Asian Paints launches Neo Bharat Latex Paint to tap on booming demand

Asian Paints launched Neo Bharat Latex Paint on April 15, venturing into a new category of paint as robust growth in the sector driven by increasing urbanization, rising disposable incomes, encouraged existing players to tap into the booming demand and lap in more market share.

The company, which is the leading player in India, touts the new segment to being affordable, offering over 1,000 shades for consumers.

"Neo Bharat Latex Paint marks one of Asian Paints' most significant launches to date. With this product, we are revolutionizing the industry by introducing a completely new category, making it more accessible to consumers across India," said Asian Paints' Managing Director and Chief Executive Officer, Amit Syngle.

The company also onboarded cricket player Virat Kohli as the brand ambassador for new launch.  "By penetrating the unorganized segment with a branded solution, we aim to expand the market and drive category growth as a market leader," added Syngle.

Competition heats up with new players 

The move comes more than a month after Aditya Birla Group-owned Grasim's entry into the paints sector with the launch of the company's Birla Opus range of products.  Through the launch of Birla Opus, Grasim aims to secure the second position in the decorative paints market, which is currently dominated by rival Asian Paints.

The development caused several brokerages issue a cautious outlook for Asian Paints amid concerns of increased competition.

Last month,  adhesives major Pidilite Industries (PIL) also ventured into the decorative paints market with the debut of Haisha paints.  The sector, which was initially dominated by a few key players, is now seeing more new entrants backed by conglomerates, reflecting the optimism about India's growth story.