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The Swiss multinational company – Nestle – shared in an annual report that India emerged as its largest market for Maggi sales in the financial year 2023-24. Recording 6 billion servings in their annual sales, the company also declared India as one of its fastest growing markets around the world – clocking growth rate in double digits. Attributing its success to factors like prepared dishes and cooking aids, Nestle said that the reason for its popularity with consumers lies in product mix, pricing and volume growth for two leading products – Maggi and Maggi Masala-e-Magic.
In addition to this, the company also sold 4.2 billion units of their chocolate-covered wafer – KitKat – becoming the brand’s second largest market for the confection. Despite the ban on the instant noodles back in 2015, where the product was alleged for containing 1000 times more than the authorised limit of lead, Nestle shared that they’re still recovering from the plummeting sales which fell instantly following the controversy. Clocking a total sale of ₹24,275 crores within a span of 15 months across 140 products, the company has plans to invest ₹7500 crores between 2020-25 as a way to boost operations.
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Crediting a significant portion of the total sales to their product innovations, variants of the masala instant noodle along with Oats Noodle and Korean noodles have also caught on with the consumers. Although Maggi sales continue to still recover from the damage done by the ban, other competitors in the market have also made it a challenge for them to establish an autonomy. What are your most favourite instant noodles and how do you like to enjoy them? Let us know in the comments.
