ITC LTD TIE UP WITH BRTC FOR AGARBATTI PRODUCTION
Published Date | 2019 January 11
ITC Ltd has joined hands with the Bamboo Research and Training Centre (BRTC) for the supply of agarbattis (incense sticks) promoted under its Mangaldeep brand.India: ITC entered into an arrangement with the Bamboo Research and Training Centre (BRTC) in Maharashtra for the supply of agarbattis (incense sticks) marketed under its Mangaldeep brand. BRTC is an autonomous organization formed by Maharashtra Forest Department. According to agreement, BRTC will exclusively manufacture and package incense sticks as per ITC’s specifications, while ITC will facilitate and assist BRTC to achieve best in class manufacturing. The agreement is valid initially for four months and will cover the complete production cycle up to the packaging and storage of the finished agarbattis. Ravi Rayavaram, chief executive for the agarbattis and matches business ITC said: “This agreement with BRTC is yet another meaningful step aims to enhance the competitiveness of the small-scale and cottage units through our complementary R&D-based product development and strengths in trade marketing and distribution”. At present, the Mangaldeep portfolio includes 40 stock keeping units (SKUs) covering 20-odd fragrances. ITC works closely with 20-odd outsourced small-scale factories across the country. According to BlueWeave Consulting, agarbatti industry is perceived to be a small cottage industry but export figures speak a different story. Despite tough competition from China and Vietnam, India has managed to dominate the market with its premium quality incense sticks. Whether it is for religious purposes, medicinal value or simply for its pleasant fragrance, agarbatti is a product found across almost every Indian home. Today the Indian market is flooded with agarbattis [also known as joss stick in China or incense stick in other countries of various colors, fragrances, and qualities. Gulf, Europe, and Africa are the top three leading markets for Indian Agarbattis owing increased inclination towards meditation, which has made usage of agarbatti an important aspect of their daily lives and expected to boost the growth of the India agarbatti market over the forecasted period. According to BlueWeave consulting’s upcoming report, Titled-“India Agarbatti Market, By fragrances By Packaging Type, By Sales Channel, By Region- Industry Analysis, Size, Share, Growth, Trends & forecast by 2018-2024,” the Indian agarbatti market is estimated to have high growth over a forecast period. The primary reason for this high growth are raising number of temples, increasing tourism, rising disposable income, rising number of pujas and rituals, increasing variants are fuelling the market growth of agarbatti market in India.