A leading sweets and bakery products brand in Andhra Pradesh and Telangana, Sweet Magic Foods has announced its move into packaged food category by launching a new product ’wheat rusk’.
According to AVS Vara Prasad, Managing Director, Sweet Magic Foods, the company’s turnover is expected to cross Rs 130 crore by 2020 against the present turnover of Rs 30 crore by grabing 10 per cent market share by 2019 with this new food product ’wheat Rusk’ available in two packages.
The company is gearing up to tap into the growing business opportunity in the rusk segment by setting up a 600 MT per month capacity unit ensuring high quality products.
The company stated that the rusk is a high growth segment which is expected to grow at 25 per cent and become a Rs 5,000 crore market by 2020.
The company aims to capture 5-10 per cent of rusk market share in the near future. The initial entry would be with plain Sweet Magic Wheat rusk, however, the company plans to add flavoured variants shortly.