Appetite for speciality imported foods grows as incomes rise
That olive oil costs two-and-a-half times the price of regular sunflower oil and is at least 25% more expensive than Saffola hasn’t deterred buyers.
At GodrejNature’s Basket, a retail chain of fine food and gourmet stores, the sales of Häagen-Dazs, a super premium ice cream, beat the sales of London Dairy, a premium ice cream, by two to one.
Recently, the chain introduced Balik salmon, considered to be the best smoked salmon in the world, which has started outselling Norwegian salmon, a superior grade arctic salmon, says Nature’s Basket’s chief executive Mohit Khattar.
A trial batch of Mexican tortilla chips and salsa sauce dips introduced at HyperCity stores was sold out within two days. “Our imported foods business is less than 1% of our revenue right now, but it’s growing 100% year-on-year,” said Mark Ashman, chief executive officer at HyperCity Retail (India) Ltd, a unit of Shoppers Stop Ltd.
The sales reflect increasing demand for specialty imported foods in India fuelled by a growing middle class and rising disposable incomes.