iD Fresh Food has forayed into coconut business. The packaged foods company, known for its batter for dosa and idli, has added tender coconut and fresh grated coconut to its product portfolio. The range will be sold in natural coconut shells, making it the food company’s first set of products with plastic free-packaging.
“With rising consumer preferences towards natural and healthy food and beverages, we believe our coconut range will disrupt the market,” said Musthafa PC, cofounder of iD Fresh Food, adding, “We are expecting a revenue of Rs 100 crore from this range in the next three years. By 2022, we aim to capture 60-70% of the organised packaged coconuts market share.”India is a major producer of coconut globally and grated coconut is the biggest industry after coconut oil in the country. According to iD Fresh, the tender coconut market, predominantly an unorganised market in India, is currently valued at Rs 4000 crore growing at a CAGR of 10%. The grated coconut market is worth Rs 150 crore, growing at 30% CAGR. Few days ago the central government also imposed restrictions on import of dessicated coconut powder, especially from Sri Lanka, to protect the domestic industry.
iD’s coconut range will be sold at retail outlets and flagship kiosks in Bengaluru, followed by Kerala, Tamil Nadu and Andhra Pradesh over the next three months. In the next phase of the launch, the company will partner with street hawkers selling tender coconut to set up carts with coolers, give fair price margins and offer waste-collection.