Transforming the traditional incense industry by incorporating sustainability

Abstract

This research explores the transformation of the traditional incense industry by incorporating sustainability practices, focusing on the challenges and opportunities faced by small and medium-sized enterprises in adopting environmentally and socially responsible strategies. The incense industry, with its rich historical significance, is experiencing pressure to innovate in response to global competition, environmental concerns, and shifting consumer preferences. This study examines how sustainability, through frameworks such as the Triple Bottom Line and Environmental, Social, and Governance principles, can enhance business practices, reduce environmental impact, and improve long-term profitability. Drawing on case studies, including the successful integration of sustainability by N. Ranga Rao & Sons, and insights from a sustainability expert, the research identifies key barriers such as limited financial resources, lack of awareness, and challenges in supply chain management. The research highlights strategies for SMEs to overcome sustainability challenges. The study shows that adopting sustainability helps businesses grow sustainably globally and provides a competitive advantage, increasing their ability to grow and recover over the long-term.