Archive · 25 Aug 2026
India Probes Fragrance Giants Over Alleged Price Collusion
India is investigating three large companies that make fragrances and flavor ingredients.
Officials suspect the companies may have worked together to influence prices.
The alleged activity reportedly began in 2024.
This is separate from another investigation about possible agreements not to hire one another’s workers.
The regulator prepared a report and shared it with the companies in February.
In July, it recalled the report because some business secrets may not have been hidden properly.
The regulator now has to prepare the report again.
This could make the investigation take longer.
The companies have said they are cooperating with anti-cartel investigations around the world.
India’s Competition Commission is investigating Givaudan, DSM-Firmenich and International Flavors & Fragrances over alleged cartelization in the fragrance industry.
The case concerns alleged price collusion since 2024 and is separate from an ongoing investigation into alleged labor anti-poaching agreements.
The CCI shared an investigation report with the companies in February but recalled it in July over concerns about improperly redacted commercial secrets.
The report must be redrafted, potentially delaying the approximately two-year-old investigation.
The global fragrance and flavors market in India is projected to grow from $2.5 billion in 2024 to $5 billion by 2033.
- Who
- The Competition Commission of India is investigating Givaudan, DSM-Firmenich and International Flavors & Fragrances.
- What
- A case concerns alleged cartelization and price collusion in India’s fragrance industry.
- When
- The alleged price collusion dates from 2024; a CCI document was dated July 22, and the investigation report was shared in February before being recalled in July.
- Where
- India.
- Why
- The CCI is examining whether the three companies coordinated prices or otherwise cartelized the fragrance industry.
Regulatory and competition concerns
Companies’ procedural position
Alleged price coordination
Regulatory and competition concerns
The CCI document describes a case involving alleged cartelization by the three companies, with alleged price collusion reported since 2024.
Companies’ procedural position
The companies did not respond to the specific requests for comment described in the report, but they have said they are cooperating with global anti-cartel investigations.
Confidential information in the report
Regulatory and competition concerns
The CCI recalled its investigation report because commercial secrets were allegedly not properly redacted, requiring a new version.
Companies’ procedural position
Givaudan and International Flavors & Fragrances complained that their commercial secrets were not properly redacted.
Impact of the delay
Regulatory and competition concerns
An antitrust lawyer said losing relevant commercially sensitive data could harm competition and expressed concern about the issue for the CCI.
Companies’ procedural position
The report’s recall and redrafting could delay the investigation, but the article does not report the companies’ views on the expected timeline.
- Regulator
- Competition Commission of India (CCI)
- Companies named
- Givaudan, DSM-Firmenich and International Flavors & Fragrances
- Alleged conduct
- Price collusion and cartelization in India’s fragrance industry
- Separate case
- An ongoing investigation concerns alleged labor anti-poaching agreements
- Report status
- The CCI recalled its report after complaints that commercial secrets were not properly redacted
- Market projection
- India’s flavors and fragrances market is expected to reach $5 billion by 2033, compared with $2.5 billion in 2024