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"More international organizations are now aiming at India as a potential growth market," says Anand Jhunjhunwalla, vice president of the 2010–2011 managing committee of the Biennial Fragrance and Flavours Association of India. Bringing together domestic and large multinational companies—the latter of which account for ~75% of the F&Fmarket—the event presented a unique opportunity for the industry to gather and consider the future of this fast-growing economy, currently ranked 11th in the world by GDP. Increasingly, this developing market its factoring into the long-range plans of multinational F&F companies, which face rapidly maturing markets in the United States, Europe and Japan. The CIA Factbook notes, "In 2010, the Indian economy rebounded robustly grom the global financial crisis—in large part because of strong domestic demand—and growth exceeded 8% year-on-year in real terms." These are numbers no industry can ignore.
This is only an excerpt of the full article that appeared in P&F Magazine. The full content is not currently available online.