HUL's Foods business is a significant contributor to the company's portfolio, with annual revenues of approximately ₹14,000 crore, industry-leading margins of around 20%, and seven brands with sales exceeding ₹1,000 crore. As India evolves, HUL sees significant opportunities across nutrition, premiumisation, market development and emerging consumption spaces.
Below are excerpts from the interview:
- HUL is placing a strong emphasis on Foods as a growth engine. What is the opportunity you see in categories like protein, cold beverages and ready-to-drink products?
We are very excited about Horlicks. It is a 153-year-young brand, and I call it "young" because it has reinvented itself every decade to stay relevant to consumers.
Today, we're evolving Horlicks from being known as a health food drink to becoming a broader lifestyle nutrition brand. That means serving not only children, but consumers across life stages, including adults through offerings focused on women's health, diabetes management and specialised nutrition.
We've recently entered the protein category, which is already worth around ₹7,000 crore. What's particularly exciting is that penetration remains only around 3% in India, which means the opportunity ahead is significant.
When we spoke to consumers, four barriers emerged consistently. First, many people don't believe they need additional protein. Second, they feel protein products don't suit them or are difficult to digest. Third, they associate protein with poor taste. And fourth, they question whether they can trust the brand behind the product.
This is where Horlicks has a unique role to play. We want to make protein more accessible and relevant for everyday consumers, not just for gym-goers or sports enthusiasts. Our goal is to democratise protein and make it a part of everyday nutrition.
- HUL's Foods business generated nearly ₹14,000 crore in revenue last year. What will drive growth over the next three to five years?
Our growth framework is built around four levers: consumption, premiumisation, market making and new spaces.
Approximately 40% of growth will come from increasing consumption and premiumisation. Another 40% will come from market making, which involves category development, consumer education, trial and recruitment. The remaining 20% will come from entering newer spaces.
Protein is one example. Another is Kissan, where we have expanded into chutneys and adjacent categories.
We believe the biggest growth opportunity lies in developing and expanding categories. India still has considerable headroom for growth in many food and beverage segments.
- Beyond Horlicks, how are brands like Kissan, Boost and Knorr evolving?
We have a portfolio of strong brands with significant stretching potential.
For instance, Horlicks has expanded into protein powders and ready-to-drink formats. We've extended Boost into ready-to-drink offerings and Bru into cold coffee.
These moves are guided by large consumer trends shaping India today.
The first is premiumisation, driven by rising affluence. Consumers are looking for better experiences, more functionality and differentiated products.
The second is climate and lifestyle change. India is getting hotter, making ready-to-drink beverages an attractive opportunity.
The third major trend is health and nutrition. Consumers are increasingly seeking products that support nutrition, gut health and fortification.
Another important shift is convenience. With 40% of Indian women now participating in the workforce, consumers are looking for solutions that save time and simplify everyday routines. That's one reason why categories such as chutneys, condiments and convenience foods are becoming increasingly relevant.
We continue to identify growth spaces where consumer demand is emerging and where HUL has a clear right to win.
- There is growing focus on food transparency and regulatory compliance. How does HUL view evolving food regulations?
We welcome measures that improve transparency and help consumers make informed choices.
As a company, we have always supported efforts that bring greater clarity around nutrition and product information. We fully comply with applicable regulations and continue to work towards ensuring our products meet the highest standards.
Any step that improves transparency and helps consumers better understand the products they buy is a positive development.
Watch the interview
Frequently asked questions
Why is Horlicks entering the protein category?
Protein is a natural extension for a brand built on nutrition science. Horlicks is evolving from a health food drink into a broader lifestyle nutrition brand that serves children and adults across life stages, including women's health, diabetes management and specialised nutrition. HUL's ambition is to democratise protein so it becomes part of everyday nutrition, not something reserved for gym-goers or sports enthusiasts.
How big is India's protein market, and why is penetration so low?
The protein category in India is already worth around ₹7,000 crore, yet penetration remains at roughly 3%, which leaves significant headroom for growth. Consumer research pointed to four consistent barriers: people do not believe they need additional protein, they think protein products will not suit them or will be hard to digest, they associate protein with poor taste, and they are unsure which brands to trust.
What will drive growth in HUL's Foods business over the next three to five years?
Growth is built around four levers: consumption, premiumisation, market making and new spaces. Around 40% is expected to come from increasing consumption and premiumisation, another 40% from market making through category development, consumer education, trial and recruitment, and the remaining 20% from entering newer spaces such as protein and adjacent categories like Kissan chutneys.
Which consumer trends are shaping brands like Kissan, Boost, Bru and Knorr?
Four trends are guiding how the portfolio stretches. Rising affluence is driving premiumisation and demand for more functional, differentiated products. A hotter climate is making ready-to-drink beverages attractive, which is why Boost has moved into ready-to-drink and Bru into cold coffee. Health and nutrition is driving interest in gut health and fortification. And convenience matters more as 40% of Indian women now participate in the workforce, boosting categories such as chutneys, condiments and convenience foods.