18 Dec 2023
At the recently held Cosmoprof India, industry executives said that India is the 4th largest beauty market globally and is expected to grow 40% by 2026, while personal care, skin care, and make-up is expected to increase 4.5% and fragrances by 2.4%.
In 2023, the Indian cosmetic products market size is valued at $1.35 billion and is expected to reach $2.27 billion by 2028, showing a CAGR of 10.91% between 2023-2028.
According to Samir Srivastav, CEO, Looks Salon Group, the beauty industry is flourishing, especially amongst urban Indian consumers and it is getting both local and global exhibitors. Looks Salon itself, plans to ride the growth wave and is aiming to open 500 salons in India by 2029 from 213 salons in 51 cities. It aims to focus mainly on tier 1 cities and at the same time, explore tier 2 cities. He added that today the beauty industry is valued at Rs. 80,000 crore, expanding at 10% CAGR with new services like male grooming and nails on the rise. Even home care consumption is witnessing an upsurge. This shows that there is a huge influx of brands and immense growth opportunities.
According to Spoorthy Shetty, CEO, BBlunt India, the professional hair care market is valued at Rs. 2,100 crore and there is a huge potential for further expansion. There is an increasing demand for international beauty products due to the rise in e-commerce channels and their presence in retail store format too. In tier 2 cities, social medial plays a pivotal role in shaping consumer choices, making global brands and prestige categories more popular.
Sanjiv Sharma, CEO, Grey Trendy Professionals Pvt. Ltd. added that India has transitioned from a consumer market to a leader in beauty and cosmetics space. Today, the world thinks of India as a pioneer and in the coming two decades the world will look at buying India’s best products.
Yogesh Mudras, Managing Director, Informa Markets in India, said that consumer spending in India is on the rise at Rs.24.6 lakh crore and by 2027, it will become the world’s third-largest consumer market.