NR Group, owners of the Cycle incense stick brand, said on Tuesday it would make a foray into the unorganized spiritual products market, valued at Rs 30,000 crore.
The world’s largest manufacturer of incense sticks has also said that the Agarbathi industry will no longer be dependent on imported raw materials in 7-10 years.
”We organized the Agarbathi market. We are now going to organize the spiritual products market which contains a multitude of small products used in the puja. The market is estimated at Rs 30,000 crore and remains unorganized,” Cycle Pure Agarbathi Managing Director Arjun Ranga said here.
The company has already started building back-end for the segment, he said.
Ranga, who is the third generation in the family business, said it holds about 15% domestic market share of Rs 8,000 crore.
He was in Kolkata to launch ”Shanti Dhuno” to strengthen the product portfolio in West Bengal, a key market for the company. Dhuno, a resin, is used during puja to purify the air with fragrance and has antibacterial and antiviral characteristics.
Sourav Ganguly, chairman of the Board of Control for Cricket in India (BCCI) and former Indian cricket captain, has been Cycle’s brand ambassador for six years.
“Sourav’s association has helped the brand grow, especially in this region,” Ranga said.
Ranga said the company expects double-digit growth from generations of experience in fragrances, which is critical in the industry as the sector grows by 4%.
(With PTI inputs)
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Posted: Tuesday, May 24, 2022, 6:41 PM IST