Affairs saying the practice “threatens both the retail trade sector and consumers across the country” .We are witnessing an alarming trend where manufacturing companies are flooding the market with near-expiry and non-movable stocks, leveraging consumers with substantial discounts to push these products,” AICPDF said. This practice not only jeopardises the livelihood of small and medium retailers but also poses significant risks to consumers who may unknowingly purchase compromised products,” it added. The AICPDF alleged that quick commerce and e-commerce platforms have turned into convenient channels for FMCG companies to offload products nearing expiry or with low consumer demand.This results in a surge of discounted goods that may not meet quality expectations, turning these platforms into dumping yards that impact the overall market ecosystem. Consumers, lured by attractive discounts, may unknowingly purchase near-expiry products or non-movable stocks that can pose health risks, especially with food and consumable goods.The lack of clear labelling and transparent information exacerbates this issue, it said. The industry lobby noted that small and medium-sized retailers cannot compete with the deep price cuts, which affects their financial stability and threatens their survival. The influx of discounted, near-expiry products on e-commerce and quick commerce platforms creates an uneven playing field, severely impacting traditional retailers,” it said.The distributors’ body has requested the Ministry of Consumer Affairs to enforce mandatory and clear labelling for products that are close to expiration. Platforms should be required to display this information prominently to allow consumers to make informed purchasing decisions,” AICPDF said in a statement.

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India’s Ice Cream Market: A Growing Opportunity India’s ice cream market is experiencing rapid growth, making it a key battleground for both international giants and homegrown brands. Key Insights • Current Market Value: ₹ 29050 cr • Projected Market Size: Over ₹41500 cr by FY25 The surge in demand is fueled by: 1. Rising Disposable Income: Increased affordability across urban and rural markets. 2. Changing Consumer Preferences: A shift toward premium, artisanal, and health-conscious options. 3. Expanding Distribution Channels: Growth of modern trade, e-commerce, and organized retail. Competitive Landscape • Homegrown Brands: Dominating tier-2 and tier-3 cities with innovative flavors and regional specialties. • International Brands: Leveraging strong branding and premium positioning to target urban consumers. Future Outlook India’s ice cream industry is on a growth trajectory. Brands focusing on innovation, digital marketing, and supply chain efficiency are likely to capture a larger share of this evolving market. What’s Next? For businesses, now is the time to invest in understanding consumer behavior, exploring new flavors, and adopting sustainable practices to stand out in a competitive market. #IceCreamIndustry #IndianMarket #BusinessGrowth #MarketAnalysis #ConsumerTrends #FoodInnovation #HomegrownBrands #GlobalCompetition #RetailExpansion #FutureOfBusiness #SustainableGrowth #Entrepreneurship #FoodAndBeverage #IndianEconomy #MarketTrends

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Some interesting takeaways: 1. Despite fintech being a "hot" space, only 4 brands out of 15 (<30%) are viewed favorably by Indian consumers 2. In the entertainment space only 3 Indian brands are ranked positively again despite Bollywood being so popular. So what differentiates winners from losers? My view is: 1. user friendliness 2. consistency of delivery 3. broad range of options to suit every user Anything I'm missing? #brands #india #consumer #fintech #media

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🎛️ Inventory pe control, business me growth 📈! Taking control of production processes is an important part of any manufacturing business And when that business is growing, it becomes even more important. But with a growing business, comes another set of challenges. Mr Pushkaraj of Revamp Moto (Shark Tank India Winner), was also looking for a solution to such hurdles i.e. Inventory Visibility, Setting Reorder Levels, Material Requirement Planning, etc.   🔍 Addressing these challenges often involves adopting a complete inventory management system, improving supplier relationships, investing in staff training, and leveraging data analytics for better decision-making 🏭 From Incoming Raw Materials to Subcontracted Services, from Finished Good Testing to Scrap Management, TranZact helped Revamp Moto to take complete control of their inventory 🏭 🔄 Using features like setting multiple pricing points, min/max levels, adding multiple stores, and a unique ID for each item, Mr Pushkaraj can now track the smallest of the movements in his inventory 🔄 Thanks Pushkaraj Salunke, Jayesh Tope and Pritesh Mahajan for making us your technology partners, we are so proud to be the part of your growth journey Just like Revamp Moto, 10,000+ SMEs use TranZact to take control over their sales, purchase, inventory, production and planning How does your business track inventory ⁉️ Share with me in the comments below ✍️ #digitialtransformation #letstranzact #TranZact #SMEGrowth #TranZactSoftware #ManufacturingEfficiency #IndustrialSolutions #manufacturingSME #IndiaLetsTranZact

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5 reasons, why India's highly credible blue chip companies at cheaper than covid valuations? Yes, that's true, cheapest in 10 years. Nestlé Unilever India ( Hindustan Lever) Maruti Suzuki India Limited Titan Company Limited Asian Paints Dabur India Limited Each of the above when benchmarked against financial ratios like PE multiple, EV/Ebitda and MCap/Sales, are lower than covid times ( on at-least one of the above parameters) is it the ... @slowing domestic consumption story, @lack of market innovation @the digital supply chain compression and convenience "impact" that reduces entry barriers for niche players @ the offer of "choice" for Indian consumers which were hitherto forced to buy " mass appeal" products, devoid of options @ The utter fragmented new class of customer niches, morphing into a Goliath in the making What does your personal observation and experiences have to say? Do share your views #marketing #sales #strategy #investors #cxos #finance #humanresource #disruption #fmcg

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India’s alco-bev market could be the next big billion-dollar opportunity India's alcoholic beverage (alco-bev) industry is on the cusp of transformation, driven by policy reforms, premiumisation, and an untapped consumer base. Kweichow Moutai's current profitability of $12.5 billion dwarfs the combined profitability of Indian alco-bev companies, which stands at a mere $0.5 billion. This disparity underscores the immense growth potential within the Indian market. India is the world’s third-largest alco-bev market by volume, trailing only China and the United States. The market is projected to grow from ₹1,70,000 crore in FY15 to ₹5,00,000 crore by FY28. However, per capita consumption, particularly of beer, remains significantly lower than global standards, suggesting vast room for expansion. Structural and policy changes at the state levelthis growth trajectory are supporting. For instance, Uttar Pradesh's 2018 liquor policy disrupted monopolistic distribution practices, spurring sales for organised players and boosting state excise revenues. Similarly, Andhra Pradesh's focus on providing quality alcohol at reasonable prices sets benchmarks for other states, signalling a shift toward a more organised and growth-friendly framework. A key driver of growth in the Indian alco-bev industry is premiumisation—the shift towards higher-quality and higher-priced alcohol. Companies like United Spirits and Radico Khaitan have significantly increased the share of premium products in their portfolios. Additionally, Indian single malts are gaining popularity, surpassing imported single malts in consumer preference. This shift reflects the evolving tastes of Indian consumers and the growing demand for quality over quantity. The ongoing wedding season, characterised by higher spending and more celebratory days, is providing a seasonal boost to alco-bev sales. Despite past contractions in gross margins for major players like United Spirits, Radico Khaitan, and United Breweries, there is optimism about a turnaround. Analysts at Dam Capital predict a margin expansion of approximately 250 basis points, driven by stable input costs (such as glass prices) and the premiumisation trend. With robust demand and an industry-wide shift toward premium products, Indian alco-bev companies are poised for sustained growth. Source CNBC TV18

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