Homegrown fast moving consumer goods (FMCG) major, Godrej Consumer Products, on Friday said the company see an opportunity to take price hikes in the second half of the year.

In an interview to CNBC-TV18, Vivek Gambhir, managing director and chief executive officer, said the company's two-year compound annual growth rate (CAGR) volume growth has been eight percent against industry's six percent.

According to Gambhir, Godrej Consumer Products is the leader in insecticides with over 50 percent market share and the segment is driven by a constant thrust and innovations.

"If the current trend continues with improvement in demand particularly on the rural side of things, our expectation is that demand for the industry as a whole – volume demand should be somewhere between 8-10 percent,” Gambhir said.

For Q1, Godrej Consumer Products recorded good numbers in-line with expectations and on international front, the company's Indonesia business is on a strong recovery path, but South Africa is impacted by bad macro-economic situation.

Speaking on new products, Gambhir said the company is planning two or three more innovations over the next two or three months and advertisement spends will continue to range between 11 percent and 12 percent of sales.