Booming Indian Beauty Industry
The growth in this sector is creating a lot of interest in the millennials to pursue it as a career and government direction, assistance and encouragement will only help this industry get recognition and create more employment opportunities.
Photo Credit : Ritesh Sharma
The beauty business in India is flourishing at a rapid rate, with future outlook seeming exceptionally bright due to new product launches which are catering to consumers’ growing requirements. The India market is in fact, competing with markets like the United States and Europe. According to reports the industry will touch 20 billion dollars by 2025 with 15-20% of annual growth.
Today awareness of beauty products and treatments is at an all-time high in India. Consumers have much greater level of awareness of the ingredients in products and make choices based on their knowledge and preferences. There is a high demand for products based on natural, organic, anti-ageing and anti-pollution trends. It is also noticed that women are now spending more on beauty products as they are actively earning and spending more on themselves.
It’s interesting to see how some favorite stereotypes about the beauty industry no longer stand valid. The conversation around beauty is evolving and with it is the male grooming segment. It is growing swiftly, and data confirms that the sales of men’s face creams witnessed an almost double hike, while the use of face cleansing products has jumped at least 60 times between 2009 and 2016. According to a report by market research agency, Mintel, average Indian man spends 42 minutes a day on grooming himself.
The growth and awareness amongst the consumers can be attributed to exposure to global trends, rising disposable incomes, changing lifestyles, etc. An important attribute would also be the remarkable growth of e-commerce, with online stores becoming popular shopping destinations, especially for cosmetic products. The consumer gets a plethora of choices and a wide range to choose from along with additional benefits. The internet has changed the way business works. It is estimated that India will be the fastest growing e-commerce market.
Another important trend that’ll come to surface is the up rise in the number of professionally qualified personnel. This service sector offers great scope for employment and entrepreneurship and it is also where government’s intervention is required. The growth in this sector is creating a lot of interest in the millennials to pursue it as a career and government direction, assistance and encouragement will only help this industry get recognition and create more employment opportunities.
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