According to Redseer, India’s beauty and personal care market would reach $30 billion by 2027 and make up 5% of the global market
According to a research by Redseer Strategy Consultants and Peak XV, the beauty and personal care (BPC) industry in India is expected to reach $30 billion in the next three years by 2027.
The research also said that the BPC market in India is anticipated to represent at least 5% of the worldwide market. According to the report, India’s BPC sector is presently under-penetrated and only accounts for $14 of per-capita spending on these products, as opposed to $313 in the US and $38 in China.
Additionally, it predicted that the BPC business will use internet shopping as a “significant channel.” Redseer predicts that by 2027, the online BPC market in India would reach $10 billion, accounting for 33% of the country’s overall industry.
“Consumers throughout the world have an increasing desire for’made for them’ items that are catered to certain body or skin types. As a result, the masstige and premium categories have grown quickly as consumers are more prepared to pay a premium for reliable and secure solutions. Consumers are eager to purchase via both online and physical channels, even though they use the internet to study things, according to Rohan Agarwal, Partner at Redseer Strategy Consultants.
Pure-play brands for beauty and personal care have disrupted the industry by focusing on niche use-cases. As a result, they have had greater growth rates, gross margins, and profitability than FMCG-led BPC businesses, according to the research.
In reality, during the last few years, a number of new businesses have disrupted the beauty and personal care sector, offering fierce competition to existing names.
“The Indian beauty and personal care market is growing at a rate twice as fast as FMCG-led brands, signaling the significance of specialized, beauty and personal care-focused players,” the research said.
We’re seeing a lot of activity in specific use cases, from acne treatment to anti-aging remedies. In order to provide more effective goods to a focused audience, brands are devoting a significant percentage of their organizational resources and capacity to new product development, R&D, and consumer insights, according to Sakshi Chopra, MD, Peak XV.
