New Delhi, Oct 31 (UN I) Philips Electronics India, the domestic subsidiary of the Dutch giant Royal Philips Electronics, today said it is aiming a 20-25 per cent market share in food processing appliance market, growing at a rate of 15 per cent annually.
''We will extend our product range in kitchen appliances and are confident of capturing 20-25 per cent market share of the Rs 1,000 crore food processing appliance segment,'' company's Domestic Appliances and Personal Care Division Head Rakesh Sharma told reporters here after launching varied products in the segment for the first time in the country.
The small domestic appliances industry is estimated to be around Rs 5,000 crore and is expected to grow at 12 per cent, according to industry experts.
The launch is in line with our objective to transform into a lifestyle and healthcare company using innovation as a key driver, he added.
The food processor range launched today is priced at Rs 4,995- Rs 8,595 and will be available at all Phillips authorised distributor and dealer outlets.
The company is having a manufacturing facility at Baddi in Himachal Pradesh.