Sudipta Dev – Mumbai
With probably the highest per capita consumption of chilli, it is surprising that India is yet to fully exploit the full potential of the US$ 20 billion global hot sauce market. “We see this as an incredible opportunity that is waiting to be captured. We want to become the number one hot sauce brand in the country,” said Arjun Gadkari, president, Nilgai Foods (PICO & Cocofly), pointing out that in the country the entire sauce category (which is dominated by plain ketchups) stands at a mere Rs 1200 cr.
Gadkari believes that what differentiates brand PICO from its competitors is that it is the only dedicated hot sauce brand in the country. “Our range of six signature sauces celebrate the flavours of Indian cuisine through the increasingly popular and convenient form of a hot sauce,” he stated.
Since its merger with R&A Foods last year, PICO no longer operates cafes. Instead, the brand is entirely focused on retail and institutional sales of its sauces. “Modern trade continues to dominate our revenue contribution, although recently we have expanded our general trade reach to over 2000 outlets in Mumbai alone,” remarked Gadkari, adding that the products are available in restaurants, bars and hotels. PICO has also been served on Vistara airlines. He believes that PICO has become known in the HORECA segment for its sophisticated and unique product offering that other brands cannot offer. “Despite the continued growth of our HORECA sales, we see this vertical strategically from a marketing and visibility point of view rather than for pure revenue generation. That is why we have stayed away from white label opportunities where our brand goes unnoticed,” he added.
The company aims to establish itself as the go-to sauce brand in the country, expand the portfolio and reach out to consumers beyond the major metros. “We want to appeal to a wider and more mainstream audience, but at the same time retain our positioning as India’s leading hot sauce brand. To do that, we have set our sights on the under-served area of chutneys. After all, a chutney is essentially India’s own version of a hot sauce – a condiment that gives that final kick of flavour to anything you are eating. Over the next five years we plan to enter the chutney market in a major way and present a modern interpretation of India’s favourite condiments,” informed Gadkari, adding that he hopes to leverage technology to expand the reach rapidly across the country.