Indian confectionery company to enter packaged soy market
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- Published on Wednesday, 01 February 2012 00:04
INDIA – Local biscuits brand owner Priya Food Products has announced plans to enter India’s packaged soy food products market and participate in the growing sector, particularly in the eastern part of the country.
The Kolkata-based maker of the Priya and Priya Gold brand of biscuits has established a soy manufacturing plant in Dhulagarh Food Park near Kolkata, which will produce 3,000 tonnes of soy chunks (also known as textured soy protein) per year.
The company will initially sell its latest product, branded ‘Priya Soya’, in West Bengal, Bihar, Jharkhand and Orissa, and expects to gain a 25% market share in the first year of its operations alone, fuelled by growing demand in eastern India, according to Priya Food managing director G P Agarwal.
“In eastern India alone, the soy chunk market is estimated to be about US$20 million,” said Agarwal. “We expect to notch up a turnover of US$5 million from our soy business by the end of the first year.”
The company intends to distribute Priya Soya across 100,000 FMCG outlets in the region within the first six months, and across 400,000 by March 2012.
