India’s beauty and personal care market is expected to grow at a CAGR of 10-11 per cent to reach $34 billion by 2028, Nykaa Beauty Trends Report reported on Wednesday.
The report estimates that India’s beauty and personal care (BPC) market is worth around $21 billion at present.
According to the report, the Indian BPC market is the fastest growing market globally, with a compound annual growth rate of 10-11 percent.
“India is the fastest growing BPC market globally and is expected to reach $34 billion by 2028,” Nykaa said in a statement.
According to the report, e-commerce is set to be the main driver of this growth and the fastest growing segment, projected to achieve a CAGR of around 25 percent.
“Rising aspirations and rising incomes among Indian consumers will drive the premium beauty market, which is expected to reach $3-3.2 billion by 2028. With 520-560 million users by 2023, the democratisation of beauty experience through social media is significantly influencing consumer choices,” the statement said.
The report notes that online commerce channels for BPC are expected to grow at a CAGR of around 25 per cent and be on par with organised offline commerce to account for 33 per cent of the segment’s total turnover.
While the share of unorganized offline trade channels will decline from an estimated 55 percent in 2023 to 35 percent in 2028.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 5, 2024 | 00:11 IS
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