“Premium is doing well for us. There’s a good range that we have launched a few years ago and we’re looking at ramping our distribution to make it available to the remotest parts of India. Currently, it is available in most big cities or almost the entire urban India. Now, the idea is to go down in suburban semi-urban areas, as well as through smaller packs," said Mayank Shah, senior category head, Parle Products Pvt. Ltd.
Parle will take premium brands to new markets as well as make it accessible across price points.
At present, Parle is a top biscuits maker in India popular for its mass-market brands such as Parle-G, KrackJack, Monaco and Nice, which compete with Britannia Industries’ and ITC’s biscuit brands. However, as consumers seek more variety and trade for better products, companies have been beefing up their premium offerings.
In 2017, Parle launched the Platina division to house all its premium brands. According to Parle, its premium biscuits are priced at ₹250 and above per kilo. The firm’s indulgent and aspirational range includes Nutricrunch, Milano and Hide & Seek.
“Currently 14-15% of contribution comes from premium. We are looking at about 20% contribution in the next 2-3 years. These will be at a ₹10 per pack price point. It’s about giving easy access to consumers who have disposable income, and are willing to spend, but don’t really have as much of a choice as their urban counterparts; they are looking for such opportunities and we are trying to tap the opportunities," said Krishna Rao, senior category head, Parle Products.
The company will also look to expand its premium portfolio by entering new categories.
It recently launched breakfast cereals under the Hide & Seek brand; in 2019, the company invested in Bengaluru-based startup, WIMWI Foods, which makes the ASAP brand of energy bars.
“Recently we extended Parle Platina in breakfast cereals—it is doing quite well. Premium can be in any category. We have continuously been on the lookout for categories which will fit into our scheme of things in the premium (range). Wherever there is synergy, we may want to explore," Rao added.
