Snacks major Bikano has announced the launch of three new lip-smacking products to increase their market share and revenue stream in the western snacks category. The new products, including Mexican Crunch and Fun Sticks, will aim to solidify Bikano’s presence in the western snacks market of Rs 16000 crore.
Consumers of the present day want easy-to-carry, price-effective snacks that do not compromise on nutrition and taste. With Gen-Z being more focused on their health and wellness, unsurprisingly, they look for healthier products and have an attraction for new products. Adults look for the brand and price and they want their money spent well; hence the quantity aspect too forms a key consideration in their choice making.
Speaking about the launch of the new products, Manish Aggarwal, director, Bikano, said, “The launch of new products provides a means to target new markets, new customers, increase market share, sell more and eventually increase our revenue streams. A wide range of products portfolio gives confidence to the retailer & provides an opportunity to infuse new energy into the channel, which would eventually help increase sales revenue. Treatos Mexican Crunch and Chatax Fun sticks will work as fuel for growth.
New Work From Home culture post lockdowns has somehow developed the habit of munching while working. Observing these trends, the snacks market is going to get even bigger. For the initial six months, we are expecting sales revenue of Rs 25 lakhs per month and will gradually attempt to achieve Rs 1 crore sales per month from these three products.”
Gen-Z and Millennial population are considered a big market by FMCG companies for its snacks segment. Snacking brands focusing more on products with low-calorie count and less oil can encourage the younger generation towards healthier snacking choices.
“Indians are experimenting, seeking variety and are open to trying new products and experiences. Businesses need to be quick to tap into the fast-growing and profitable categories. Diversifying the portfolio makes sense as it helps mitigate risk and is not necessarily a costly affair. Most product changes are consumer-led, and this is to cater to their explicit and implicit needs,” said Dawinder Pal, head of Marketing at Bikano.
“In Mexican Crunch, periperi flavor is the most popular flavor. Also, it is 100% corn-based which gives a crunchy bite. On the other hand, the USP of Chatax Fun Stick is the taste and flavor which differentiates it from competitors. The product is very tasty and light to eat. For the Treatos Mexican Crunch, we are targeting the age group of 10-30 years, while for the Chatax Fun Sticks, our target group is five years to 18 years,” he added.
To enhance the success of these products, Bikano will be marketing these products across various channels like digital, retail, and print media. The products are available at different price points, starting from Rs 5 to Rs 10.