Page 181 - CW E-Magazine (27-2-2024)

Special Report

EOAI meet highlights business opportunities

and challenges for India’s essential oils business

he Essential Oils Association
of India (EOAI) celebrated its
T25th biennial event, ‘World
Aroma Ingredients Congress & Expo’
in Chennai from February 8-10, 2024.
The event saw record number of parti-
cipants – over 1,300, including more
than a 100 from overseas, including
several developing countries eager to
develop their indigenous industries
that have great scope to boost rural
prosperity.

Speaking at the inaugural session of
the event, Mr. Sanjay Varshney, Presi-
dent, EOAI, noted that the association
has been playing an important role in
India’s ongoing Aroma Mission, which
has made signifi cant impact in both Inauguration
widening the basket of essential oils markets, due to tightening regula-
(EOs) produced in the country and the tions, supply chain issues, and lack of
quantum produced. branding. “Little effort has been made
in branding Kannauj like Grasse [in
The association, he added, has also France] has done.”
been partnering with the Fragrance &
Flavour Development Centre (FFDC), To remain competitive, she urged
an autonomous body under the Ministry the EOs industry to augment invest-
of Micro, Small & Medium Enter- ments in R&D, and distinguish pro-
prises, Government of India, located ducts by proving cultural authenticity,
at Kannauj (Uttar Pradesh), to organise and sustainability. “The industry needs
fragrance development workshops. to to adopt international standards,” she
concluded, while staying “cautiously
‘Signifi cant investment in infrastruc- optimistic” of growth prospects, now
ture aiding EOs industry’ that infl ationary pressures have some-
In her keynote address, Ms. Ranjeeta what eased.
Boscolo, Global Procurement – Frag-
rance Division, Symrise Asia Pacifi c Rs. 1-crore grant for sustainable
Pte. Ltd., described India as blessed Ms. Ranjeeta Boscolo cultivation
to have a wide range of soil and agro- She attributed India’s success in Mr. Sant Sanganeria, Founder
climatic conditions that favour the culti- the business to the signifi cant invest- Chairman & CEO, Ultra International
vation of a variety of aroma-bearing ment in infrastructure for manufactur- Ltd., stressed the need for building
crops. “Ayurvedic practices are getting ing and R&D, the entrepreneurship of strong relationships with customers and
rampant recognition across the world, farmers and small businesses, and the suppliers to grow the business of EOs.
and themes from India are making their development of eco-friendly extraction
presence in modern fragrances,” she methods. However, she pointed to the He announced a grant of Rs. 1-crore
noted. challenges of accessing international grant to aid the development of prac-

Chemical Weekly February 27, 2024 181

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