NEW DELHI: In order to tap an increasing number of discerning customers, FMCG firmMaricoBSE -2.65 % is focusing on scaling up its presence in all the sub-segments of value added hair oils.
The company that derives 16 per cent of its turnover from value added hair oils said it will have a wider portfolio by introduction of new products to drive growth.
"With rising incomes in India, there exist increasing opportunities to serve consumers looking for value added options to their hair oiling needs. The company will focus on scaling up its presence in all the sub segments," Marico said in an investor update.
Marico's value-added hair oil brands include Parachute Advansed, Nihar and Hair & Care. The value-added hair oil portfolio accounted for Rs 733.49 crore out of the company's total turnover of Rs 4,584.34 crore in the last fiscal.
"Nihar, Parachute Advansed and Hair & Care have each established significant franchises. This is being built upon further through the introduction of new products," Marico said, adding its aim is to "participate in all the sub-segments and have a wider portfolio to drive growth".
Value-added hair oils are premium and higher priced with additional product benefits.
On its strategy to push such products, it said: "The company believes that educating the consumer by putting science behind the habit of hair oiling will build credibility and create a loyal franchise."
According to Marico, the total value-added hair oil market in India is estimated at Rs 4,500 crore and the company's brands Parachute Advansed, Nihar and Hair & Care enjoy strong positions.
"The brands continued to record very healthy growths and as a result the market shares have been improving year on year. Marico's basket of hair oil brands achieved market leadership position in the value added hair oils space and now has over 27 per cent share," it said.