ITC Foods to introduce new coffee beverages

India: Indian multinational company, ITC Foods plans to introduce the coffee beverage segment with the launch of flavors made of Indian and Latin American beans namely, the Sunbean Gourmet Coffee which offers a blend of Indian and international bean varieties, the Nicamalai flavor which is a sweet fruity aromatic blend of beans from Nicaragua and Anamalai hills in Tamil Nadu, and the Panagari flavor, which is a fragrant variety with strong aroma from Panamanian and Arabica beans from the Budangiri hills, Karnataka's Chikkamagaluru district.

The launch of the special coffee beverage will be in their other luxury hotels pan India. Along with this the product also be made available to consumers through the hotels food and beverage outlets. The consumers can also buy roasted coffee beans at USD60 per kg packet from the company's F & B outlets in its hotels. The product is also available in 200 grams at a price of USD 12.3 per packet.

According to TechSci Research, the per capita income in India was USD 1,057.6 in 2011 and currently the same being at USD 1435.27 which clearly depicts the disposable income power has increased thereby giving a push to the coffee industry. In recent times many coffee shops have sprung up in many Indian cities like Bangalore, Delhi NCR, Hyderabad and Mumbai so in sync with the scenario the company’s aim is to create a premium gourmet coffee experience for consumers by blending chosen beans from across the globe with the best in India. ITC's Foods business will also export these products to North America, Africa, Middle East and Australia.

According to a recent report published by TechSci Research, “India Coffee Shops / Cafés Market Forecast, Consumer Survey and Opportunities, 2021”, market for Coffee Shops / Cafés in India is projected to grow at a CAGR of over 11% during 2016 - 2021. In addition to India urban centers like New Delhi, Mumbai, Bengaluru, Chennai, Hyderabad and Kolkata, entry of new chains into tier II and tier III cities is anticipated to emerge as a major factor driving growth in coffee shops / cafes market in the country over next five years. India coffee shops / cafes market is highly fragmented, with Café Coffee Day, Costa and Starbucks being few of the leading chained coffee shops operating in the country.