Cargill India relaunches Sweekar; eyeing 20% share in premium oil market

KOLKATA: US-based food products company Cargill has relaunched the Sweekar edible oil brand with enriched features and new packaging, which it had acquired from Marico last year. Cargill is betting on Sweekar to gain 20% market share in the premium oil market over the next 6-9 months.

""When we acquired Sweekar, the brand was not performing but had a lot of recall and potential. Consumer are upgrading to premium oil with the segment growing at 25% by value as compared to over-all market growth rate of 12%,"" said Cargill India director (consumer sales) Aseem Soni.

The company has roped in Sanjeev Kapoor as the brand ambassador for Sweekar. It is positioning it as a more healthier option than olive oil and one which will cook restaurant food at home. In fact, each pack of Sweekar will have Sanjeev Kapoor's recipe bundled with it.

The size of the premium oil market in India is 55,000 tonnes by volume. Cargill is the third largest edible oil company in India by volume and enjoys market share up to 35% in some geographies like the West. Some of the popular edible oil brands are Sweekar, NatureFresh and Rath.

The company is also planning to roll out packaged food products in the cereal and staples space such as atta, pulses and rice in India by this fiscal. It is exploring greenfield launches and acquisition for venturing into these product categories. Cargill India expects a foray into these products will bolster its presence in the consumer segment.

""The consumer food business is a major investment area for Cargill in India and there will lot of activity in next 12 months,"" said Cargill India director (corporate affairs) Ishteyaque Amjad.

At present, the consumer food business accounts for 65% to its revenues in India. Cargill last year had clocked $3-billion revenue in India, which includes the institutional business and sourcing of product. India contributed some 3% to Cargill's global revenue last year.