Mars bets on India as a top-five growth market, targets $1.2 billion-plus revenue by 2030

HYDERABAD: Mars Inc., the American pet-care and snacking giant, wants India to become one of its five key “rapid growth” markets, betting on the country's expanding snacking and pet-care businesses to drive a sharp increase in revenue. India, already among Mars's top 20 markets, has significant room to grow, with the company targeting revenue of more than $1.2 billion by 2030.

“It really ought to be a top 5 market,” Claus Aagaard, global chief financial officer of Mars, told Mint in an interview. The company's India revenue stood at around $600 million in 2025.

Mars is stepping up investments in manufacturing and technology to capture that opportunity. It operates seven factories in India and is investing ₹1,500 crore in its Hyderabad pet-food facility. It has also partnered with IT services company Genpact to establish a global capability centre (GCC) in the city, which will support technology, analytics and process management across its global operations.

“This is a new strategic investment for us to drive innovation around technology and process management,” Aagaard said on the sidelines of the GCC launch. The company also sees India as a source of engineering and technology talent that can be deployed across its global operations.

Beyond pet food

Pet-care is a key part of Mars's India growth strategy, even as competition intensifies with more domestic and international companies entering the market. Aagaard said the growing number of players reinforced his view that India was an attractive market for pet food.

“Competition is not a bad thing,” he said. “When everybody wants to be here, it tells me…it confirms my hypothesis that the market is growing fast.”

Over the past two years, large consumer goods companies including Reliance Consumer, Wipro Consumer Care, and Godrej Consumer Products have entered the pet-food market, launching packaged dog food and planning to expand into cat food.

Mars, meanwhile, is looking beyond packaged food to build a presence in veterinary services. In December 2024, it took a minority stake in Mumbai-based clinic chain Crown Veterinary Services. Aagaard said the company would take a gradual approach to expanding the business.

“I don't mind that it is a slow burn. We need to do this the right way and not overstretch it,” he said.

Mars is also broadening its snacking portfolio following its $35.9 billion acquisition of Kellanova, completed in December 2025. The deal brought brands such as Pringles, Cheez-It and Pop-Tarts into its portfolio, extending its reach beyond established chocolate and gum brands including Snickers, M&M's and Twix.

The two businesses are being integrated under Mars's snacking division. Kellanova's portfolio and geographic presence complement Mars's existing operations, giving the company a broader platform across snacking categories and markets, Aagaard said.

The integration is still under way, with the company working to bring the organisations together. The Hyderabad GCC will support that effort, he said. “We are obviously busy putting these organizations together, setting it all up. So far, so good.”

The opportunity extends beyond conventional snacks. Mars is looking to tap changing food habits through Tasty Bite, its ready-to-cook and business-to-business foods business, which sits within its food and nutrition division, separate from petcare and snacking.

In August 2017, Mars acquired Preferred Brands International, the US parent of Tasty Bite, securing a 74.23% controlling stake in its Indian subsidiary, Tasty Bite Eatables Ltd, which is listed on Indian stock exchanges.

Tasty Bite, which initially made Indian food for the US market, later expanded into ingredients for restaurants. Earlier this year, it launched consumer products in India, targeting shoppers seeking convenient meal options that require less cooking time, Aagaard said.

Competition for a share of India's snacking market is also drawing investor interest. Valued at more than ₹50,000 crore, according to industry estimates, the market has attracted large global funds investing in domestic snack makers.

In December 2025, luxury fund L Catterton took a minority stake in namkeen and snacks maker Haldiram's. In January 2026, private equity fund General Atlantic acquired a stake in chips maker Balaji Wafers for an undisclosed amount. Meanwhile, candies, biscuits and snacks maker Parle Products is preparing for an initial public offering.

Building a global technology hub

The GCC investment reflects a broader push by multinational consumer companies to build global technology and business operations in India.

L'Oréal is setting up a beauty-tech hub in Hyderabad to support global innovation, artificial intelligence, data analytics and supply-chain operations, while Nestlé announced a GCC in the city in July. Starbucks has signed an agreement to establish a technology centre in Chennai, with plans to hire around 800 professionals. McDonald's opened its first India global office in Hyderabad in October 2025.

For Mars, the Hyderabad centre is intended to turn consumer data into growth opportunities in India and overseas. It will help the company identify shifts in consumer preferences, understand how shoppers discover and purchase products, and refine go-to-market strategies, particularly for newer channels such as quick commerce.

Tarun Chopra, unit leader, consumer goods, Genpact, cited quick commerce as an example of how the centre could use consumer data to improve the shopping experience. It can track the time consumers take to move from clicking on an app to completing a purchase. “That sometimes becomes 12 seconds. 12 seconds is too long,” he said.

The reporter visited Mars's GCC facility in Hyderabad at the company's invitation.