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ITC places bet on premium aromatherapy

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MUMBAI: For young working Indians juggling deadlines and responsibilities, mental wellness is becoming a priority. They are willing to spend on soothing experiences-for instance, something as accessible as fragrances. This is the market opportunity that ITC is betting on. The company has quietly forayed into the aromatherapy (home aromas) space with the launch of a new brand, Pranah, which will offer consumers a range of premium incense sticks, cones and scented candles.The home aromas market in India (with mass players such as Odonil, Ambi Pur) is pegged at some Rs 5,500 crore, but ITC is playing at the still-emerging premium end, where a few digital-first brands currently operate. The premium aromatherapy market is currently worth about Rs 500 crore but could touch Rs 5,000 crore in a decade given its rapid growth, Gaurav Tayal, divisional chief executive, matches and agarbatti business at ITC told TOI. “Post Covid, there has been a surge in consumer demand for wellness choices. The new generation is all about experiences,” Tayal said. The market opportunity also lies in the fact that there are no big players in the space as of now and the products on shelves are not backed by science, Tayal explained.For now, Pranah has been launched on a pilot mode in Delhi and Bengaluru through quick commerce channels.

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