Fragrance products & Flavour for food in the form of perfumes, Food Colour, Food Essence Flavouring Agents, colognes and deodorants have gained prominence as essential personal care products & food Industry, in recent years.
The fragrance & flavouring market in India is anticipated to reach INR 160 billion by 2024, expanding at a compound annual growth rate (CAGR) of ~14%. Based on type, the fragrance products market is segmented into perfumes, deodorants and other fragrance products, Flavours, one of the leading and fastest-growing segment in India. Food flavours that underpin food, beverage, and pharmaceutical brands globally. Food flavouring to create innovative and sustainable solution as per requirement of clients.
Food flavours the ingredients are natural, nature-identical, and artificial ingredients that help create flavours as required. Whereas, in Fragrance also natural, Skin sensitive and alcohol based wearable perfumes or aftershave lotion are added. Butter nowadays are flavoured for better taste. Tea, Pizza, coffee, Cake Chocolates, etc. all contain natural colour and flavouring agents. On the other hand, Aftershave, Detergents, Bathing Soaps, Hair Dyes etc. all contain colouring agents, Fragrance and flavouring agents.
With a rise in standard of living and improved awareness regarding personal hygiene, people are not hesitating to splurge on fragrance products, & also branded food products. Increased adoption of smartphones and the Internet, especially in tier II and tier III cities, has made e-commerce websites accessible to customers, thus facilitating online shopping & Food ordering & grocery. Further, in recent years, Indians have been exposed to global trends, resulting in higher demand.
Newer fragrance & flavours are key to the growth in this sector.
Road Ahead
Growth is significant and new product launch, natural & technically advance production for different customers need.
The Industry is part of FMGC Industry so growth of 13-17% can be assumed going forward.
BENEFICIARIES: SH KELKAR, MANORAMA INDUSTRIES.
