India's Beauty Market to Explode with Changing Habits and Income Rise
The Indian beauty and personal care market is thriving, and with a forecasted compound annual growth rate (CAGR) of 10.8% from 2023 to 2028, this growth is set to continue. Rising disposable income among Indian customers has helped to fuel the industry's development, along with increasing expectations to look good. The report by Expert Market Research highlights the changing lifestyle and consumption habits in India as a driving factor in the industry's exponential growth.
According to the report, cosmetics, fragrance, men’s grooming, and skincare are expected to see the most growth compared to generic categories such as hair care, oral care, and bath and shower products, which are already well-established. The COVID-19 pandemic has had a significant impact on the Indian beauty and personal care industry, with measures such as lockdowns, social distancing, and travel restrictions leading to reduced demand, manufacturing, and trading.
The beauty and personal care industry encompasses a wide range of products and services and is mainly aimed at enhancing the appearance and well-being of an individual's hair, nails, and skin. The industry is divided into segments based on type and distribution channels. In terms of type, the industry includes hair care, skin care, oral care, colour cosmetics, and fragrances. Distribution channels include grocery stores, chemists/pharmacies, large format stores, exclusive/multi-brand outlets, direct sales, salons and spas, and online platforms.
The transformation of consumer shopping patterns has been a significant driver in the rise of the beauty and personal care industry in India. Consumers' buying patterns and frequency have developed into loyalists or experimenters, with daily care goods mainly being purchased online and mid-premium and premium products mostly being purchased in offline retail shops because customers trust in the product's "touch and feel."
The report by Expert Market Research covers key market players such as Unilever plc, Colgate-Palmolive Company, The Procter & Gamble Company, L’Oréal S.A., The Estee Lauder Companies Inc., Godrej Group, Johnson & Johnson Services, Inc. and Dabur India Ltd, among others. The report highlights their market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions in the industry.
In conclusion, the Indian beauty and personal care industry has immense potential and is set to experience exponential growth in the coming years. Rising disposable income, changing lifestyle and consumption habits, and a wide range of products and services present a golden opportunity for the industry to reach new heights despite the challenges posed by the COVID-19 pandemic.