JK Masale eyes overseas expansion
Kolkata based JK Masale, is looking to mark its presence overseas for its wide range of whole, ground, blended and processed spices and herbs.
Kolkata-based JK Masale is looking to consolidate its presence nationally and expand overseas. A household name since 1957, the company has a wide range of whole, ground, blended, processed spices and herbs.
As per various market research organizations, studies show that the Indian spices market is worth INR 40,000 crore annually. Key spices produced in the country include pepper, cardamom, chili, ginger, turmeric, coriander, cumin, celery, fennel, fenugreek, ajwain, dill seed, garlic, tamarind, clove, and nutmeg among others. The market is largely unorganized and the branded segment makes up about 15% and India exports close to 52 different spices.
“Based on these market statistics, we understand that the potential for JK Masale is yet to be maximized. Given the ever-evolving food habits in India and globally, Indian cuisine has garnered a distinguished position globally. JK Masale aims to not only tap the unorganized and branded segment of spice trade in India, but globally as well,” says Ashish Baid, Overseas & Trade Shows, JK Masale.
Currently, JK Masale is exported to various countries where a large contingent of Indian diaspora reside, such as the USA, Japan, Hong Kong and Singapore, and also has tie ups with e-tailing majors like Amazon.com. The ISO 22000:2005, Halal and US FDA certified company is also exploring markets such as the Middle East and Africa.
Organic products for export markets
JK Masale’s marketing strategies and internal processes are designed keeping in mind a customer-centric frame. Speaking about starting organic products for the export-oriented markets, Ashish commented, “The market for organic range of spices is niche. However, with the growing demand by consumers, JK Spices is planning to launch its segment and range of organic spices and condiments for overseas markets.”
With the advent of internet, consumers are aware of quality standards and require solutions to add ease in daily cooking. JK Masale claims that its products cater to these evolving needs in terms of premium quality, packaging solutions as well as blended mix spices category. It has also introduced various packaging sizes, besides innovating in various blends for ease of meal preparation with maintaining consistency in its quality. JK Spices blends are available in over 500,000 plus outlets with regular users in over 30 million households, making it a brand with national footprint. “We are constantly researching and developing new products and refining the existing ones, developing existing sectors and maximizing every opportunity in the ethnic markets worldwide,” said Ashish.
JK Masale recently launched JK Poha, as it found that there strong demand for flattened rice. Newer spice blends are in the pipeline including Biryani masala, Tikka masala, Tea masala, Tadka masala, Aloo Dum Masala, Jaljira Powder and Kitchen King Spice mix. These products will be available in general and modern trade both. Ashish added, “Based on market research backed by consumer demand, JK Masale continues to develop unique spice blends not just domestically but also for overseas markets to cater to satisfy global taste buds. We remain focused on preserving and reaching out our products and quality across the globe.”
ADDING TO THE INFRASTRUCTURE
JK Masale currently has a strong presence in Eastern India (Bihar, Bengal and Odisha) where it claims it has 35% market share. It is also present in Maharashtra, Rajasthan, Andhra Pradesh and Karnataka.
The company currently has three integrated manufacturing units – one each in Gujarat, West Bengal and Rajasthan – with an annual capacity of 30,000 tonne. Around INR 7 crore to 8 crore will be invested as capex primarily for adding more production lines as it expands its product range.
JK Masale witnessed over 60% jump in its turnover and registered INR 245 crore in FY18, aided by national branding and marketing. The company hopes to continue these activities as it targets around 50% growth in sales this fiscal (FY19) to touch INR 360 crore.