The fragrance and flavor industry in India is likely to grow at a rate of 12% each year over the next three to four years, reaching a size of over USD 5.2 billion by the end of this period. This growth is being driven by factors like rising disposable incomes and changing consumer preferences. The major user industries of this segment are food and beverages, personal care, homecare, pharmaceuticals and cosmetics, and these include major multinational companies, domestic companies and small businesses.