Beverages major Coca-Cola India is targeting its mango fruit-based drink Maaza, which it acquired in 1993, to become a US $1 billion brand by 2020.
“We would love to see Maaza become a US $1 billion brand coming out of India by 2020. The brand has potential to be there. All our consumer research show that Maaza is India’s most trusted and loved brand,” Coca-Cola India and South West Asia President Venkatesh Kini was quoted by PTI as saying.
According to a PTI report: At present, Maaza is a over Rs 2,000 crore brand, he added.
In 1993, Coca-Cola India had acquired Maaza along with brands such as Thums Up and Limca from Parle Bisleri.
In order to achieve the target, company is also investing in areas such as increasing manufacturing capacity.
“The resource infusion behind Maaza is a part of the US $5 billion investment plan of the Coca-Cola company and its bottlers in India, between 2012 and 2020. The bottlers of the company are setting up five greenfield projects over the next two years, at least 50 per cent of which will have manufacturing lines for Maaza,” the firm was quoted by PTI as saying.
The company has already announced one greenfield facility in Madhya Pradesh.
“These new lines will help keep pace with the expected increase in demand of Maaza over the next few years,” it was further quoted by PTI as saying.
The company had earlier indicated that Maaza will become a US $1 billion brand by 2023.
At present, Coca-Cola company and its bottlers in India annually procure 70,000 metric tonnes of mango pulp worth Rs 500 crore.