Biscuits and confectionery maker Parle Products will launch new products in snacks and premium products categories next year as it looks to reduce dependence on biscuits segment for future growth.
The company is targeting to increase share of snacks and confectioneries in total sales to up to 30 per cent in three years time from 10 per cent.
“Growth in biscuits has been muted this year… Premium products are growing but at a slower pace compared with last year. There is lot of scope to bring out innovations and launch new categories in our snacks and premium products range. We will launch innovative products in the next financial year,” Parle Products General Manager Pravin Kulkarni told PTI.
“We aim to increase share of snacks and confectioneries in our total sales to up to 25-30 per cent in three years,” he said.
Parle will also focus on increasing its distribution network in the next fiscal year.
“Next fiscal we will increase our distribution network by 20-25 per cent. We will open more distribution network in South and East regions of the country. At present we are selling our product through 58 lakh outlets in India,” Kulkarni added.
At present, biscuits account for 80 per cent of Parle’s total sales, while snacks and confectioneries contribute 3 per cent and 17 per cent, respectively.
The company will launch products with existing brands and may also introduce new brands.
Parle had tested market for new product categories like cakes and rusk last year and is now selling them all over the country through their existing distribution channels.