According to a KPMG report, the Indian beauty and wellness industry is poised to reach a whopping $20 billion by 2025 end as it expands at a CAGR of 20.6%. The organic beauty products market in India should reach $1.7 billion by 2025, while the haircare market is expected to touch $4 billion by 2023.
Increase in disposable income and better information about beauty products amongst the youth are the main driving factors. Additionally, today an increasing number of working women are spending on beauty products and services.
There are more spas and salons in India now than before and a lot of global players are also venturing into the region. This expansion is further fuelled by more beauty products being launched and the increasing demand for herbal and organic products. According to Danish Batra, Managing Director, Hair Masters luxury Salons, earlier 80% of the revenues in the industry came only from female customers, but now the male grooming section is contributing equally. This is another reason for the burgeoning beauty and wellness industry.
Skill training being offered by government agencies and private players has also given an impetus to the beauty and wellness industry. The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) is one such scheme. Many salons like Hair Masters luxury Salons, send their staff members abroad for better training.