India becomes largest market for Nestle's Maggi and 2nd largest for KitKat

India has become the largest market for Nestle globally for its instant noodles and soup brand Maggi and the second largest for chocolate wafer brand KitKat, according to the latest annual report of its local subsidiary.

Besides, the India market with a high double-digit growth has become one of the fastest growing markets for Nestle, it added.

"Penetration, premiumisation and innovation, combined with disciplined resource allocation, have been key in driving business, making your company one of the fastest growing markets for Nestle globally," said Nestle India's annual report for 2023-24.

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Nestle, which sells its popular instant noodles under brand Maggi and prepared dishes and cooking aids here, sold over six billion servings of Maggi during FY24, "making India the largest Nestlé market for Maggi worldwide," it said.

Nestle is expanding its play under brand Maggi and has launched Oats Noodle, Korean Noodles and various masala variants at an affordable Rs 10.

"The Prepared Dishes and Cooking Aids business recorded a strong growth momentum. This was aided by a balance of product mix, pricing and volume growth in Maggi noodles and Maggi Masala-ae-Magic, supported by strong consumer engagement and market presence with media campaigns and attractive consumer activations," it said.

In confectionary, Nestle India said it sold 4,200 million fingers of KitKat. The growth was fuelled by the launch of new products, expansion of the distribution network and innovative brand activations.

"KitKat has emerged as the star performer, by not only delivering strong growth but making Nestlé India the second largest market for the brand globally," it said.

In India, brand Maggi recovered after a five-month ban on its instant noodles over allegation of containing lead beyond permissible limits.

However, the instant noodles returned to market after a relaunch in November 2015 and later Nestle India extended the brand in the food segment and adjacencies.

Before the crisis, the brand had over 70 per cent market share in the instant noodles segment, which it still has not reached as the competition has intensified in the segment with arrival of new players.

Nestle, which is setting up its tenth Indian factory in Odisha, reaffirmed the significance of India as a market.