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Anjenay Agarwal, Founder and Director, Royal Bee Natural Products
The honey market in India achieved a significant milestone, reaching Rs 23.3 billion in 2022. Looking ahead, the market is projected to expand further and reach Rs 38.8 billion by 2028, showcasing a notable growth rate of 8.4 per cent during 2023-28. With a diverse range of players in the Indian honey market, Royal Bee Natural Products, a Ghaziabad- based company stands as one of the key contributors. Anjenay Agarwal, Founder and Director of Royal Bee Natural Products, sheds light on the company’s honey business and its verticals in natural and Ayurveda products, in an interview with NUFFOODS Spectrum.
Please update us on the latest developments in the company in terms of product development.
At Royal Bee Natural Products, we are continuously innovating and developing new products in line with our philosophy of natural, ayurvedic and herbal products. Our R&D team is currently working on new variants of our existing products and exploring new product lines. We are also collaborating with other companies in the industry to bring synergies that benefit both companies and our customers. We also have a dedicated focus on developing products that address the needs of people with lifestyle metabolic disorders.
What was the revenue of the company in FY22, and what do you expect in FY23? How much revenue is generated through exports?
The revenue of the company in FY22 was Rs 30 crore, out of which only 4 per cent was generated through exports. For FY23, we are expecting a revenue of Rs 60 crore, with exports revenue close to 20 per cent. Our goal is to continue to grow and contribute to the natural and herbal products industry, both domestically and internationally.
While honey is a significant contributor to our business, accounting for almost 80 per cent of our total revenue, we are also focused on expanding our ayurvedic sector, which currently contributes around 20 per cent of our revenue. We have plans to increase this contribution to 40 per cent this year through the introduction of new and innovative Ayurvedic products. We believe that this will not only diversify our product portfolio but also cater to the growing demand for natural and herbal products in the market.
Lately, there have been many cases of honey adulteration with modified syrup. How do you ensure the purity of your honey? What technologies are being employed?
Undoubtedly, honey adulteration is a pervasive issue that has persisted for a significant period. Nevertheless, we have adopted the latest technologies to tackle this problem. In addition to this, we have established long-standing associations with certified bee farms and traders for over 30 years, who consistently provide us with high-quality honey. Regular inspections of our honey supplies are conducted in international labs to ensure their purity and safety. We take great pride in maintaining the authenticity of our products and ensuring that our customers receive the finest quality honey.
We furnish our customers with comprehensive information concerning our honey, including its source, testing results, and certifications. We will continue to invest in the latest technologies and adhere to best practices to maintain the highest standards of quality and purity for our honey.
What are the main challenges faced by the beekeeping industry and how do they affect the honey business?
At Royal Bee Natural Products, we acknowledge the challenges confronting the beekeeping industry, such as climate change, habitat loss, pests and diseases, pesticide usage, and other factors that impede bee health and productivity. We are dedicated to promoting sustainable and organic beekeeping practices to mitigate these challenges and ensure the long-term vitality and well-being of our bee colonies. We collaborate closely with our beekeeping partners, providing them with the necessary resources and support to effectively implement these practices. Additionally, we invest in research and development to improve bee health and productivity, and we use the latest technologies for honey processing and storage to uphold the quality and purity of our products.
Unfortunately, the beekeeping industry continues to grapple with various challenges, including the impact of genetically modified (GM) crops and pesticide use on bee populations, unpredictable weather patterns that impact honey production and prices, and the spread of pests and diseases that can weaken and decimate bee colonies. We are actively monitoring these challenges and collaborating with our partners to develop effective strategies to address them.
As your company specialises in herb-based products, how do you address supply chain challenges related to herbs and honey?
We take a holistic approach to managing our supply chain-related challenges, from working closely with our suppliers to investing in advanced technologies for product testing and quality control. To ensure that our suppliers adhere to our rigorous quality standards and ethical sourcing practices, we conduct regular audits and inspections throughout our supply chain. This proactive approach allows us to identify and resolve potential risks or issues before they escalate.
In addition to supplier management, we invest in advanced technologies for product testing and quality control. We use techniques like HPLC and GC-MS analysis to detect and quantify any impurities or contaminants present in our herb-based products. We also use techniques like microfiltration and pasteurisation to ensure that our honey is devoid of harmful bacteria or microorganisms.
Finally, we prioritise transparency and traceability in our supply chain. Our herb-based products and honey are sourced from certified bee farms and traders, who have been trusted partners of our company for the past 30 years, ensuring a consistent supply of high-quality products. Moreover, we subject our supplies to testing in international labs to ensure the quality of our honey.
What are your views on FSSAI’s support of the herbal industry, and what suggestions do you have for food regulators?
We wholeheartedly acknowledge the crucial role played by the Indian government. In particular, the Ayush department has been playing a vital role in promoting the herbal industry. While we have not specifically observed extensive support from FSSAI for the herbal industry, we appreciate their endeavours to ensure the safety and quality of all food products in India.
As the herbal industry continues to expand, it is imperative to prioritise transparency, quality, and safety. We recommend that food regulators establish stringent testing and certification requirements for herbal products, while simultaneously educating consumers and businesses about the benefits and risks associated with herbal remedies.
We believe that by working together with regulators and industry leaders, we can continue to grow and transform the herbal industry.
What are your future plans regarding product development, expansion, and international business?
At Royal Bee Natural Products, we’re focused on developing new herbal formulations and expanding our product portfolio into personal care and wellness categories. We’re also planning to establish a pan-India presence through distributors and retail outlets, as well as seeking international expansion opportunities.
To ensure the quality and purity of our products, we’re investing in cutting-edge technology and research. This year, we’re collaborating with international companies to expand production to two to three countries and setting up a sales office for the Middle East, where our products have been successful. We’re also venturing into the West African region and exploring opportunities to supply our products to Southeast Asia from our existing factory. By staying committed to quality and innovation, we believe we can continue to grow our business and consolidate our position as a leading player in the natural products industry.
Mansi Jamsudkar