India one of the fastest growing markets for Nestle globally: Annual Report FY24

Amidst a challenging global environment, India exhibited resilience blending elements of “robust economic growth” and “a dynamic consumption landscape” in 2023, Suresh Narayanan, Chairman & Managing Director, Nestle India noted in a letter to shareholders in the company’s annual report for 2023-24. He added that India is solidifying its trajectory towards becoming “one of the foremost economies worldwide.”

India is one of the fastest growing markets for Nestle globally. The company is investing about ₹7,500 crore between 2020 and 2025 to develop new capabilities and expand existing ones with a sharp focus on sustained growth and innovation, he added. The Swiss packaged food company is setting up its tenth greenfield manufacturing facility at Odisha with an initial investment of ₹894.10 crore.

double-digit growth

“The underlying fundamentals of Nestle India continue to be strong. Robust growth was sustained across all categories, with India becoming the largest Nestle market globally for Maggi and the second-largest market for Kitkat. Total sales witnessed double-digit growth as we navigated a dynamic market landscape,” Narayanan added..

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“All key brands and product groups recorded consistent growth, despite escalating food inflation and volatile commodity prices, primarily in coffee and cocoa,” he noted in the annual report for FY24 (15 months).

Over 140 new products

He pointed out that over the past eight years, Nestle India has launched over 140 new products. A significant portion of sales in 2023 was attributed to “innovative products” including millet-based products and plant-based protein options.

Narayanan stated that the company has been ramping up infrastructure, portfolio, feet on the ground and opportunities for penetrating new geographies in terms of the company’s “Rurban” focus. “ This resulted in a notable upswing in sales and expanded our direct coverage footprint, crossing the milestone of over 200,000 villages,” he added.

“Ours is a story not of swashbuckling success, but of disciplined interventions, of doing the right thing, of making meaningful contributions and of showing our mettle as we navigate transient clouds. It is a story of integrity, dedication, and diligence that nourishes the roots and translates into positive impact,” Narayanan stated. 

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