2 weeks ago
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The entry of new players into the paints industry will not impact market leader Asian Paints and it has never been worried on the count, MD & CEO Amit Syngle said 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 question on the impact of entry of JSW Paints a few years back and Aditya Birla group’s Opus Paints into the market. The Birlas are investing over ₹10,000 crore to make a significant mark in this business.
Asian Paints, which has a market share of about 60%, on Monday introduced Neo Bharat Latex Paint targeted at rural markets. This new category of paint will address a market estimated at ₹4,500 crore and currently catered to by distempers and unorganised players. This new range is expected to add 1% to the company’s overall market share, Mr Syngle said.
Priced ‘affordably,’ it would cost about ₹5,000 to paint a ‘two-room set,’ including cost of paint and labour. The Neo Bharat Latex Paint range offers over 1000 shades for consumers. To promote this new category the company has Asian Paints has appointed cricketer Virat Kohli as its brand 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 said.
“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 a statement said, “Asian Paints for me represents more than a brand and is like cricket; being a part of almost every Indian Home bringing joy and exhilaration to our lives.
