Amway India is looking to triple its revenues in the next 10 years on the back of stronger growth in the nutraceutical sector in the country and expansion of its product portfolio.
The direct-selling company will foray in the air-purifier segment this year. It is also looking at bringing more products in India from its global portfolio in various segments, including kids, women and sports nutrition space.
The company, which commenced commercial operations in India in 1998, has completed 20 years in the country, and claims to be the leading direct selling company in India.
Anshu Budhraja, CEO, Amway India said, “We hope to close this calendar year with ₹2,000 crore in revenues. We aim to triple our revenues in the next ten years by further strengthening our market share in the direct selling space. We want to make India among the top three markets for Amway globally.”
Currently India is the seventh largest market for Amway globally. The company has been growing at 20 per cent CAGR in India and wants to accelerate this growth rate to 30 per cent CAGR to achieve these goals.
“In the nutrition space, globally we have a portfolio of 140 products. We have launched 60 of these products in India. We believe there is a big potential to bring more products in India from our global portfolio which will include advanced formulations and new formats. The penetration level of nutraceuticals and supplements in the country is still very low,” he added.
The direct selling company has also identified new areas to grow its nutrition portfolio. “The kids’ nutrition category is huge globally for us but we have not yet developed it in India. Similarly we have a range of products targeted at specific needs for women health and wellness globally. We also see huge opportunity in the sports nutrition category with products such as energy drinks and energy bars in India. These are some of the categories in which we will look at expanding our presence in India,” Budhraja said.
The company is also set to launch an air purifier called Amway Drive targeted at car owners in the consumer appliance space. “We are entering the air-purifiers space. This year we will launch an air purifier for cars. Given the success of our air purifier range in other markets, we will look at expanding the air purifier range by next year in India,” he added. Last year the company had launched its cookware brand Amway Queen in India, which marked its entry in the consumer appliance segment.
Meanwhile, the company, which follows the omni-channel strategy, will be also significantly investing in strengthening its digital presence. “Over the past 10 years we have made significant investments of about $10 million to enhance our digital presence through our own online store and app. We will continue to invest about $3-5 million in the next three-four years,” Budhraja added.
The company currently gets 35 per cent of its sales from the online channel and expects this contribution to accelerate in the future.