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1. Concentrates in India
Euromonitor International
February 2022

2. C O N C E N T R A T E S I N I N D I A P a s s p o r t i
© E u r o m o n i t o r I n t e r n a t i o n a l
LIST OF CONTENTS AND TABLES
KEY DATA FINDINGS.................................................................................................................. 1
2021 DEVELOPMENTS............................................................................................................... 1
E-commerce acts as both boon and bane for companies, particularly partnerships with
hyperlocal delivery players........................................................................................................ 1
Leader Pioma Industries focuses on fortifying its products....................................................... 1
Ayurvedic products focus on ingredients and increased e-commerce availability .................... 2
PROSPECTS AND OPPORTUNITIES......................................................................................... 2
Communication will continue to be focused on functional references....................................... 2
Brands promoting Ayurveda expected to do well in the forecast period ................................... 2
Versatility and rural areas set to underpin growth in concentrates ........................................... 2
CATEGORY DATA....................................................................................................................... 3
Concentrates conversions ........................................................................................................ 3
Summary 1 Concentrates Conversion Factors for Ready-to-Drink (RTD) Format........... 3
Table 1 Off-trade Sales of Concentrates (RTD) by Category: Volume 2016-
2021............................................................................................................. 3
Table 2 Off-trade Sales of Concentrates (RTD) by Category: % Volume
Growth 2016-2021 ....................................................................................... 3
Table 3 Off-trade Sales of Concentrates by Category: Value 2016-2021 ................. 3
Table 4 Off-trade Sales of Concentrates by Category: % Value Growth 2016-
2021............................................................................................................. 4
Table 5 LBN Brand Shares of Off-trade Concentrates (RTD): % Volume 2018-
2021............................................................................................................. 4
Table 6 NBO Company Shares of Off-trade Concentrates: % Value 2017-
2021............................................................................................................. 4
Table 7 LBN Brand Shares of Off-trade Concentrates: % Value 2018-2021............. 5
Table 8 NBO Company Shares of Off-trade Liquid Concentrates (RTD): %
Volume 2017-2021....................................................................................... 5
Table 9 LBN Brand Shares of Off-trade Liquid Concentrates (RTD): % Volume
2018-2021.................................................................................................... 6
Table 10 NBO Company Shares of Off-trade Powder Concentrates (RTD): %
Volume 2017-2021....................................................................................... 6
Table 11 LBN Brand Shares of Off-trade Powder Concentrates (RTD): %
Volume 2018-2021....................................................................................... 6
Table 12 Forecast Off-trade Sales of Concentrates (RTD) by Category: Volume
2021-2026.................................................................................................... 7
Table 13 Forecast Off-trade Sales of Concentrates (RTD) by Category: %
Volume Growth 2021-2026 .......................................................................... 7
Table 14 Forecast Off-trade Sales of Concentrates by Category: Value 2021-
2026............................................................................................................. 7
Table 15 Forecast Off-trade Sales of Concentrates by Category: % Value
Growth 2021-2026 ....................................................................................... 7

3. C O N C E N T R A T E S I N I N D I A P a s s p o r t 1
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CONCENTRATES IN INDIA
KEY DATA FINDINGS
▪ Concentrates maintains solid growth in 2021, as consumers seek functional benefits in light of
COVID-19
▪ In 2021, off-trade sales of concentrates see current value and RTD volume growth of 9% and
5%, to reach INR13.8 billion and 363 million litres, respectively
▪ Pioma Industries Ltd maintains the lead in concentrates in 2021, with a 43% off-trade value
share
▪ Concentrates is set to see an off-trade current value CAGR of 8% (4% CAGR at constant
2021 prices) and a volume CAGR of 5% over the forecast period, to stand at INR20.6 billion
and 453 million litres in 2026
2021 DEVELOPMENTS
E-commerce acts as both boon and bane for companies, particularly
partnerships with hyperlocal delivery players
Like most soft drinks, the majority contribution for concentrates comes from three to four
months during the summer. In 2020 and 2021, the COVID-19 lockdowns overlapped with the
summer season, thereby limiting volume growth slightly. However, the category continued to
perform relatively well, largely due to the low unit prices of these products. In addition,
companies partnered with online delivery platforms to offer their products to consumers and
drive sales. In some cases, cost took a backseat as the main aim was to ensure that consumers
did not shift to other brands due to lack of availability. However, although e-commerce is here to
stay, and products will continue to be sold online on marketplaces such as Amazon and Flipkart,
companies believe that partnerships with hyperlocal delivery players such as Swiggy and Dunzo
are not sustainable in the long run. The commission charged by hyperlocal players is high, and
the margins on concentrates do not make it worthwhile. In addition, although the fmcg giants
can go the direct to consumer route, mid-sized companies cannot do this, due to high logistics
costs and fuel prices.
