India’s one the leading packaged drinking water player was exploring the opportunities for expanding the product portfolio in the domestic market. The client engaged IKON for gaining fresh market insights to identify new product opportunities.
Approach & Recommendations
IKON team began with developing the approach to gain meaningful insights that can serve the client’s purpose - identify new product opportunities. A comprehensive research plan was drawn and executed nationwide to understand consumption patterns across different consumer segments such as home, travel, HORECA and workplaces. Apart from it, we conducted interviews with industry experts, retailers, distributors and players to understand current market trends and emerging needs.
Analyzing the gathered data and qualitative information, the team prepared the market insight and presented to the client highlighting a clear set of granular market size data, current market trends, competition and emerging needs of the market. However, the important insight was - the emerging demand from Institution & HORECA segments for clean drinking water in bulk pack supply. We found that the trend was emerging and none of the organized players paid serious attention towards this. In addition, the team unearthed a number of insights, for example, per capita consumption of bottled water in India is near 20 liters, whereas industry was assuming it to be 5 liters.
From the market insight, the client gained a clear picture of the current market scenario and emerging needs of the market. It helped the client to take informed decisions to expand its product portfolio. For less than 6 months, the client launched a bulk pack for the institutional supply gauging the market opportunity.
Note: We are committed to clients' confidentiality. So their names have not been disclosed, but the results are real.