The cosmetics market in India is currently valued at about USD 6.5 billion and is expected to exhibit strong growth of 22% by 2025. The beauty industry makes up 22 percent of India's market for consumer packaged goods.
Reason for growth
An increase purchasing power, increased image conscious of the Indians, and higher awareness have brought about many International cosmetic brands into India. The beauty and wellness industry in India is booming with tremendous potential for growth. In fact, it is said to be growing twice as fast as the markets of the United States and Europe. India is also the second largest consumer market in the world.
According to a KPMG report, the size of India's beauty and wellness market was around Rs 80,370 crore by end of 2018. This includes beauty products, beauty salon and spa businesses. The compounded annual growth rate of the beauty and wellness business in India has been around 18%.