Cargill India on Tuesday announced foray into the rice bran oil segment through its Gemini brand, and said it is looking to grab 10 per cent market share in the segment in Maharashtra within one year.
The company expects the new segment to contribute 2.5-3 per cent to its overall revenue.
“Health oil is an emerging segment. As our biggest market for Gemini is Maharashtra, we will initially launch in the state, as well as Karnataka,” Milind Pingle, director, sales and marketing, Cargill food business - India, told PTI.
“We expect to achieve 10 per cent market share in Maharashtra in one year in the rice bran oil segment,” he added.
The company will source rice bran oil from a third party in Dhuri in Punjab, according to Pingle.
The total rice bran market in the country is one lakh tonne annually, while the total market in Maharashtra is 20,000 tonne per year, he said.
Gemini, which is in consumer brands of edible oils such as NatureFresh, Gemini, Sweekar, Leonardo Olive Oil, Rath and Sunflower brand hydrogenated fats, enjoys 30 per cent market share across all categories, according to him.
The brand is available in variants including sunflower oil, soybean oil, groundnut oil and vanaspati.
Pingle said Gemini rice bran oil will be competitively priced at around Rs 125-130 per litre and will be distributed across all channels.
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“This new segment is likely contribute 2.5-3 per cent to the overall revenue,” he added.
The company claims Gemini rice bran oil to have 40 per cent more oryzanol as compared to any regular edible oil, which reduces bad cholesterol in the body, and is fortified with Vitamin A, D and E.
Going forward, Pingle said the company is looking at building its health and wellness portfolio in the oil as well as carbohydrates variants.