The Indian Beauty Boom: Special Focus on the Cosmetic Industry in India

Abstract

The Indian beauty market has witnessed remarkable growth over the last decade as one of the fastest-growing sectors. According to Goldstein Research, India’s cosmetics market is valued at nearly USD 11.16 billion in 2017 and is anticipated to grow at a CAGR of 5.91% from 2017-2025.With this growth rate, India is expected to reach the top five global markets in terms of revenue by 2025, constituting 5% of the total global cosmetic market. The boom in the Indian beauty market has been propelled by the increasing participation of women in the workforce, rising income levels, widespread internet penetration, a larger youth population, and the increasing aesthetic appeal of both men and women, especially the younger generation. The cosmetic sector is one of the fastest-growing consumer product sectors offering tremendous growth prospects for the local and global players. Against this backdrop, the current study is an attempt to explore the trends, drivers and restrainers of the growth of the cosmetic industry in India.