ASIA – Cargill India’s Gemini brand has ventured into the rice bran oil segment with a goal to gain 10% of the market share in the segment in Maharashtra within one year.
The company said Gemini rice bran oil has 40% more oryzanol as compared to any regular edible oil, which reduces bad cholesterol in the body, and is fortified with Vitamin A, D and E.
With the segment, the company is looking forward to building its health and wellness portfolio in the oil as well as carbohydrates variants.
Cargill expects the new segment to contribute 2.5-3% to its overall revenue given that total rice bran market in the country is 100,000 tonnes annually, while the total market in Maharashtra is 20,000 tonnes per year.
Milind Pingle, director, sales and marketing, Cargill food business – India said Gemini which is in consumer brands of edible oils such as NatureFresh, Gemini, Sweekar, Leonardo Olive Oil, Rath and Sunflower brand hydrogenated fats, enjoys 30 per cent market share across all categories.
“Health oil is an emerging segment. As our biggest market for Gemini is Maharashtra, we will initially launch in the state, as well as Karnataka,” said Milind.
“We expect to achieve 10 per cent market share in Maharashtra in one year in the rice bran oil segment.”
Gemini is a brand of sunflower oil, soybean oil, groundnut oil and Vanaspati and according to Milind, Gemini rice bran oil will be competitively priced at around US$1.72-1.79 per litre and will be distributed across all channels.
Rice bran oil consumption in the country is rising and stands at nearly one million tonnes per annum and Cargill which ventured in India in 1990s, is utilizing the untapped potential to boost output and demand.
Current production of rice bran oil is over 9,80,000 tonnes per annum and increasing by about 40,000/50,000 tonnes per annum, according to Solvent Extractors’ Association (SEA).