The company, which entered the Indian market in 2011 with the launch of 'Snickers' brand, is aiming at establishing the two chocolate brands in the country. (Agencies)
"We would like to focus on these two brands at the moment. Our focus currently is to expand the distribution network in the country," Mars International India Chocolate Business General Manager MV Natarajan said.
When asked if the company would like to further expand its product portfolio, Natarajan said, "We keep on evaluating options for further expansion of the portfolio. We have strong portfolio of brands globally."
India is the world's fastest growing chocolate market and the moulded chocolate segment is the fastest growing, he added.
Commenting on the Indian market, Natarajan said, "India is a very important market for Mars. With this launch, we are entering an extremely dynamic segment with our business objective of growing our product range in India".
When asked about the company's growth plans in the country, Natarajan said, "We are looking at establishing a scalable, sustainable business in the country in the medium and long term."
He, however, declined to share financial details.
The Indian chocolate market is estimated to be around Rs 5,000 crore per annum and growing at 20 percent year on year for the last couple of years.
"We believe that it is going to stay like that and India is going to be among the top ten markets globally in the next decade," Natarajan said.
The rapid growth in disposable income of people in India has led to the growth of chocolate segment in the country, he added.
Galaxy brand would be available in Indian market in 19 gram bar for Rs 15 and a 43 gram bar for Rs 40, Natarajan said.
Mars Inc, which posted revenues of over USD 30 billion globally last year, currently markets its chocolate brands in around 79 countries.
The company, which entered the Indian market in 2011 with the launch of 'Snickers' brand, is aiming at establishing the two chocolate brands in the country.