Mars launches M&M's, ranks India in top 10 focus markets
US-based chocolate maker Mars Inc has launched M&M's brand here as it looks to expand presence in the bite-size snack segment in India.
Mars International India, wholly-owned arm of US-based chocolate maker Mars Inc, is eyeing India among top 10 focus markets and would introduce several other brands from its global portfolio in coming years.
"India is a priority market for Mars Incorporated and we are committed to bring our best loved brands to Indian consumers... With the launch of M&M's in India, our aim is to grow the nascent bite-size category in the market," said Mars Chocolate GM, India & Indian Sub-Continent, Andrew Leakey.
The Indian chocolate market is expected to be around Rs 6,710 crore and had a 6.4 per cent CAGR growth between 2014- 16. "Presently, chocolate consumption in India is very low, almost 20 times less than the US. So, we have an opportunity in some segments here," he added. India presently contributes 5 per cent to the overall sales to Mars global (across all segments).
On introduction of more brands in the Indian market, Leakey said: "It depends on our strategy and long term view of the company." However, he did not share the probable brands, which Mars may launch here.