India’s cosmetic industry to be worth $35 billion by 2035, finds ASSOCHAM survey
today Oct 30, 2017
India’s beauty cosmetics and grooming market will touch $35 billion from the present $6.5 by 2035, according to a joint survey conducted by The Associated Chambers of Commerce & Industry of India (ASSOCHAM) and MRSSIndia.com.
Teenagers and young adults will be the major consumers of cosmetics as 68% interviewed in the survey said that grooming products helps them boost their confidence. The survey also observed that majority Indians prefer natural cosmetics over chemicals.
E-commerce companies in the beauty and cosmetic space are likely to benefit in the future as around 62% young consumers interviewed in the survey especially from the big cities preferred to shop online.
The men’s grooming market also witnessed a growth of 42 percent over the last five years.
An ASSOCHAM spokesperson in a statement said “the Indian men’s grooming market witnessed a growth of more than 42% in the last five years. The growth is faster than the growth rate of the total personal care and beauty industry in India”.
The study further stated that the herbal cosmetic industry was likely to grow at a rate of 12% in India due to strong consumer connect. Around 50% percent consumers stated that ‘natural or organic’ features influenced their hair and skin care purchase decisions.
A large majority of 71% consumers said they prefer ‘natural’ face cream or lotion over other similar products while about 38% said they would buy hair products containing ‘botanical’ ingredients.
Forest Essentials, Biotique, Himalaya Herbals, VLCC, Dabur, Patanjali are some of the leading herbal cosmetic brands in the country.
Color cosmetics, nail varnish, lipsticks and lip glosses are the best selling items in the cosmetic segment in India, said the survey.
Copyright © 2020 FashionNetwork.com All rights reserved.