Changing lifestyles have led the beauty industry to achieve the spotlight. Additionally, raising awareness about using various supplements to nourish your skin has also led the beauty industry to focus. Beauty industries are named after their purpose of manufacturing beauty (better known as cosmetic products).This is mainly segmented into five categories: body care, facial care, hand care, and colour cosmetics.
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MARKET OVERVIEW
Before modernization broke in, beauty products, including skin and hair products, were primarily homemade, using the local herbs and ingredients available. With increasing globalization, cosmetics from other countries started becoming accessible and affordable. Although imported cosmetics were vastly preferred, the domestic brands are on equal footing. The key factors leading to the success and swift growth of beauty and personal care in India include careful perception and adaptation of Indian skin tones and skilful customization.
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For the duration of the early years, sales volume of cosmetic products was comparatively low as compare to production costs. However, gradually the scenario has changed and the sales have become higher, and the market has boosted.
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The Indian brand (both regional and national) consists of a considerable presence in the mass category, while international brands, unfortunately, loading the premium market. Imported cosmetics, however, have had a significant impact on the Indian market growth. Indian consumers tend to show interest in international brands as a product of improving lifestyles.
At present, the Skincare segment in the Indian market is flooded with natural material-based products. Hence, the demand for products formulated using key ingredients such as seaweed extracts, sea salts, and other mineral-rich elements is high. However, the setback due to the pandemic caused a subsequent decline in demand. Yet, Indian beauty and personal care are slowly and steadily recovering.
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MARKET GROWTH
India's Industrial Beauty and Care Industry (BPC) are estimated to have USD 8 billion. India's per capita spending on beauty care product is growing in last few years and expected to grow at rapid speed in coming years A later study suggests that the value is estimated to be about 20 billion U.S dollars in 2020. Overall, the market is growing towards premiumization, with premium segments growing at 6.3% compared to 1.1% for the mass market. India's Industry is growing rapidly at the level of 13-18% more than foreign markets. Accordingly, the Indian make-up market is accepted to grow at speed of 25% per year.
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MARKET TRENDS
The shift towards mental and physical well-being through natural, organic, anti-fatigue, anti-pollution, and anti-aging products has steadily shaped the Indian beauty and personal care market. The rising awareness regarding sustainable cosmetics has caused a swift transition towards more ethically sourced and naturally made products. A high rise in the use of beauty devices and technology-infused products and services has been spotted, hugely driving the market. In addition, the growing adoption of men's grooming products has caused an increase in the growth of the market. Also, the introduction of online shopping has boosted the demand to extreme heights.
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Conclusion:
Niir Project Consultancy Services (NPCS) project report on the beauty industries in India consists of the market overview, market growth, and market trends. This project report focuses on the current market scenario, the key factors leading to the establishment and development of the industry, and the sole drivers of the market. This report is verified and is entirely reliable. Therefore, it can be trusted and is beneficial to everyone trying to get a piece of basic knowledge about the industry or an overview of the statistical data. Moreover, it will surely help you if you are already planning to invest in this industry.
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