The Renaissance of Fragrances & Flavours Industry
June 23: The global fragrance & flavour industry is worth $24.10 Billion and India contributes approximately $500 million. However, the growth the rate in India has been approximately 11% in the last few years but is projected to grow exponentially in the upcoming years due to rising personal care, brand awareness, increasing disposable income, growing demand from middle-class people and affordable price of fragrance in the form of mass perfumes & deodorants.
Even aromatherapy has existed in Indian history for a long time, and people are more interested in essential oils now than ever. India’s essential oils market size was valued at USD 149.63 Million in 2020 and is projected to reach USD 239.85 Million by 2028, growing at a CAGR of 6.97% from 2021 to 2028.
Essential oils are touted as something between a perfume and a potion, a substance that can keep you smelling nice while providing physical and psychological benefits.
Widely used in aromatherapy, essential oils are known to reduce a plethora of illnesses and health problems, including nausea, anxiety, headaches, circulatory problems, menopausal problems, and muscular aches. So much so that even the West is now inclining toward aromatherapy and using essential oils to release toxins and stress from the body and mind.
With a background of 40 years in farming, Ecospice Ingredients are a popular choice for essential oils in India. The company director, Sunin, added, “essential oils are one of our most selling products, and there’s a huge demand for them, even overseas”. Growth is evident in the fragrance and flavour industry. Ecospice has been a renowned name in the Indian market for providing essential oils, oleoresins, essential oils blends, herbal extracts, fruit powders and natural food colours sourced directly from farmers and nature.
“This industry allows us to work in a serene location to manufacture products at the heart of our plantation and make us more connected to nature”, Sunin expressed, adding, “We have been in the farming industry for more than 40 years, and we took the first step in 2020 to extract fragrance and manufacture spices, essential oils, and oleoresins in the hills of Idukki, Kerala.”
Flavour and fragrance products are used in various sectors, including agriculture, pharmaceuticals, nutraceuticals, cosmetics, beverages, and confectionery. Talking about the industry, Sunin added, “The fragrance and flavour industry is a competitive sphere in the Indian market. All the products are manufactured with strict quality guidelines & are certified by globally recognized standards. Our clients trust our quality products and give us an upper hand in the market.”
He stressed that providing customers with sustainability credentials for food and fragrance ingredients is now required. “Our ability to provide sustainable products drives us to do better and thrive in the market. It’s a constant effort by everyone in the team to deliver the best,” he explained.
“It’s a positive thing,” Sunin says. “I don’t have to cut down another tree—to me, that’s a win.”
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