Backed by Reliance Retail Ventures, Reliance Consumer Products is keen to step into India’s burgeoning ice cream market. The FMCG company is in talks with a Gujarat-based ice cream manufacturer to outsource production of a new ice cream brand named “Independence”.
This brand was launched in Gujarat in 2022. Reliance will intensify competition in the ice cream market if all goes well. Sources believe Reliance Consumer Products is in the final stages of negotiations to launch its new “Independence” brand this summer. It wants to offer locally developed FMCG products and will sell the ice cream through its dedicated grocery retail outlets.
A market watcher said Reliance‘s entry will significantly change the ice cream market and intensify competition. He said it will be interesting to see the range of products and the markets it targets.
The Indian ice cream market is worth over Rs20,000 crore, with organized players accounting for 50%.