Confectionery major Candico has firmed up its plans to expand its current range of products. The company is eyeing entry into new segments/product categories as well. Candico is planning to launch around seven new products this year.
Madhav Gupta, Executive Director, Candico (India) Ltd, said, “We are planning to launch new products in existing categories, as well as some new product categories. We are looking at biscuits, wafers, gems and much more.”
The company is looking to launch products with new flavours and shapes. There are plans to roll out new products like toffee and nutritional bars too. These products will be launched on a trial basis in North India by the end of April 2007.
Said Gupta, “We were getting a lot of consumer and trade feedback since long to get
into new categories, but we were not willing to do it without a proper research. We have already done market research for three categories and we will now be doing a test launch in North India to check their acceptability from the market. If the market responds in a positive manner, then we will launch these products across India within a quarter.”
Increasing the market share of these products, consumer feedback and the desire to innovate are some of the reasons attributed by Gupta for entering the new product categories.
All the new products that the company intends to launch will be positioned in the high-end premium category, informed Gupta. However, when asked regarding the pricing, Gupta, said, “Our products will be priced at par with the competitors. We will be backing them up with various trade/consumer schemes.”
The company has targeted 10 per cent overall growth this financial year. As far as promoting its new product range is concerned, Gupta said, “In the confectionery segment, the universal truth is ‘Jo Dikhta Hai Woh Bikta Hai’. We will be following the same; pushing more and more on the product placement on retail shelf and then expecting consumer pull.”