Leader Pioma Industries focuses on fortifying its products
The demand for products with added health benefits is on the rise. The leading company in
concentrates, Pioma Industries, has therefore been formulating products that cater to the health
and wellbeing trends. To address this demand, the company fortified its products with vitamin E,
vitamin B12, vitamin B6, selenium and zinc. It also ensures accessibility, as most of its
consumers are from the bottom of the pyramid. The company heavily allocates resources to its
digital medium for marketing products by partnering with food influencers. In 2021, it launched
the #iloveyourasnarecipes campaign to interact with consumers, whereby influencers shared
their recipes, and consumers, on the back of those posts, shared theirs. Nevertheless,
traditional media remains vital for the company, and it continues to air commercials on
television, communicating the benefits of fortification in its products. It is also diversifying by
planning to extend its products into carbonates in 2022. The company believes it can leverage
its vast distribution network and will not solely depend on e-commerce to sell its carbonates
brand across India, unlike the smaller regional products. Its carbonates brand is expected to
contain natural fruit and be priced slightly higher than the competition.

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Ayurvedic products focus on ingredients and increased e-commerce
availability
Ayurveda-influenced concentrates started gaining popularity in recent years, but COVID-19
accelerated their growth. As prevention has come to the fore regarding consumers’ approach to
health due to the disease, Ayurveda is no longer considered a pharmaceutical approach. In the
past, Patanjali and Sri Sri Tattva had introduced concentrates containing amla, rose, basil
leaves, bottle gourd and aloe vera, which are gaining popularity in India. These brands have
also extended their distribution reach by opening exclusive stores and utilising e-commerce. The
latter was significant, as this channel gained share due to lockdown restrictions in 2020. Another
big brand which has been doing well due to the move to e-commerce during the pandemic is
Kapiva Ayurveda. Kapiva saw a considerable increase in concentrates containing amla,
wheatgrass, aloe vera, tulsi and giloy, amongst other ingredients. Although its products are
available through stores, most sales are through e-commerce platforms, including its website.
PROSPECTS AND OPPORTUNITIES
Communication will continue to be focused on functional references
Concentrates is not the most popular soft drinks category, with these products mainly being
targeted towards price-conscious consumers. This consumer cohort was also the hardest-hit
during the pandemic, which forced consumers to re-evaluate their priorities. In the forecast
period companies in this space will need to continue providing value to consumers whilst also
communicating their health benefits. For example, Rasna, the most popular concentrates brand,
focuses on communicating that its price is as low as INR2 per glass. However, although
important, value can no longer be its sole selling point. Across the whole spectrum, the demand
for products with preventative health benefits has increased. Historically, the top brands have
positioned their products on value and fortification; however, communication will increasingly
need to be dominated by the benefits of fortification. Also, the category will witness new
launches which contain no artificial colours and flavours and no added sugar in order to avoid
competition from substitutes such as juice drinks. Concentrates is therefore expected to see
solid off-trade volume growth rates in the forecast period, along with stronger current value
increases.
