Top 5 Pan Masala Companies in India: Leading Brands & Manufacturers

The India pan masala market reached a value of more than INR 46681.97 Crore in 2024. The market is further expected to grow at a CAGR of about 3.80% in the forecast period of 2025-2034 to attain a value of INR 67783.30 Crore by 2034. As per the analysis by Expert Market Research, the market is expected to be driven by the consumer demand for premium pan masala and easy availability of pan masalas.

Pan masala is a traditional mouth freshener that is widely known in India and preferred over Western alternatives. Due to its traditional popularity, there is a vast market and demand for pan masala. With rising health concerns, new pan masala variants are available, including tobacco-free and other types.

Rising disposable income and investments made by the market players in the development of innovative pan masala flavours which include gulkand, silver-coated betel nuts, and chocolate are expected to support the growth of the market. Pan masalas are used largely by both urban and rural sector consumers influenced by pre-existing habits and marketing strategies, positively influencing the overall demand for the India pan masala market.

Advancements in pan masala packaging are contributing to the growth of the market. Resealable pan masala packages available make it convenient for the buyers to consume them while retaining freshness over a longer period of time. Various models of pouch filling and sealing machines are available, making it easy to pack them in a specific formats.

Pan Masala Industry Updates: Manufacturing & Brand News India

In March 2025, MDH, a prominent Indian spice company, came under scrutiny in May 2024 when New Zealand's food safety regulator investigated contamination in its spice products. Regulators in Hong Kong and Singapore also recalled MDH products due to the presence of ethylene oxide, a harmful chemical. These incidents have raised concerns about product safety and quality control within the company.

In December 2024, Arti Kothari, a promoter of Kothari Products Ltd., plans to acquire 20,89,071 equity shares, equivalent to 7% of the company’s share capital, from Dham Securities Pvt. Ltd. The transaction, set to take place on or after December 30, 2024, will be executed at ₹190 per share, reflecting a premium over the 60-day volume-weighted average market price (VWAMP) of ₹160.

In April 2024, manufacturers of pan masala, gutka, and similar tobacco products in India will face penalties of up to ₹1 lakh if they fail to register their packing machinery with GST authorities. This regulation, introduced in the Finance Bill 2024, is designed to curb revenue leakage in an industry known for tax evasion and lack of transparency.

In June 2023, Dharampal Satyapal Group (DS Group), a diversified conglomerate and leading FMCG company, has acquired The Good Stuff Pvt Ltd (formerly Global CP Pvt Ltd), the brand owner of LuvIt Chocolate and confectionery, previously backed by Goldman Sachs and Mitsui Ventures. This strategic acquisition aims to expand DS Group’s confectionery portfolio while enhancing its distribution network across grocery and retail channels.

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Top 5 Pan Masala Manufacturers: India Business & Growth

1. DS Group

DS Group stands for Dharampal Satyapal Group, and is a leading fast moving consumer goods conglomerate with a presence in India and internationally. They believe in producing quality and innovative products giving a sense of satisfaction to its consumers. Some of the brands owned by this group include Pulse, Tulsi, Rajanigandha Pearls, Pass Pass, and L’Opera. They provide mouth fresheners, hospitality, beverages, confectionary, and various other products, particularly well-known for their food brand and dairy products.

2. Manikchand Group

Manikchand Group provides a wide range of products including pan masala, electrical switches, mouth fresheners, wedding cards, flour mills, packed water, flexible packaging, and offset printing. It started its business with providing chewable tobacco products commonly known as ‘Gutka’. They aim to provide world class quality products with innovative approaches.

3. Godfrey Philips India (Modi Enterprises)

Godfrey Philips India, a flagship company of Modi Enterprises, was originally established in 1844 in London and later in 1967 the headquarters shifted to India. It is a tobacco manufacturer that provides services all over the world. It provides cigarettes, chewing gum, candies, and tobacco leaf as its main products.

4. Kothari Product Limited

Kothari Product Limited is known for innovative marketing strategies, superior quality product design, and low-cost products. It has high demand of its products not only in India but also in other countries. It deals with import and export of commodities including minerals, notebook, agro-based products, transformers, metals, steel, PVC, computer hardware, and others. It is a top producer of pan masala and gutkha products in India.

5. Dharampal Premchand Limited

Dharampal Premchand was founded in 1929 and became a private limited company in 1972. The motivation to launch the company was to bring back the old tradition of ‘Zarda’, and the company began from a small tobacco shop in Chandni Chowk. Now, the company provides various products including tobacco, paan chatni, nauratan pan masala, silver leaf, mouth fresheners, personal care, confectionary, beverages, snack food, and exotic food.