Del Monte is an established brand in the premium foods segment in India, having a sizeable distribution footprint across key urban markets. Its retail business has grown by an encouraging 20% in FY21 and the brand intends to maintain this growth momentum by introducing bigger, bolder product ideas and tripling its distribution coverage in the next 3-4 years, with a focus on the top 8 metros. This will be supported with increased investments in brand communication in relevant markets and a strong push on digitization across the value chain.
Commenting on the announcement, Mahesh Kanchan, chief executive officer, Del Monte Foods Private Limited, said, “This is not just a change of name, it reflects a change in our approach, outlook and philosophy. Del Monte has worked hard to establish itself in the market and our focus will be on creating unique brand experiences at all relevant touchpoints while staying true to our brand promise of providing high quality products.”
As per the KPMG report titled ‘Indian food processing industry: Growth opportunities post the Covid-19 pandemic’, India’s food processing market is set to grow from $263 Billion to $470 Billion. Customers’ aspiration for premium food products is also set to increase as Tier-II and Tier-III cities could mirror the trend visible in metropolitan areas of buying more processed food in the coming years.