Niche perfumers look to fill mass-premium market gap

Expected exponential growth of premium perfume market is prompting the domestic push

- Sowmya Ramasubramanian

From sandalwood to the smell of the first rain, niche home and personal care companies are looking to fill a gap in the mass-premium segment of the fragrances market as consumers across age groups experiment and spend on high-quality Indian products, typically in the ₹1,000-2,000 range.

Isak Fragrances, a Lucknow-based company, is expanding its product range across sizes and price points to offer Indian consumers a local perfumery alternative, its sixth-generation entrepreneur-founder Vidushi Vijayvergiya said.

"The Indian consumer has evolved so much in recent years, especially after covid, and is now aspirational in many ways. French, Italian and Middle Eastern fragrances have had the spotlight for ages, but now Indian options are gaining significant traction," Vijayvergiya told Mint.

Isak appeared on Shark Tank India in 2022 and raised funding from Lenskart founder Peyush Bansal.

The global fragrances market, which includes perfumes and home scents, is worth upwards of $24 billion and India contributes about $500 million, according to a study by the ministry of micro, small, and medium enterprises.

Exponential growth in this market is expected in the next few years, thanks to rising brand awareness, increasing disposable income and the advent of affordable products.