HyFun, which produces and exports frozen potato products, will be investing Rs 300 crore (approx US$40 million) for its intended expansion in India and will also move into the domestic retail sector.
Press Trust of India reports that the company will expand the manufacturing capacity of its potato processing plant in Mehsana, Gujarat to over 2.5 times by 2022. The expansion of the plant, set up in 2015, will help in increasing HyFun’s presence in the international markets and cater to the rising demand in the domestic market as well.
HyFun Chief Executive Officer Haresh Karamchandani said: “Working professionals and homemakers are now more inclined towards simple food that is hygienic, safe, and easy to prepare. That is where HyFun products will deliver convenience and provide easy solutions for daily meals.”
As per a study by IMARC, the Indian frozen potato products market is likely to grow at a CAGR (Compound Annual Growth Rate) of 17.30 per cent during the next five years. Frozen potato products have gained prominence in the country as they are convenient to cook and come in various flavours, shapes, and sizes that cater to the diversified taste preference of the consumers, according to the study.
Source: Press Trust of India. Full report here