Singapore-based natural goods brand Only Earth recently launched plant-based, ready-to-drink beverages in India and is eyeing a market share of 10-15 percent by the end of this year.
According to Kunal Mutha, Founder, Only Earth, there has been a global shift towards healthier alternatives, and this was facilitated by the COVID-19 pandemic.
With the plant-based milk market expected to reach $60 million by 2025, Kunal says the startup is in “the right space at the right time and [is] looking forward to continuing the momentum”.
Only Earth is currently focusing solely on ready-to-drink beverages such as oat milk and coconut milk. Almond milk is "under development" and should be in the market within the next two months, Kunal says.
The company has 11 SKUs and is working to getting the rest of the products to market as soon as possible.
Plant-based beverage brand Only Earth
According to Kunal, the market for ready-to-drink beverages in India is quite competitive with the presence of brands such as Raw Pressery, Epigamia, and Hershey’s. Only Earth also faces competition from multinational brands as well.
However, Kunal adds that India is at a very nascent stage when it comes to plant-based beverages, and there is a need to broaden the market.
“We are growing at around 30 percent on an average. The industry is quite healthy and more brands would mean more consumers," he says.
An omnichannel presence
Sixty percent of the company’s revenues come through general trade or modern trade, and the rest from ecommerce. Only Earth is listed on ecommerce players like Amazon and Big Basket. It has also tied up with Reliance Signature, Foodhall, and Nature’s Basket.
“We are going to be an omnichannel brand,” Kunal says.
Speaking about fund-raising, Kunal says the brand will hold off on this for a few years. Only Earth is a part of a larger conglomerate headquartered in Chennai and “is sufficiently backed for now. As and when the requirement arises, the company will pursue funding”.
Currently headquartered in Singapore, Only Earth aims to expand to 40 countries in the next five years, Kunal says. At present, manufacturing is done outside India as the company has tie-ups with two manufacturers in Thailand and Sri Lanka. Eventually, Only Earth aims to set up its own plant in India.
Only Earth is also looking at diversification into multiple areas such as plant-based protein, snacks, breakfast options, etc. "We want to be a 100-crore plant-based milk company," Kunal says.
Edited by Teja Lele Desai
Link : https://yourstory.com/2021/06/plant-based-beverage-brand-only-earth-diversify-product
Author :- Suryatapa Chakraborty ( )
June 30, 2021 at 12:20PM
YourStory