ITC Limited - Foods Division today announced the launch of its new snacks brand Bingo, which marks the company's foray into the fast growing branded snacks segment. The launch of Bingo represents ITC Foods' fifth major line of foods business after the highly successful Staples, Biscuits, Ready-to-Eat and Confectionery businesses.
The category of snacks is characterised by a few organised players with limited offerings but the unorganised sector continues to rule the market. However, the organised sector is one of the fastest growing FMCG categories with an estimated growth rate of 30% annually.
The organised snacks category is sub-divided into the traditional segment (Bhujia, chanachur etc.), Western segment (potato chips, cheese balls etc.) and the newly stablished Finger snacks segment, which is an adaptation of traditional offerings to the western format.