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Agarbathi's Export Revenue nears 1000 Crore in Financial Year 2018

Agarbathi's Export Revenue nears 1000 Crore in Financial Year 2018
Bengaluru | Written by: BNN Team | Updated: 07-06-2018 | Views: 561
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Indian Agarbathi industry has been growing many folds since the past few years and it has touched revenues of INR 965 Crore in FYI 18 in exports, up from INR 798 Crore in FY 15. Gulf, Europe and Africa are the top three leading markets for Indian Agarbathies. The driving force for this growth has been an increased inclination in these regions towards meditation, which has made usage of agarbathi an important aspect of their daily lives.


Mr. Sarath Babu, President AIAMA, said, ‘Indian Agarbathi industry is one of the most vibrant cottage industries that employees up to 20 Lakhs people in the country.  In the past four years, agarbathi export industry has grown at a CAGR of 15% and is expected to grow exponentially and reach INR 12,000 crore in the next five years. The domestic market at present is pegged at INR 7000 Crore with Tamil Nadu, Maharashtra, Karnataka, UP and West Bengal driving the major demand of Agarbathi and its allied products in India.’


In Gulf region there is an increased demand for strong fragrances like Oudh and Orientals, while in Europe preference is more towards fruity and mild fragrances like cinnamon, green apple and strawberry. On the other hand, Africa market too demands for stronger fragrances like lemongrass and citronella grass. In India, Sandalwood, Rose, Mogra, Champa and Jasmine continue to be the dominant consumer choice.
 

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