Brands promoting Ayurveda expected to do well in the forecast period
The health and wellness trend will continue to strongly influence concentrates, as COVID-19
has accelerated the demand for immunity-boosting products. Ayurveda-based liquid and powder
concentrates from brands such as Kapiva Ayurveda, Patanjali and Sri Sri Tattva are expected to
build a presence in concentrates in India over the forecast period. Many Indian consumers
consider Ayurveda-based products to be naturally healthy and provide functional benefits.
Similarly, brands such as Rasna and Tang will be marketed based on their fortification with
minerals and vitamins. Demand for Ayurveda-influenced concentrates will be further supported
by the aggressive marketing of Ayurvedic products elsewhere, for example in dietary
supplements.
Versatility and rural areas set to underpin growth in concentrates
In addition to the convenience and low cost of concentrates, consumers appreciate their
versatility. A primary advantage of concentrates is that not only can they be mixed with water,
but they can also be used in the preparation of ice sweets, jelly, custard, mocktails, and others.

5. C O N C E N T R A T E S I N I N D I A P a s s p o r t 3
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Furthermore, companies that target demanding rural areas are set to fare well. The leading
players in concentrates are targeting rural consumers, as growth in cities is increasingly being
threatened by products that are more compatible with modern urban lifestyles, which are likely
to resume as the country recovers from the pandemic.
CATEGORY DATA
Concentrates conversions
The conversion ratio for powder concentrates has remained the same for some time, and in
general, 100g of powder concentrate will yield around one litre of RTD beverage. Many Indians
generally add sugar to sweeten the beverage even more. These conversion ratios are primarily
dictated by the leading brands in powder concentrates, Rasna and Tang.
In liquid concentrates, the conversion ratio has remained over five litres of RTD beverage per
litre of liquid concentrate. This ratio is primarily determined by the leading brands in the
category, Kissan and Rooh Afza.
Summary 1 Concentrates Conversion Factors for Ready-to-Drink (RTD) Format
Conversion factors
Powder concentrates 1kg = 10 litres RTD
Liquid concentrates 1 litre = 3.8 litres RTD
Source: Euromonitor International
Table 1 Off-trade Sales of Concentrates (RTD) by Category: Volume 2016-2021
million litres
2016 2017 2018 2019 2020 2021
Liquid Concentrates 118.0 124.1 128.8 133.5 138.2 143.0
Powder Concentrates 161.5 172.9 184.9 197.5 208.6 219.8
Concentrates 279.5 297.1 313.7 330.9 346.8 362.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2 Off-trade Sales of Concentrates (RTD) by Category: % Volume Growth 2016-
2021
% volume growth
2020/21 2016-21 CAGR 2016/21 Total
Liquid Concentrates 3.5 3.9 21.2
Powder Concentrates 5.4 6.4 36.1
Concentrates 4.6 5.4 29.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 3 Off-trade Sales of Concentrates by Category: Value 2016-2021

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INR million
