‘Indian Beauty market may grow 40% by 2026’

With 1.4 billion people, India is the 4th largest beauty market in the world, and it is expected to grow 40% by 2026, industry executives said at  Cosmoprof India, held at Jio Convention Centre in Mumbai said. 

Personal care, Skincare & Make-up is slated to grow around 4.5%, while Fragrances will increase by 2.4% between 2022-26, they said.

The Indian cosmetics products market size is estimated at $1.35 billion in 2023. It is projected to reach $2.27 billion by 2028, registering a CAGR of 10.91% during the forecast period (2023-2028), they added. 

Samir Srivastav, CEO, Looks Salon Group said, “The beauty industry is booming, especially with urban Indian consumers, and attracting both national and international exhibitors. Our vision is to open 500 salons by 2029 in India driven by Tier 1 cities while exploring Tier 2 cities, expanding from our current 213 salons in 51 cities. 

“The industry stands at ₹80,000 crore, growing at 10% CAGR. New services like nails and male grooming are on the rise, alongside increased consumption of home care products. This surge in product consumption explains the influx of brands entering the market, signifying changing consumer preferences and ample growth prospects,” he said. 

 Spoorthy Shetty, CEO, BBlunt (Mama Earth Group) India said, “India’s beauty industry, despite its massive 1.4 billion population, holds considerable potential for further growth and expansion. The professional hair care market, alone valued at ₹2,100 crore, exemplifies this potential.”

“The growing demand for international beauty products is fuelled by the rise of e-commerce channels and their integration with physical stores. Social media plays a crucial role in shaping consumer preferences, particularly among Tier 2 cities, leading to a shift towards international brands and prestige categories,” she said.

Sanjiv Sharma, CEO, Grey Trendy Professionals Pvt Ltd, said, “India has transitioned from a consumer to a leader in the beauty and cosmetics industry. The world now looks to India as a pioneer, and the next two decades will see the global market seeking to learn and acquire our best products.”

“This optimism is fuelled by the rapidly expanding men’s grooming market in India, which is currently at $900 million expected to reach $1,900 million by 2029. Grey We are capitalizing on this growth, aiming to expand our Men’s Barber Salon Chain brand, HMX BY HAIRMECHANIXX stores from its current five branches to 50 by 2024 and 100 by 2025,” he added.

Yogesh Mudras, Managing Director, Informa Markets in India, the organisers of the event said, “As the Indian consumer landscape evolves, a decisive shift emerges, wherein consumers are more opinionated, aware, and focused. With consumer spending surging to $296 billion (₹24.6 lakh crore), India is on track to become the world’s third-largest consumer market by 2027.” 

“The per capita gross income of Indian consumers too is anticipated to rise by 138% in real terms from 2021 to 2040, expanding their disposable income and creating ample opportunities for beauty brands to deepen their presence in the Indian market. Despite this potential, the pipeline is still limited, with only 17-18 million out of 100 million women actively engaging with beauty products, highlighting a significant runway for further market share growth,” he added.