Incense Market In India: How Much They Are Earning?
Let’s Have A Look At The Incense Market
The incense stick market in India is growing at a rapid pace and the demand is increasing every day, especially it’s the urban areas where the demand is high. These days, incense sticks are used for different purposes i.e. meditation, yoga, festivals etc. When it comes to the incense stick industry, it is usually driven by a lot of factors i.e. superstition, religion etc.
India is now leading the incense stick market and the reason is because it meets the requirements of different consumers in all around India. According to the survey, it has crossed the 500 crore mark in the export earnings while the domestic market is making around more than two thousand crores every year.
Every year, more than 100 billion incense sticks are produced and the market is now growing at a rate of 7% every year. It has been found that the market gets a boost especially during the festive season. Not only from the domestic market, the demand of incense sticks are extremely high in the international sector during different festivals like Diwali and Dussehra.
There are certain special kinds of incense sticks which have become popular in the market. Of course, it is for their beautiful fragrances and affordable price. From Mogra to Yogam, Dhoop, Dhyanam, Kasturi and then there are many more which have grabbed the attention of consumers from all around India and abroad.
The Next Is The Profit Margin
If facts are to be believed, then the incense industry is now earning good revenue for the government. Furthermore, it is the women who are now employed more in the industry and that have also made them strong. Presently, the incense industry is considered as a cottage industry and although the market is a little unorganized but it is still making a good amount of money.
Considering the percentage of share in the market, it is 20% of the market which is occupied by the organized players while the other part is controlled by small operators. This is the industry where the government should give a lot of attention if they want to get more revenue from this industry.
When it comes to incense sticks exporters in India , they are now one of the biggest entrepreneurs and now promoting entrepreneurship in both the rural and semi-urban areas. The good thing is that it has inspired a lot of people who are now extremely confident to explore this industry. Some of the big corporate brands have started promoting this industry by inspiring the rural women in bamboo cutting, incense trolling, perfuming etc.
Of course, there was a time when the concept of mechanization was introduced in the market, but it was found that the industrially manufactured incense sticks are not as great as the handmade sticks. The reason is because they are made from aroma oils, medical herbs etc. The result is a great employment of women in the rural areas which has helped them in their development.