2016 2017 2018 2019 2020 2021
Liquid Concentrates 5,621.2 6,030.3 6,461.0 6,858.3 7,296.2 7,871.9
Powder Concentrates 3,777.0 4,139.0 4,589.3 4,992.7 5,329.1 5,887.0
Concentrates 9,398.2 10,169.3 11,050.2 11,851.0 12,625.3 13,759.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 4 Off-trade Sales of Concentrates by Category: % Value Growth 2016-2021
% current value growth
2020/21 2016-21 CAGR 2016/21 Total
Liquid Concentrates 7.9 7.0 40.0
Powder Concentrates 10.5 9.3 55.9
Concentrates 9.0 7.9 46.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 5 LBN Brand Shares of Off-trade Concentrates (RTD): % Volume 2018-2021
% off-trade volume
Brand (GBO) Company (NBO) 2018 2019 2020 2021
Rasna Pioma Industries Ltd 47.6 47.1 47.2 47.7
Kissan (Unilever Hindustan Unilever Ltd 11.3 11.1 10.9 10.9
Group)
Rooh Afza Hamdard Wakf 9.3 9.1 9.0 8.9
Laboratories Ltd
Tang (Mondelez Mondelez India Foods 8.0 8.0 8.0 8.1
International Inc) Pvt Ltd
Mapro Mapro Foods Pvt Ltd 0.6 0.5 0.5 0.5
Guruji's Guruji Products Pvt Ltd 0.5 0.5 0.5 0.5
Mala's Mala's Fruit Products 0.4 0.4 0.4 0.4
Ohm's Ohms Food Products Pvt Ltd 0.1 0.1 0.1 0.1
Manama Manama Farms & Foods 0.1 0.0 0.0 0.0
Tang (Mondelez Kraft Jacobs Suchard - - - -
International Inc) India Pvt Ltd
Others Others 22.2 23.1 23.3 22.9
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 6 NBO Company Shares of Off-trade Concentrates: % Value 2017-2021
% off-trade value rsp
Company 2017 2018 2019 2020 2021
Pioma Industries Ltd 40.8 42.1 42.3 42.4 42.8
Hindustan Unilever Ltd 16.6 16.7 16.8 17.3 17.2
Hamdard Wakf 14.4 13.0 13.0 13.0 12.9
Laboratories Ltd
Mondelez India Foods 6.2 6.8 6.9 6.9 6.9
Pvt Ltd

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Mapro Foods Pvt Ltd 1.3 1.3 1.2 1.2 1.2
Guruji Products Pvt Ltd 0.4 0.4 0.4 0.4 0.4
Mala's Fruit Products 0.4 0.4 0.3 0.3 0.3
Manama Farms & Foods 0.1 0.1 0.1 0.1 0.1
Ohms Food Products Pvt 0.0 0.1 0.1 0.1 0.1
Ltd
Kraft Jacobs Suchard - - - - -
India Pvt Ltd
Others 19.7 19.1 18.8 18.3 18.1
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 7 LBN Brand Shares of Off-trade Concentrates: % Value 2018-2021
% off-trade value rsp
Brand (GBO) Company (NBO) 2018 2019 2020 2021
Rasna Pioma Industries Ltd 42.1 42.3 42.4 42.8
Kissan (Unilever Hindustan Unilever Ltd 16.7 16.8 17.3 17.2
Group)
Rooh Afza Hamdard Wakf 13.0 13.0 13.0 12.9
Laboratories Ltd
Tang (Mondelez Mondelez India Foods 6.8 6.9 6.9 6.9
International Inc) Pvt Ltd
Mapro Mapro Foods Pvt Ltd 1.3 1.2 1.2 1.2
Guruji's Guruji Products Pvt Ltd 0.4 0.4 0.4 0.4
Mala's Mala's Fruit Products 0.4 0.3 0.3 0.3
Manama Manama Farms & Foods 0.1 0.1 0.1 0.1
Ohm's Ohms Food Products Pvt Ltd 0.1 0.1 0.1 0.1
Tang (Mondelez Kraft Jacobs Suchard - - - -
International Inc) India Pvt Ltd
Others Others 19.1 18.8 18.3 18.1
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 8 NBO Company Shares of Off-trade Liquid Concentrates (RTD): % Volume
2017-2021
% off-trade volume
Company 2017 2018 2019 2020 2021
Hindustan Unilever Ltd 27.6 27.5 27.5 27.4 27.6
Pioma Industries Ltd 23.2 23.2 23.0 23.0 23.1
Hamdard Wakf 22.7 22.7 22.6 22.5 22.7
Laboratories Ltd
Mapro Foods Pvt Ltd 1.3 1.3 1.3 1.3 1.3
