Aashirvaad ghee will make its debut this Diwali as ITC reportedly plans to enter the dairy segment. Extending the product range of its biggest non-cigarette brand, the company is looking to replicate the success it achieved in the unorganised segment with the Aashirvaad brand.
Being a household name, Aashirvaad has tremendous brand equity among Indian consumers, which is driving ITC’s decision to launch ghee under the Aashirvaad umbrella, which also provides spices and other food products.
Aashirvaad is a Rs. 2,600-crore brand and controls 74 percent share of the country’s packaged atta market, which ITC entered in 2002, a year after getting into packaged food with ready-to- eat products.
“Dairy related categories are in various stages of development as part of ITC’s plans to extend its portfolio. This includes ice-cream, butter, cheese, curd, milk-based drinks and ready-to-mix products,” V L Rajesh, ITC’s divisional chief executive, was quoted as saying.
The Rs 75,000-crore packaged dairy market in India is expected to grow at 15-16 per cent as companies introduce value-added products, according to industry estimates. Of this, the packaged milk market alone is around Rs 50,000 crore, while ghee is about Rs 8,500 crore.