ITC is targeting to achieve 18 per cent market share in agarbatti segment with its brand Mangaldeep in the next couple of years. Mangaldeep is the only pan-India player in the industry and it makes over 600 million sticks a month at over 20 facilities across the country. ITC commands close to 10 per cent share of this market, and has been growing at 30 per cent year-on-year for the past three years.
The agarbatti market, which is pegged at Rs 3,500 crore, is highly fragmented with a lot of regional players. The size of the branded segment would be around Rs 2,500 crore, with 10 brands accounting for 45 per cent of it.
ITC, a diversified conglomerate has business interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.
