Direct selling FMCG company Amway India, is aiming to nearly double its turnover from the protein powder segment from a current Rs 300 crore by 2020, mainly on the back of its newly launched Nutrilite All Plant Protein Powder, which would find many takers in states like Gujarat which have a predominantly vegetarian population.
The All Plant Protein Powder, a blend of soy, wheat and yellow pea, is currently sold in 55 markets across the world, and is Nutrilite's top selling product across the globe, a company statement here claimed. According to Sandeep Prakash, regional head, Amway India West, the company enjoys a 20 per cent market share in the Rs 5,500 crore dietary and vitamins supplement market in the country.
The Nutrilite Protein Powder comprises a significant portion of Amway's Nutrilite portfolio, and is pegged around Rs 300 crore at the moment. The company hopes that with the new launch, this could go up to Rs 600 crore by 2020.
The Nutrilite range is also one of the highest contributors to the company's revenues in the country.
Of the overall Rs 2,046 crore turnover, around 55 per cent comes from Nutrilite range, while around 30 per cent comes from the beauty products range and the remaining is from the homecare range.
The company, which is in the process of setting up its own manufacturing plant in Tamil Nadu with an investment of about Rs 550 crore, expects the facility to get operational by the third quarter of the calendar year. "Most of our manufacturing would happen at Tamil Nadu from the end of this year," Prakash said.
Gujarat is one of the top markets for Amway in India, and ranks amongst the top 5 markets for it in the country, and is witnessing a 10 per cent CAGR in the vitamins and dietary supplement segment.