India Cosmetics Market Size to Grow at a Steady CAGR of 5.8% during 2023–2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects India cosmetics market size to grow at a steady CAGR of 5.8% during the forecast period between 2023 and 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects India cosmetics market size to grow at a steady CAGR of 5.8% during the forecast period between 2023 and 2029. The emergence of online retail and rising youth preference for skin care and other grooming products are two significant factors that are anticipated to drive the cosmetics market during the forecast period. Growing consumer awareness of and preference for purchasing innovative skin care products that not only make them look beautiful but also improve their skin type is another major factor driving the demand for cosmetics products. Manufacturers have a lot of room to grow because of Indian consumers' rising demand for herbal cosmetics. Due to the growing interest in body aesthetics, particularly among women, India is one of the top consumers of cosmetic products worldwide.
India Cosmetics Market – Overview
A "cosmetic" is any product that is used to maintain, enhance, or modify the appearance of the skin, hair, nails, or teeth. Cosmetics include both grooming and beauty products, such as soap, shampoo, shaving cream, and deodorant, as well as makeup, perfume, skin cream, and nail polish. The specific seven categories of cosmetics and personal care products are oral care, skin care, sun care, hair care, decorative cosmetics, body care, and perfumes. "Perfume and eau de cologne" includes fragrance; "makeup cosmetics" consists of foundation creams, lipsticks, and eye makeup; "skincare cosmetics" comprises facial cream, skin lotion, skin milk, and cleansing cream; "hair care products" covers hair dye, shampoo, and hair treatment; and "other cosmetics" contain nail polish and other products.
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Opportunity: Vegan and cruelty-free cosmetics gaining popularity
Vegan (no animal ingredients), vegetarian (no byproducts of animal slaughter), and cruelty-free (no animal testing) beauty markets have grown in popularity in recent years, both globally and in India. When India's Ministry of Health and Family published the cosmetic testing ban in May 2014, the existing Drugs and Cosmetics Rules, 1945, were updated with the new rule "148-C. prohibition of testing of cosmetics on animals, such that no person shall use any animal for testing of cosmetics." Because the country advances vegan products, Indian consumers are paying closer attention not only to what shade of lipstick best suits them but also to how the lipstick is applied. International vegan cosmetics manufacturers are expanding into India.
Impact of COVID-19 on India Cosmetics Market
The COVID-19 pandemic affected the global cosmetics market due to disruptions in the supply chain, manufacturing, and government restrictions on the opening of retail stores around the world. Furthermore, during the COVID-19 pandemic, the major market players saw a decrease in cosmetic product sales revenue, further affecting the market. L'Oréal S.A., for example, reported a 7.0% decrease in net sales in fiscal 2020 due to the difficult environment caused by the COVID-19 pandemic. However, due to resumed activities, sales, trade, and manufacturing around the world, the global and India cosmetics markets are expected to recover and grow rapidly in the coming years.
India Cosmetics Market – By Distribution Channel
Specialty Shops, Hypermarkets/Supermarkets, Online Channels, and other segments are part of the Indian cosmetics market by distribution channel. Retail stores dominate the market. One important factor that has contributed to the segment's dominance is consumers' strong preference for purchasing cosmetics products from offline retail stores. Revenue growth in the offline channel segment was aided by the simple accessibility of cosmetics and personal care items in brick-and-mortar retail establishments like department stores, specialty-multi retailers, and salons and spas. During the forecast period, the online segment is expected to expand at a notable CAGR. One of the main drivers of market growth in emerging economies is the growing e-commerce sector. In China and India, browsing and purchasing cosmetics products online is becoming more popular.
India cosmetics market is fiercely competitive. Prominent players in India cosmetics market L'Oréal, The Estée Lauder Companies, Colorbar Cosmetics Pvt Ltd, Natura & Co, Lotus Herbals Pvt Ltd, Unilever Limited, Revlon Inc, Vaseline, Lakme, Unicharm, Amway India Enterprises. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India cosmetics market.
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