ITC overtakes Britannia in India's packaged food market rankings
ITC Limited has surpassed Britannia Industries to become India's second-largest listed packaged foods firm by sales, trailing only behind Nestle, as reported by The Economic Times. The company's food business clocked consolidated sales of ₹17,194.5 crore for the fiscal year (FY) ending March 31, 2024. This figure includes both domestic and export sales and highlights the strong performance of ITC's popular brands like Aashirvaad atta, Bingo potato chips, and Sunfeast biscuits.
ITC's remarkable growth outshines Britannia
ITC's food business saw a significant 9% growth in FY24, outpacing Britannia's 2.9% expansion. This impressive performance was bolstered by a 7-8% climb in atta prices and robust growth in categories like biscuits and salty snacks, each registering a 10% increase over the previous year. Meanwhile, Britannia saw consolidated sales of ₹16,769.2 crore with total income reaching ₹16,983.4 crore when considering revenues beyond its core foods segment. Nestle India, at the forefront, reported total sales of ₹24,275.5 crore for FY24.
Strategy and product launches drive growth
ITC's plan of expanding its premium portfolio and launching over 100 new goods annually, has been a key driver in the company's sales growth. NielsenIQ reports had previously indicated ITC's rise in the domestic packaged foods market, surpassing competitors like Parle and Britannia in the nine-month period leading up to September 2023. This dominance continued into FY24 with ITC's FMCG division hitting gross sales of ₹20,966 crore, marking a notable 9.6% increase year-on-year (YoY).
