German packaged foods maker Dr Oetker on Thursday said it expects India to be in the top 10 markets for the Oetker Group.
In an interview with Manisha Gupta, Oliver Mirza, managing director and chief executive officer of India & SAARC, said he expects mayonnaise, spreads and cake segment to fuel the growth for the company in India.
Mirza said the company has been growing in double digits in every quarter and in between, the number was a bit lower around 10-12 percent but now it is at 21 percent.
Talking about growth globally, he said it was about 10 percent last year, while in India we have grown last year at 21 percent, "At present, the growth globally is in the single-digit number but we are still on a year to date basis double-digit with about 20 percent."
According to Mirza, the maximum growth over the last few years was from the mayonnaise and spreads category. Dr Oetker was the number one in mayonnaise, "So mayonnaise and various spreads were the major drivers over the last few years and we believe they will continue to be a major driver."
He believes that cakes are going to be a strong driver and that's why Dr Oetker acquired small startup Kuppies which is based out of Noida, "So this acquisition will fuel the growth engine further along with spreads and with that, Dr Oetker has the ambition to enter the top 10 countries globally in the Oetker Group. At the moment, we are ranking in the top 20."
Watch video for more.