Gujarat based Adani Wilmar, known for its cooking oils and foods under the Fortune brand, is set to launch its Fortune Sugar brand in North India in July.
Fortune Sugar was launched in May in the eastern states of West Bengal, Odisha, Jharkhand, Bihar and some regions in Uttar Pradesh.
Angshu Mallick, Deputy CEO, Adani Wilmar believes that the addition of branded sugar to the company’s portfolio will provide value addition for the Fortune brand, making it a complete food company. The move to launch Fortune sugar was a logical move to expand in the market up north, he added. The company will set up a facility in Delhi in July, followed by more capacities in Haldia and Kandla.
Mallick opines that the market for branded sugar is still in its nascent stage, but growing at a compound annual growth rate, CAGR of 8 percent. At the moment, only 3 percent of household sugar consumption is attributed to branded sugar out of the total household sugar consumption is 11-12 million tonnes per annum.
Fortune sugar is betting on consumer awareness and the increased demand for hygienic packaged sugar. The company plans to leverage modern trade and ecommerce partners to make Fortune sugar a household name.