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India fastest growing key market for Nestle in 2018

PTI     May 17, 2019

New Delhi, May 17 (PTI) India was the fastest growing key market for Nestle in 2018, with a 10.9 per cent growth in local currency terms, the Swiss major said Friday. Nestle India, which had faced big crisis in its popular brand Maggi four years ago, reported a revenue of Rs 11,292.27 crore in 2018 and was among top 15 markets globally. "We are the fastest growing key market for Nestle in the world in 2018. We grew at 10.9 per cent in the local currency terms," said Nestle India Chairman Managing Director Suresh Narayanan. The company follows January-December financial year. As per Nestle's global result, the US is the leading market in terms of sales followed by China, France, Brazil and the United Kingdom. Other major markets for the Swiss major include Mexico, Germany, Philippines, Japan and Russia. Nestle India, Friday said as part of its product portfolio expansion, the company ventured into 'organic' food products and introduced 'Ceregrow Organic Selection' in its kids cereal brand. "This is a beginning... we will look at ways and means of expanding our portfolio in the whole organic area," he said adding "we have been working for more than two years. The raw materials have to be sourced from farms where organic practices are put in place." Nestle, as part of its diversification strategy, is adding new products in its portfolio post Maggi crisis. The company also plans to expand its organic range and add more products. According to Narayanan, organic is a worldwide trend but for India and it is something which is relatively nascent. PTI KRH DRR

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