Maggi has regained its position as market leader: Nestle
Global food and nutrition giant Nestle on Thursday said it has regained leading market share after growth in India turned positive in June on good progress with relaunch of Maggi noodle.
"Growth in India turned positive in June due to good progress with the Maggi noodle relaunch and favourable comparables. We regained a leading market share position. India kept gaining momentum one year after the start of the Maggi noodle withdrawal," Nestle said in a statement.
The company today reported a net profit of CHF (Swiss Franc) 4.1 billion for the first half year ended June 2016. Its total sales stood at CHF 43.2 billion.
In June 2015, FSSAI (Food Safety and Standards Authority of India) had banned Maggi noodles in India following a Bombay High Court order, saying it was "unsafe and hazardous" for consumption after finding lead content beyond the permissible limit.
After a 5-month ban, in November last year, Nestle India relaunched Maggi noodles in the Indian market.
Earlier this year, Nestle India launched up to 25 products across various categories in a day to fend off competition.