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French syrup company, Monin announces Rs 300 cr investment in India
Industry News- Sep 15,23
This substantial investment in Monin India Pvt Ltd will be sourced directly from the family-owned French enterprise.
Monin, the renowned French syrups company, is poised to expand its manufacturing operations in India through a substantial Rs 300 crore investment in a new facility located in Telangana. Olivier Monin, the Chairman of Georges Monin SA, announced that despite the initial announcement of the plant in 2018, its groundbreaking ceremony is scheduled for this week.
This substantial investment in Monin India Pvt Ltd will be sourced directly from the family-owned French enterprise. The initial phase of growth, slated for the first two years, will focus on localising production using locally-sourced ingredients. In the subsequent phase extending until 2027, Monin aims to establish India as a production hub for exporting its products to neighboring South-East Asian nations. To facilitate this vision, the company allocated Rs 50 crore in 2018 to secure over 40 acres of land for research and development labs dedicated to localising their product range.
At present, India constitutes only a small fraction of Monin's market, with a primary focus on Western countries for significant sales. However, the company anticipates a tenfold increase in business in the coming years. Olivier Monin expressed the company's eagerness to establish a manufacturing presence in India, as a significant portion of their current demand is met through product imports from Malaysia. He stated, "We aspire to become a local brand in India, much like we have achieved in America and Malaysia."
Highlighting India's importance, Monin emphasised its large, youthful population and expressed optimism about India's future over the next 15-20 years. He acknowledged India as a vital market, both due to its untapped commercial potential and the excitement of serving a country known for its diversity, talent, and innovation. Monin believes that this new facility will help them achieve their goal of delivering premium beverage solutions to their global partners.
The pandemic, like many businesses in the spirits industry, disrupted Monin's operations worldwide. However, the company managed to maintain a 30% growth rate between 2011 and 2021, with only a brief period of disruption. While Monin primarily targets corporate customers, it is also present in approximately 2,000 retail stores across India, offering a range of commercial and smaller-sized products. The company reported a gross turnover of Rs 100 crore in FY23, although this figure could not be independently verified by Mint.
India's non-alcoholic spirits market is substantial, standing at approximately Rs 67,100 crore in 2019, according to a report from the economic policy think tank ICRIER. This market is projected to grow to Rs 1.47 trillion at a CAGR of 8.7% until 2030, encompassing products such as juices, packaged water, and other beverages.
Monin
Telangana
Olivier Monin
Georges Monin SA
South-East Asian Export
Premium Beverage Solutions
Non-Alcoholic Spirits Market
France
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