Feasibility Study & Considerations for Home Fragrance Business in India Home Elements

 Fragrance is a very old class in India and it has been going on with time. Know about the currently emerging home fragrance sector. At the end of the analysis we have also discussed how to do a feasibility study for a home fragrance business idea.


● The perfume business in India dates back to the times of kings and emperors and has been an integral part of Indian culture. It has been used in every nook and corner, from royal houses to monasteries. The country has been the origin of many fragrances, including oudh, rose, jasmine, sandalwood and more.

● The production and use of perfume continued in British Indian homes as well. However, there were only a few types initially. Other relatively expensive products such as diffusers, burners, pot pourers, were mostly restricted to wealthy homes.

Mentioned below are major growth drivers of the home aroma industry in India

● Key macroeconomic fundamentals such as rising disposable income, changing consumer behavior, and increasing demand for a more modern and more comfortable lifestyle

● Currently, like perfume and deodorant, key products have become a staple of home self-expression and personal style.

● There is some lack of research on fragrance products these days, but anecdotal studies have shown that several scents, such as lavender, lemon grass, jasmine, etc., can help boost mood, reduce stress, and even create better focus.

According to a study by India Watch, the fragrance market in India has grown to over Rs 2550 crore. The major products are Agarbatti, Air Freshener, Car Freshener, Perfume etc. Global studies show that this market is growing rapidly at a CAGR of around 15.5% due to the increasing demand in the B2B sectors. The major players in this market have a market share of around Rs 750 crore and currently hold around 29% of this market size. The e-commerce industry is growing and thus,feasibility study for a home fragrance business idea start-ups in India are also gaining popularity.

The IndiaWatch is a feasibility consulting and market research firm with main focus on India. Feasibility study for home fragrance business idea. India Watch helps business and investors


Location: Gurugram, Haryana, India

Comments

Post a Comment

Popular posts from this blog

How to Conduct Market Feasibility Analysis Successfully?

A well-conducted Market Feasibility Analysis directs a project in the right path by providing decision-makers with a thorough grasp of all the benefits, downsides, difficulties, and limitations that may affect the project's outcome. Finding out if the idea is viable and beneficial from a technical, financial, legal, and commercial standpoint is the main objective of a feasibility study. Market Feasibility Analysis Services in the end will be creating and offering a feasibility study report. It will be giving an executive overview of the business opportunity you are assessing together with a description of the good or service is what you will do.
Read more

Service Sector Needs Strategic Decision Making By Market Research

Image
Market Research plays an importance role in the manufacturing sector Services as it brings in more innovation, efficiency and competitiveness. So, by investing in research and development (R&D), all the manufacturers can discover new technologies, processes and materials to enhance product quality, reduce costs and also to meet the evolving consumer demands.  Through the development of innovative goods and the improvement of manufacturing techniques, the research helps all the producers to remain ahead in the market that is always changing. Additionally, research and development helps in promoting the industrial cooperation and information exchange. Eventually that ignites ongoing progress and brings in long-term expansion. Therefore, research drives innovation and shapes the industrial sector's future, making it the engine of growth.
Read more

Benefits of conducting feasibility study

Image
  Benefits of conducting feasibility study is that it helps in saving time, money, and effort. By doing a feasibility study before investing in an idea that won't work from the outset. If you intend to start a business, it is essential. While it is possible to do a feasibility study on your own, it is recommended that you work with an outside party that has experience in your sector. In a similar vein, well-established companies considering mergers and acquisitions frequently discover that it is more cost-effective to delegate risk assessment, financial due diligence, company valuation, and research to a seasoned transaction consulting service provider. Hire the third party like India Watch to get the Benefits of conducting feasibility study. 
Read more