Guruji Products Pvt Ltd 1.2 1.2 1.2 1.2 1.2
Mala's Fruit Products 0.9 0.9 0.9 0.9 0.9
Ohms Food Products Pvt 0.1 0.1 0.1 0.1 0.2
Ltd
Manama Farms & Foods 0.1 0.1 0.1 0.1 0.1
Others 22.8 22.8 23.1 23.4 23.0
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

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Table 9 LBN Brand Shares of Off-trade Liquid Concentrates (RTD): % Volume 2018-
2021
% off-trade volume
Brand (GBO) Company (NBO) 2018 2019 2020 2021
Kissan Fruit Kick Hindustan Unilever Ltd 27.5 27.5 27.4 27.6
(Unilever Group)
Rasna Utsav Pioma Industries Ltd 23.2 23.0 23.0 23.1
Rooh Afza Hamdard Wakf 22.7 22.6 22.5 22.7
Laboratories Ltd
Mapro Squash Mapro Foods Pvt Ltd 1.3 1.3 1.3 1.3
Guruji Kesaria Guruji Products Pvt Ltd 1.2 1.2 1.2 1.2
Thandai
Mala's Orange Crush Mala's Fruit Products 0.9 0.9 0.9 0.9
Ohm's Orange Squash Ohms Food Products Pvt Ltd 0.1 0.1 0.1 0.2
Manama Fruit Twist Manama Farms & Foods 0.1 0.1 0.1 0.1
Others Others 22.8 23.1 23.4 23.0
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 10 NBO Company Shares of Off-trade Powder Concentrates (RTD): % Volume
2017-2021
% off-trade volume
Company 2017 2018 2019 2020 2021
Pioma Industries Ltd 65.5 64.6 63.4 63.3 63.7
Mondelez India Foods 13.8 13.6 13.4 13.4 13.4
Pvt Ltd
Kraft Jacobs Suchard - - - - -
India Pvt Ltd
Others 20.7 21.8 23.1 23.3 22.8
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 11 LBN Brand Shares of Off-trade Powder Concentrates (RTD): % Volume 2018-
2021
% off-trade volume
Brand (GBO) Company (NBO) 2018 2019 2020 2021
Rasna Pioma Industries Ltd 64.6 63.4 63.3 63.7
Tang (Mondelez Mondelez India Foods 13.6 13.4 13.4 13.4
International Inc) Pvt Ltd
Tang (Mondelez Kraft Jacobs Suchard - - - -
International Inc) India Pvt Ltd
Others Others 21.8 23.1 23.3 22.8
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

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Table 12 Forecast Off-trade Sales of Concentrates (RTD) by Category: Volume 2021-
2026
million litres
2021 2022 2023 2024 2025 2026
Liquid Concentrates 143.0 147.7 152.8 157.8 163.0 168.4
Powder Concentrates 219.8 231.6 244.1 257.4 270.7 284.5
Concentrates 362.8 379.4 396.9 415.2 433.7 452.9
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 13 Forecast Off-trade Sales of Concentrates (RTD) by Category: % Volume Growth
2021-2026
% volume growth
2021/22 2021-26 CAGR 2021/26 Total
Liquid Concentrates 3.3 3.3 17.8
Powder Concentrates 5.4 5.3 29.4
Concentrates 4.6 4.5 24.9
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 14 Forecast Off-trade Sales of Concentrates by Category: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026
Liquid Concentrates 7,871.9 8,078.2 8,286.6 8,484.8 8,686.2 8,892.2
Powder Concentrates 5,887.0 6,204.4 6,531.9 6,870.4 7,195.7 7,532.8
Concentrates 13,759.0 14,282.5 14,818.5 15,355.2 15,881.9 16,425.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 15 Forecast Off-trade Sales of Concentrates by Category: % Value Growth 2021-
2026
% constant value growth
2021/2022 2021-26 CAGR 2021/26 Total
Liquid Concentrates 2.6 2.5 13.0
Powder Concentrates 5.4 5.1 28.0
Concentrates 3.8 3.6 19.4
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources