Asian Paints MD and CEO Amit Syngle
| Photo Credit: Special association
The entry of new gamers into the paints trade is not going to impression market chief Asian Paints and it has by no means been worried on the rely, MD & CEO Amit Syngle stated in an interview.
“Several new and international players have been coming into the market for a long time and some new players have entered or are entering the market. We feel the market is very big and the per capita consumption in India is very low as compared with the western world.”
“So I think there is enough space for everyone. The paints market has been growing at almost 10 to 12% CAGR every year and what we feel is given the strength of Asian Paints, the brand, supply and distribution strength and the kind of innovations we have brought in into products and services, we think our strengths are very strong enough to keep us forge ahead . Therefore we are not worried about any new competition in the market,” he added.
He was responding to a query on the impression of entry of JSW Paints a couple of years again and Aditya Birla group’s Opus Paints into the market. The Birlas are investing over ₹10,000 crore to make a major mark on this enterprise.
Asian Paints, which has a market share of about 60%, on Monday launched Neo Bharat Latex Paint focused at rural markets. This new class of paint will deal with a market estimated at ₹4,500 crore and at present catered to by distempers and unorganised gamers. This new vary is predicted so as to add 1% to the corporate’s general market share, Mr Syngle stated.
Priced ‘affordably,’ it might price about ₹5,000 to color a ‘two-room set,’ together with price of paint and labour. The Neo Bharat Latex Paint vary provides over 1000 shades for shoppers.
To promote this new class the corporate has Asian Paints has appointed cricketer Virat Kohli as its model ambassador.
“Neo Bharat Latex Paint marks one of Asian Paints’ most significant launches to date. With this product, we are revolutionising the industry by introducing a completely new category, making it more accessible to consumers across India,” Mr. Syngle stated.
“Packed with a variety of features and a diverse colour palette to cater to every preference, our new offering is designed to meet the specific needs of our customers. By penetrating the unorganised segment with a branded solution, we aim to expand the market and drive category growth as a market leader,” he added.
Virat Kohli in an announcement stated, “Asian Paints for me represents greater than a model and is like cricket; being part of nearly each Indian Home bringing pleasure and exhilaration to our lives.
