Fragrance and flavour industry to touch over US$ 5 billion in the next three-four years: Industry Body
- IBEF
- March 15, 2023
As per an apex body of the industry, the fragrance and flavour industry of the country is expected to grow by around 12% each year and touch about US$ 5 billion in the next three-four years. The present size of the industry is US$ 3.7 billion in the country.
Several factors like rising disposable incomes and changing consumer preferences will be the growth factors, according to Mr. Risabh Kothari, President of Fragrances and Flavours Association of India. He further added that food and beverages, personal care, home care, pharmaceuticals, and cosmetics, are the major industries of this segment. The willingness of consumers to spend more on premium products has also increased, with rising disposable incomes.
Mr. Risabh Kothari also noted that the personal care industry is also growing at a rapid rate, which presents a good opportunity for this segment.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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