India’s grooming and cosmetic market to touch $35 billion by 2035: study
New Delhi, Oct 30 (IBNS): The market size of India’s beauty cosmetics and grooming is expected to touch $35 billion by 2035 from the current level of $6.5 billion says the joint study undertaken by ASSOCHAM– MRSSIndia.com.
The study has revealed that the consumption the consumption pattern of cosmetics among teenagers went up substantially between 2005 and 2017 because of increasing awareness and due to the desire to look good and over 68% of young adults feel that using grooming products boost their confidence. Also about 62% of young consumers in big cities prefer to buy online beauty and grooming products 45% of consumers tend to buy cosmetics and apparels from any shop of their convenience rather than a single shop.
The chamber spokesman said, the Indian men’s grooming market witnessing a growth of more than 42% in the last five years the growth is faster than the growth rate of the total personal care and beauty industry in India.
Since the Indian consumers tend to purchase natural and herbal cosmetics products, the herbal cosmetic industry is expected to grow at a rate of 12% in India.
The overseas markets have great demand for Indian herbal and natural cosmetic products and exports to countries like the UAE, the USA, the Netherlands, Saudi Arabia, Germany, Japan, Malaysia, Nepal, Sri Lanka, UK, China, Indonesia, France, Russia, and Italy. According to CHEMEXCIL, the exports of cosmetics, toiletries and essential oils during 2015-16 was around USD1007.20 million. The import during the same period was USD703.58 million.
Among all the Indian cosmetic industry, the best-selling and the most popular items are color cosmetics, of which nail varnish, lipsticks and lip glosses. Indian products have gained the demand due to their experience in extraction of the best from natural dyestuff, flowers, roots, oils, etc.
Indian market has herbal cosmetic brands like Forest Essentials, Biotique, Himalaya Herbals, Blossom Kochhar, VLCC, Dabur, Lotus, Jovees, Kama Ayurveda, Patanjali, Just Herbs, and many more.
The major factors behind the preference for personal care products include the words such as ‘natural’, ‘organic’, ‘botanical’, ‘free from’ some harsh chemical, and even ‘religious compliance’. Over half of Indian consumers reported ‘natural or organic’ features influencing hair and skin care purchase decisions.
According to 71% consumers they would prefer ‘natural’ face cream or lotion over other similar products. About 38% said they would buy hair products containing ‘botanical’ ingredients. Even ‘religious compliance’ has swayed 17% consumers.
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