|
Indian beauty industry growing twice as fast as those in US, Europe
|
|
Vijetha Iyer, Mumbai
June 25 , 2019
|
|
|
The beauty and cosmetics industry is one of the fastest-growing segments in India. Undeniably, this booming market offers promising opportunities for domestic and international brands.
Commenting on the recent developments in the beauty and cosmetic industry at the 2019 essay of Cosmoprof India, which took place at Bombay Convention and Exhibition Centre recently and was organised by UBM India, Yogesh Mudras, the company’s managing director, said, “With the Indian industry growing almost twice as fast as the markets in United States and Europe, it is said to hold a five per cent share in the global beauty pie.”
“Every segment of the beauty industry is flourishing here and the market is set to reach the projected valuation of $35 billion even before 2035. So, between 2018 and 2023, the industry is expected to grow on a rate of 9.7 per cent, with a 9.6 per cent growth in perfumery and a 13.1 per cent growth in the make-up segment,” he added.
Mudras said, “In this scenario, and emboldened by the stupendous success of the preview show last year, Cosmoprof India, the new show for the Indian beauty market, is back with over 200 companies from 19 countries, representing all the sectors of the beauty industry.”
The event highlighted the Made in India concept in the field of beauty.
Speaking about the cosmetics industry’s performance and outlook, Pradeep Srinivasan, senior research analyst, Euromonitor International, said, “The colour cosmetics industry in India has been doing extremely well over the last few years, and is expected to continue witnessing double-digit growth over the next five years as well.”
“The entry and expansion of online and store-based beauty specialist retailers such as Nykaa, Purplle and Sephora have aided the growth of the colour cosmetics industry in recent years. These companies brought in well-established international brands into the country, providing consumers with more product variety and choice,” he added.
Srinivasan said, “In addition, online sales of colour cosmetics witnessed tremendous growth in recent years due to rising Internet use and smartphone penetration, coupled with higher convenience and product variety.”
“However, physical stores continue to remain relevant in India, with retailers focussing on enhancing the shopping experience by housing beauty studios with personalised beauty advisors who help consumers understand latest and trending make-up looks and regimes. The concept of organic, natural and ayurvedic beauty products has gained higher traction in recent years as more consumers are demanding healthier and safer alternatives,” he added.
Fernanada Pigatto, international marketing director, Beauty Streams, discussed the forecast methodology, regular expert trend meetings, empathic lux, masculism - the future of masculinity, micro-targeting, mental cosmetics - mood enhancing, anti-anxiety and balancing benefits, good vibrations (wherein he spoke about wave-emitting devices that reinforce active ingredients), high on hormones (wherein he spoke about adapting skincare to puberty, pregnancy and menopause), details about beauty forecast, etc.
Fanny Moreau, perfumer and techno marketing head, Sacheerome, said, “Consumers are expecting more in fragrances and flavours these days. Even in air freshners, they want varieties.”
“Automated and long-lasting fragrances are useful these days since consumers want fragrance to last for longer duration. Micro-incapsulation is used in shower gels and perfumes. People are going back to naturals. We are here for the second time, so we are expecting more business-to-business deals,” she added.
Meanwhile, Mudras, Claudia Bonfiglioli, international director, Informa Beauty Exhibitions; Pushkaraj Shenai, chief executive officer, Lakme Lever, and chief guest Amrita Fadnavis, vice-president, Axis Bank, inaugurated the event.
|
|
|
|
|
|
|
|
TOPICS
|
That foods might provide therapeutic benefits is clearly not a new concept. ...
|
|
|
|
|