NEW DELHI: In the highly fragmented incense stick market whose size is pegged at Rs 10,000 crore, top consumer brand ITC is confident of becoming the number one player as it sees an increase in demand for premium products.“Mangaldeep is currently No. 1 in the Dhoop Segment, and No. 2 in the agarbatti segment in the country. The brand has been growing at 2X the industry growth rate. With a thrust on premiumisation of the portfolio, creating strong consumer demand of Mangaldeep driven by digital channels, and robust sales channel plans, the business is confident of achieving market leadership in the incense sticks category,” said Gaurav Tayal, chief executive, matches and agarbatti business, ITC Ltd.
Tayal said with daily prayers being a fundamental part of Indian traditional routines, the consumption pattern for agarbatti is quite high across the country with the industry pegged at Rs 10,000 crore. With the rise of urbanization and nuclear families, the industry has been seeing steady growth and is expected to continue to strengthen its growth momentum going forward, he said.
The industry is highly fragmented with the top 10 organised players contributing to about 35% of the industry. While Cycle Pure Agarbatti is said to be the market leader in this space, other notable players are Zed Black, Hem Agarbatti and Patanjali Agarbatti.
Tayal said with aspirations of consumers evolving and the young generation seeking unique and differentiated solutions for their personalized devotion needs, the organized players will be better placed to innovate distinct product propositions, thereby strengthening their salience.