According to Nykaa’s ‘Beauty Trends Report’, the Indian BPC market is touted to touch 34 billion by 2028. There will also be an increase the premium beauty consumption sector due to increase in global brands in the country, more elaborate beauty routines and aspirations, higher spending power, product innovations, and more percentage of consumers having dual income. The main demography fueling these changes will be GenZ and young millenials along with consumers from non-metro cities.
The report forecasts that the Indian beauty market will experience a growth rate of 10-11% CAGR till 2028 due to higher consumer demand and the ever evolving beauty market. E-commerce will have a pivotal role to play in this growth, becoming the fastest-growing category in the beauty industry. The digital beauty market is slated to have a CAGR of 25% due to convenience in shopping.
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The premium beauty segment is forecasted to touch USD 3-3.2 billion by 2028 as the aspirations and incomes of Indian consumers improve. Social media will play a critical role in influencing consumer decisions with 520-560 million users on social media in 2023. These portals offer easy access to beauty know how and hence, will redefine beauty trends and preferences.
According to Anchit Nayar, Executive Director and CEO, of Nykaa Beauty, the latest beauty report shows that the market will have an exponential jump, mainly due to premiumisation, a new generation of consumers, and technological improvements. Anil Kumar, Founder, and CEO of Redseer Strategy Consultants added that the Indian BPC market is at USD 21 billion and is expected to expand at a CAGR of 10-11% with e-commerce being the main propeller of this growth with a 25% annual hike. Also, social media is bringing in a new wave of consumers who are more empowered and informed. So brands that align themselves with these changes offering innovative products and services will be the future leaders in the beauty industry.
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