The NR Group, owner of incense stick brand Cycle, on Tuesday said it will foray into the unorganised spiritual products market which is estimated to be Rs 30,000 crore.
The world’s largest manufacturer of incense sticks also said that the Agarbathi industry will be largely out of import dependence on raw materials in 7-10 years.
''We have organised the Agarbathi market. Now we will organise the spiritual products market which has a host of small products used in puja. The market is estimated to be Rs 30,000 crore and remains unorganised,” Cycle Pure Agarbathi managing director Arjun Ranga said here.
The company has already started creating back end for the segment, he said.
Ranga, who is the third generation in the family promoted business, said they command around 15 percent share in the Rs 8,000 crore domestic market.
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 anti-bacterial and anti-viral features.
Board of Control for Cricket in India (BCCI) president and former Indian cricket captain Sourav Ganguly is the brand ambassador for Cycle for the last six years.
''Sourav’s association has helped the brand grow, especially in this region,'' Ranga said.
Ranga said the company expects to grow at double-digit on the back of generations of experience in fragrance which is key in the industry, while the sector is expanding by four percent.
(With PTI inputs)