New Delhi: US-based chocolate maker Mars Inc has launched M&M’s brand here as it looks to expand presence in the bite-size snack segment in India.
Mars International India, a wholly-owned arm of US-based chocolate maker Mars Inc, is eyeing India among top 10 focus markets and would introduce several other brands from its global portfolio in coming years.
“India is a priority market for Mars Incorporated and we are committed to bring our best loved brands to Indian consumers… With the launch of M&M’s in India, our aim is to grow the nascent bite-size category in the market,” said Mars Chocolate GM, India & Indian Sub-Continent, Andrew Leakey.
The Indian chocolate market is expected to be around Rs 6,710 crore and had a 6.4 percent CAGR growth between 2014-16.
“Presently, chocolate consumption in India is very low, almost 20 times less than the US. So, we have an opportunity in some segments here,” he added.
India presently contributes 5 per cent to the overall sales to Mars global (across all segments). On introduction of more brands in the Indian market, Leakey said: “It depends on our strategy and long term view of the company.” However, he did not share the probable brands, which Mars may launch here.
“We would invest for the future. We take a long term view of the market and India is the top 10 markets for Mars globally. It’s a long term strategic play and would like to expand as we grow,” Leakey added:
Mars has set up a chocolate factory in Pune by investing around Rs 1,000 crore and is producing Snickers brand here which constitutes a large part of its portfolio.
Besides, it has other factories, which includes two of wrigley, in Baddi and Bengaluru, and one factory of pet care, in Hyderabad. The other brands which Mars has its presence in India are Snickers, Galaxy, Mars, Bounty and Twix.
M&M’s, sold in around 100 countries, will be available in two variants — Chocolate and Peanut and would be imported from Europe.