Dairy-based branded foods manufacturer and marketer Parag Milk Foods has forayed into whey protein range - Avvatar Absolute - and is eyeing 20-22 per cent market share in one year, a top official today said.
"We are entering the Rs 2,500 crore (both through organised and unorganised channel) market with an initial 10 per cent market share. In one year we expect to capture 20-22 per cent market share of this premium product category," Parag Milk Foods Chairman Devendra Shah told reporters here.
Avvatar Absolute is claimed to be the first 100 per cent vegetarian whey protein made in India. It is made during the process of manufacturing cheese using fresh grass fed cow's milk.
The company will initially launch Avvatar Absolute in eight metro cities in the north and west, including Mumbai and Pune, and slowly expand to 30 big cities.
"However, through e-commerce we will be available across the country," Shah said.
"We have invested Rs 110 crore in the plant for cheese and whey in Manchar in Maharashtra as we foresee huge demand from the retail consumers. Protein-based foods are becoming popular among people from all walks of life. With changing lifestyle there is growing interest of the younger generation in sports and nutrition," he said.
The manufacturing unit will initially produce 1.5-2 tonne whey and expand to 4-6 tonne in 12 months, he said.
The company is also planning to export Avvatar Absolute to all neighbouring countries.
It is mainly planning business to business marketing strategy for brand building, he said.
"We will reach out to nutrition supplement stores, pharmacies, modern retail stores and e-commerce portals for creating brand awareness and distribution," company's Chief Marketing Officer Mahesh Israni said.
He said, "Educating gym trainers and owners who are the key influencers in this category is going to be our key platform."
The Avvatar Absolute whey protein comes in three flavours - Double Chocolate, Vanilla Snow Creme and Cafe Mocha - in two sizes 2 lbs and 5 lbs.
"After establishing the brand, during our phase three expansion, that is in a couple of year, we are planning for natural extension of the product category like sports drink and energy drink," he said.
Parag Milk Foods, established in 1992, has manufacturing facilities at Manchar in Maharashtra and Palamaner in Andhra Pradesh.
Under brand 'Gowardhan', the company offers traditional products like ghee, dahi, paneer among others and under 'Go', they offer products like cheese, UHT milk and yoghurt.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)