Sunpure, a well-known name in the edible oil industry, has introduced a fresh product range – packaged jaggery, setting a robust annual revenue goal of Rs 120 crore. Rolling out jaggery powder and jaggery blocks in 500-gram packaging, the brand has set its sights on the Bengaluru and Mumbai markets for the initial launch. However, Sunpure aims to expediently extend these offerings to its current markets, encompassing Karnataka, Maharashtra, Kerala, Andhra Pradesh, Telangana, Goa, and Tamil Nadu within the next month.
The market for packaged jaggery in India experienced rapid growth, reaching Rs 55.6 billion in 2022. Projections anticipate a significant rise to Rs 122.1 billion by 2028, reflecting an impressive 14.1% annual growth rate over the span of five years.
Sunpure’s decision to enter the jaggery market is fueled by the escalating consumer preference for healthier substitutes, moving away from processed white sugar. MK Agrotech, Sunpure’s parent company, aims to solidify its position as a leading Fast-Moving Consumer Goods (FMCG) brand nationwide. The introduction of jaggery products under the Riso brand in Mumbai, acquired by Sunpure earlier this year, also signifies the company’s strategic expansion into the Western market.
Sridhar Vaidyanathan, Chief Operating Officer at MK Agrotech, highlighted a gradual shift towards healthier alternatives to processed sugar, stating, “India is one of the leading exporters of jaggery in the world and the domestic market for packaged jaggery is ripe for disruption. With mounting health concerns due to the growing incidence of diabetes, heart diseases, and obesity-related issues, more and more Indian consumers today are replacing white sugar with jaggery, an unrefined natural sweetener made from sugarcane juice. What’s more, jaggery also offers numerous nutritional benefits, making it a healthy addition to the household pantry staples.”
Sunpure’s venture into the packaged jaggery segment reflects its alignment with changing consumer preferences and the growing pursuit of healthier lifestyles. Focused on strategic market expansion and addressing consumer health priorities, the company endeavours to carve a substantial niche in the rapidly burgeoning packaged jaggery industry.
