Modi Naturals Limited, founded by D. D. Modi in 1974, has grown into a leading player of the edible oil industry in India. With a strong focus on natural oil processing, the company has evolved into Modi Naturals Limited and is listed at the Bombay Stock Exchange.
The brand's mission is to deliver good health naturally, promoting a healthy way of living through their products. Modi Naturals emphasizes sustainability, innovation, and integrity in its operations, aiming to provide consumers with natural and healthy options. Oleev is among the top two brands in the olive pomace oil category and is the third-largest super premium edible oil brand in India. As a publicly listed company, Modi Naturals had a turnover of Rs 419 crore in the fiscal year 2022-2023.
According to Akshay Modi, the Jt. Managing Director of Modi Naturals Ltd, the unique characteristics and flavor profile of Modi Naturals' olive pomace oil, known as Oleev Pomace Oil, sets it apart from other cooking oils. Made with high-quality refining techniques, Oleev Pomace Oil has a neutral flavor, making it suitable for various cooking methods, especially frying, deep frying, and roasting. Additionally, it has a high smoke point, making it ideal for deep frying.
"Enriched with MUFA and essential vitamins such as vitamins A, D, E and K, Oleev Pomace Oil strengthens the body with good fat and lowers the effects of bad cholesterol. MUFA promotes heart health and prevents high blood pressure and cholesterol," Modi elaborated.
Diverse Range
The brand's unique selling proposition lies in its varied range of olive oils, including olive pomace oil, extra virgin olive oil, extra light olive oil, and the multi-source oil range, which includes Oleev Active, Oleev Smart, and Oleev Health.
The brand is the only one in India to offer a multi-source oil variant with the goodness of olive oil, while being the largest importer of olive oil, which makes Modi Naturals stand out from its competitors. "Oleev is a premium brand with a wide range of olive oils in its portfolio, catering to different consumer preferences and needs," he added.
Targeting Health-Conscious Consumers
To effectively reach its target audience, Modi Naturals has utilized technology and digital marketing platforms effectively. Their primary target audience for Oleev consists of health-conscious individuals, particularly females aged 30-45 years in key metros and Tier l cities.
The brand engages with its consumers through digital platforms such as e-commerce, social media, connected TV, and OTT media channels. By maintaining a strong digital presence, Oleev has effectively met the needs of its target audience. "Oleev's wide presence across digital platforms seamlessly supports its digital-first initiatives," Modi asserted.
Marketing Strategy
In terms of retail and marketing strategies, Modi Naturals ensures the widespread availability of its products by having an extensive presence across general trade, modern trade, and e-commerce platforms. They are constantly expanding their distribution network and have recently partnered with CSD canteens, Dmart, and quick-commerce companies.
“In terms of marketing, we employ a comprehensive strategy that targets consumers at every stage of the buying journey, leveraging digital ads, social media, retail branding, and other above-the-line tactics. Modi Naturals' retail strategy is backed by its wide presence across multiple channels, and we target our consumers across the complete funnel of awareness, consideration, retention, and engagement," Modi further added.
Share of the Green Pie
Modi Naturals is committed to sustainability and responsible business practices. They take a three-dimensional approach, considering the environmental, economic, and social dimensions of their products. The company has reduced CO2 emissions by using biofuels, contributing to cleaner air and a greener planet. They also support farmers through agricultural extension programs, ensuring superior quality produce and high profitability. Furthermore, they promote quality education by adopting a government school in an underdeveloped village, providing quality education to children from disadvantaged backgrounds.
Future Diversification
Looking ahead, Modi Naturals has strategic plans for both B2C and B2B expansions. They aim to introduce new products and brands in their FMCG portfolio, expand into sunrise sectors, and diversify their businesses. They have already ventured into the production of ethanol, constructing a state-of-the-art plant in Chhattisgarh to support sustainable growth and contribute to the Ethanol Blended Petrol program.
"Modi Naturals has a strong pipeline of new products to launch and is committed to long-term growth and diversification," Modi concluded.
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