5 October 2023 India

Round-up of 2nd FICCI Fragrance Business Summit 2023

The Federation of Indian Chambers of Commerce and Industry (FICCI) organized the 2nd Fragrance Business Summit in association with the Bureau of Indian Standards (BIS), the International Fragrance Association (IFRA), and industry partner Ultra International Limited at FICCI’s Federation House, New Delhi, India on October 5, 2023 to explore and deliberate emerging sustainable opportunities for inclusive growth in fragrance industry.

The event witnessed the signing of a Memorandum of Understanding to start a Perfumery Course in Hindu College, University of Delhi by Professor Anju Srivastava, Principal of Hindu College, Martina Bianchini, President IFRA and Sant Sanganeria, Managing Trustee, Sant Sanganeria Foundation for Health & Education and Founder Chairman & M.D., Ultra International Limited.

Marking this moment, Mr Sanganeria mentioned that this step aligns with one of the key decisions taken in the recently concluded G20 Summit, at which global leaders emphasized that the pivotal role of skill development and innovation is the key driver for a nation’s growth.

By training the youth, this course will bring in much required skilled workforce and focus on capacity building for the fragrance sector.

Mr Michael Carlos, Chairman, FICCI Fragrance Taskforce and Chairman Emeritus, IFRA highlighted that India is the largest exporter of naturals including aromatics. Therefore, there is a need to carve out a separate space for the fragrance sector in policy making instead of it being a part of the chemical sector. He placed an emphasis on three axes for fragrance industry in India, namely, Skilling & Education, Support for Naturals and Safety & Regulatory aspects which have been identified as the focus areas for deliberations in this Summit.

Mr Hans Holger, Chairman, of IFRA reiterated IFRA’s commitment and support to the Indian Fragrance Industry in formulation and development of Indian standards to enhance its competitiveness in the global export market. The participants in the session on harmonization of Indian Standards to match with Global Regulatory Framework, actively discussed the need for bringing in standards in the fragrance sector, which would eventually benefit all the stakeholders including end-use industry, consumers etc. Dr. Matthias Vey, VP- Scientific Affairs, IFRA also emphasized the requirement for adoption of standards and framing of regulatory framework for the benefit of the Indian Fragrance Industry.

Mr Rajeev Sharma, Deputy Director General (Standardization- I), Bureau of Indian Standards addressing the 2nd FICCI Fragrance Business Summit as the Chief Guest stated that fragrance is an upcoming sector for India and BIS is actively working for standardization in the sector.

Ms Martina Bianchini, President, IFRA expressed that the fragrance industry sources naturals and synthetic products, manufactures them into fragrance mixtures and then sells them into global consumer goods market of about USD 350 bn. India is one of the major sourcing hubs and is well- positioned in the area of naturals in fragrance.

To analyze the deep linkages of the fragrance industry with the farming and tribal communities, a case study was presented by CIMAP in the session on sustainability by exhibiting the socio-economic impact on the cluster adopted by them in association with Ultra International Limited resulting in improving their lemongrass cultivation proceeds and quality by the tribal farmers in the Anamalai Tiger Reserve.

Mrs Bhuvana Nageshwaran, Director- F&F, Ultra International Limited & FICCI Fragrance Taskforce emphasized that the outcome of the summit will surely take forward the aim of creating an eco-system for the fragrance industry in India that embodies sustainability, inclusivity, and excellence.

Overall, the summit highlighted the potential of the Indian market, the need for skill development and professional courses in the sector, the requirement to have a regulatory framework by working on Indian standards to match the global regulatory framework, the need for sustainable and innovative green practices, and the challenges facing the industry.

The FICCI Summit received an impressive participation from PAN India of over 200 delegates representing the fragrance sector.

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