India investigates fragrance giants over price collusion, document shows

"From a systemic perspective this will be of concern to CCI," said Gautam Shahi, an Indian antitrust lawyer at Dua Associates.

"Loss of relevant commercially sensitive data may harm competition in the market."

India's flavours and fragrances market is expected to reach $5 billion by 2033, versus $2.5 billion in 2024, according to Grand View Research.

Global fragrance makers Givaudan, Firmenich and International Flavors & Fragrances face a second antitrust investigation by Indian authorities, according to a regulatory document seen by Reuters.

The latest case relates to alleged price collusion since 2024, said a source close to the matter, and follows an ongoing investigation into accusations that the companies struck labour anti-poaching deals.