Despite the massive surge in the popularity of cosmetic products, the average consumer spending on cosmetic products in India is much lesser when compared to the other countries. This implies that the Indian cosmetic industry has a greater potential for growth. Indian herbal cosmetic products have a tremendous demand in the international market.
In the past three years, the Indian wellness industry which includes slimming products and services, fitness services and equipment and cosmetic treatments has witnessed a highest growth of around 490 billion.
The beauty care market consisting of salons, cosmetic treatment centres and cosmetic products which is currently estimated to be around 190-200 billion is expected to reach over 400 million by 2015 and hence likely to become the main contributor to the growth of Indian cosmetic industry.
The Indian cosmetics Industry is estimated at Rs. 15,000 crore and is expected to grow at over 10% annually. The Indian cosmetics industry has many cosmetic brands like Forest Essentials, Biotique, Himalaya, Blossom Kochhar, VLCC, Dabur, Lotus and many more.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has projected that the market size of Indian cosmetics industry which is currently estimated at Rs.10,000 crore will double to be worth Rs. 20,000 crore by 2014 due to emergence of a young urban elite population with rising disposable incomes and increase in working women looking for lifestyle-oriented and luxury products.