The personal care ingredients market in India is currently valued at about $520 million. Products ranging from hair care, skin care & bath products, cosmetics and fragrances form the personal care product market. In India, this industry has grown steadily with the increasing usage of specialty ingredients for formulations used in personal care products.
In the past few years, this market has seen trends such as –
- Evolving consumer needs that have led to product differentiation
- Increased penetration in urban and rural markets
- Innovations driven by market needs
- Regulatory regimes driving investments in R&D
- Increased consolidation and tie-ups
However, today market needs are being driven by technical innovations. The market is exhibiting a demand for natural ingredients as customers are becoming increasingly careful about the contents of products they buy. Thus, end consumers drive the needs of product manufacturers.
Amidst this market boom, Personal Care India Expo helps ingredient manufacturers, suppliers, packaging & machinery manufacturers, and service providers to engage with top decision makers such as personal care product manufacturers, supply chains, and wholesalers.
The beauty and cosmetics product sector has mainly been driven by improving purchasing power and rising fashion consciousness of the Indian population. Adding to this are industry players who readily spend on promotional activities to increase consumer awareness. The rising usage of Cosmeceuticals and Nutricosmetics by Indian consumers will further boost market growth by the year 2018.
The Indian cosmetics industry will continue to see host of new entrants - Global players see India and China as their largest growth markets in future, hence most of the large international players have already established their presence and are planning to expand in next tier cities.
Fashion, luxury and lifestyle are key areas where the young ‘urban elite’ enjoy spending. Growing disposable income of this fashion and brand-conscious youth is driving the surge in the demand for imported beauty products. A steady increase in the number of working women looking out for lifestyle and luxury products to groom up and keep up with trends is increasing the sale of beauty and lifestyle products in India. Indian consumers finally opened up towards trendy international brands as ‘lifestyle enhancement’ products.
Today health care is synonymous with lifestyle and well being. Besides ailments, healthcare is now perceived as a complete approach to well being by every age group – the youth, middle aged working masses and the fitness conscious home makers. Physical fitness no longer means seeking remedy for diseases; it has evolved into the complete physical, mental and spiritual wellness package, resulting in a new golden age for the health care and wellness product market.
According to analysis and figures given by the Confederation of Indian Industries (CII), the total Indian beauty and cosmetic market stands at US$950 million and shows a 15-20% per annum growth. A recent study by IBEF concluded that the health care sector will experience a 15% CAGR during 2011–17 to reach US$158 billion.
Thus, there is immense scope for enhancing the healthcare service penetration in India, and this is the potential for growth that Beauty India 2014 offers to your business.
Source: CII & IBEF