Booming Of Beauty Business
Various beauty commerce platforms both online and offline have emerged to capture the potential demand and the startups are fighting amongst each other to get a definitive foothold over this market space. These startups are driving sales for their advanced beauty products through enhanced product delivery, customer benefits of the products they are delivering. According to latest data, the Indian Beauty and Personal care industry is now estimated to reach USD 23 Billion by the year 2022, with a CAGR growth rate of 9 percent. The Indian Beauty and Personal Care market can be broadly subcategorized into make-up, skin care, men’s grooming, hair care, fragrances, bath and oral care. Out of them the make-up, skincare, men’s grooming care are going to see the maximum growth, which is expected to be more than 50 percent of the market share.
The global skincare industry is estimated to reach USD 45 billion by 2023, growing at CAGR rate of 6 percent whereas the skincare industry in India is growing at a monumental rate of 15 percent the highest ever. The rise in the middle class population, growing beauty concerns among the youth, an increased awareness and content consumption through social media channels, celebrities or channelized influencers such as beauty salon and
Some Indian beauty brands have embraced this opportunity where unique selling propositions create new demand niches which eventually help them convert new niches into mainstream categories. For instance, Gurugram based SeaSoul which was founded by engineer and make-up artist Manisha Chopra back in 2012 was inspired by the therapeutic properties of unique salts, minerals and mud of the Dead Sea. Therefore, she started to provide a wide range of skin care, make-up, body care, hair care derived from such minerals that eventually gained a lot of popularity. Now SeaSoul products have 2500 beauty salons as clients and according to one Economic Times report the startup venture has a capital growth rate of 25 percent.
Similarly, Ahmadabad based startup Skin Yoga offers a wide range of natural products for the face, hair, body and feet. Three sisters raised in a farm realized the importance of organic products, thus inspiring them to start Skin Yoga. In the first two years of its inception the company witnessed a growth rate of 20 percent. Yet another Indian beauty brand named Wild Earth based in Mumbai offers natural products free from sulphates and Parabens.
Gone are the days when traditional remedies such as Mehendi Milk, and Coconut water, Honey, Besan and Sandalwood were considered as the go-to products for skin care. Branded products and their instant results have turned the tide completely. Organic has become the new buzzword. All in all beauty in India is getting more and more attention and increased consumer activity in the space is set to boost the confidence of young entrepreneurs who are ready to venture into this new and emerging market space.
•The indian beauty & personal care(BPC)market is now estimated to reach usd 23 billion by the year 2022 with a CAGR of almost 9 per cent.
•the global skincare cosmetics industry is estimated to reach almost USD45 billion by 2023 and is growing at a CAGR of 6 per cent within which the premium segment especially in india is growing at an impressive 15 percent CAGR the highest ever.
•a report published by market research future(MRFR) revealed that the global natural and organic cosmetics market is predicted to touch $25,100 million by 2023.