Beverages major Parle Agro, the maker of popular brands such as Frooti and Appy Fizz, plans to set up a new plant and introduce one more new major product in the next two years as it gears up to touch a turnover of Rs 10,000 crore by 2022. The company, which clocked a turnover of Rs 6,500 crore in 2019, had recently introduced its new offering B-Fizz, a malt-flavoured fruit juice based drink in the market and expects an overall growth of 10 per cent this year.
“In general we don’t have a large number of new product launches. We stay quite focussed on select product launches and build scale with them. By 2022 we would perhaps see one more new category,” Parle Agro joint MD and chief marketing officer Nadia Chauhan said.
The company is currently evaluating to have the next manufacturing unit to be set up in Vijaywada, Andhra Pradesh. It has already set up greenfield facilities in Sitarganj, Uttarakhand and Mysore, Karnataka, which are the largest in terms of size and manufacturing capacity amongst all of the company’s plants. Parle Agro has a total of 67 manufacturing units in India, out of which nine are company-owned beverage units and one is a standalone preform manufacturing unit, with the rest being franchisee units. Chauhan said the company has set a target of clocking turnover of Rs 10,000 crore by 2022 and is banking on its newly launched brand B-Fizz to play a significant role in it.
In terms of marketing investment in the rest of the calendar year 2020, the company would be spending about Rs 40 crore on the marketing of B-Fizz.