How big is the beauty industry in India? How has the customized beauty and personal care industry grown in India?
As years have passed by, there are many sorts of industries that have grown and established a status for themselves. The beauty industry is one of those industries which has developed and prospered over a period of time. In fact, it is said that the Indian beauty and personal care industry is believed to grow at a CAGR of 9% from USD 14-15 million in the year 2017 to about 23 million in the year 2022.
There has been a rising desire among the people of the country to stay maintained and look good. This has certainly given a fine chance to the beauty and personal care industry to rise at a decent rate.
Personal care industry
The personal care industry is surely undergoing a makeover. The advancement in technology has a big role to play in its growth. The online market places for personal care have tremendously attracted an incredibly big crowd. Adding to this, the products offered by the market have become significant and useful for people. The innovations and creations in the products have proved to be of great benefit to the growth of the industry.
The customized personal care market has put forward its focus on ensuring to offer hygienic, safe, eco-friendly, and naturally benefiting products. The audience is showing some great degree of trust in the market and the consumers are increasing considerably.
In addition to this, the gender-neutral consideration of personal care and beauty companies has naturally gathered a good lot of clients and shoppers. They are hiring male ambassadors to market their products. This suggests that the industry has been widening its platform and trying to reach as many potential buyers as possible.
As per a report by Zion market research, the Global Beauty Industry is expected to reach $863 billion by 2024. Moving ahead, people completely admire the fact of getting products as per individual preferences. The industry makes sure to include all those major ingredients which are suitable for a specific person. This is one of the prime reasons that the industry is witnessing progress.
Consumers are pleased and satisfied with the introduction of customized personal care.
How big is the beauty industry in India?
The beauty and wellness business in India is growing at a rapid rate. The cosmetic market alone is growing at 15-20% annually. The Indian beauty industry already stands at rupees 73,000 crores. Furthermore, as said by the market researcher euro monitor. It is expected to reach a rupee of 1.11 trillion in the coming four years.
The way this industry has shown phenomenal advancement and development is like none other. India's cosmetic industry is further said to register an annual growth rate of about 25% which is meant to touch USD 20 billion by 2025. Almost every household in India is inclined towards buying a good number of beauty products and cosmetics. The industry has fascinated and enthralled its audience with its ideal products.
The market has already touched tops and is still growing at a tremendous rate. The increasing beauty concerns of both, men and women is one of the main reasons for the expansion of individual beauty and cosmetic cabinet.
India's beauty and personal care industry is evaluated to be worth $8 billion.
The cosmetic and hair care market are the key players in the development and expansion of the beauty market. Furthermore, the hair care market is expected to grow annually by 8.7%. Looking after one's hair has also become a rising concern among individuals of the country. Customized hair care has highly been appreciated and acknowledged by people. The customized hair care industry has addressed the hair care concerns of people and worked hard in order to fulfill their best hair goals.
Indian skincare market
The rising demand for face creams, lotions, sunscreen has set the industry's remarkable growth.
According to a report, The global skincare market size was evaluated to be 134.8 billion in the year 2018. Well now, it is believed to expand with a CAGR of 4.4% from the year 2019 to 2025. The refinement in the customized skincare products has attracted people of all age groups to consider the importance of these products. People are getting every suitable product which can benefit their different skin types.
The growth in this industry is well predicted and is quite obvious.