Analysts at Global Data report that haircare products comprised the biggest value share of 28.4% in 2018. However, this expansion is predicted to go even further with the fragrances division taking the lead by growing up to 19.6% in value. According to consumer analyst, Shivangi Gupta, a major reason for this increase is the influx of employment which, has altered lifestyle behaviours in urban areas of the country.
Global Data consumer analyst Shivangi Gupta said: “Growing employment opportunities in the country have brought about lifestyle changes among consumers, especially in urban areas. These professionals in a quest to look good at their workplace are increasingly using cosmetics products, such as make-up, thus driving the growth of the industry.”
The report further points out that India’s value share in the APAC region, which stood at 8.1% in 2018, is expected to rise to 8.8% in 2023, mainly attributed to the projected slower growth of cosmetics & toiletries products among other leading countries in the region, such as Japan and Australia.
The per capita consumption (PCC) of beauty products is also set to multiply from its current figure of 8.6 units in 2018 to 10 units by 2023.
Unilever, Procter & Gamble and Marico Ltd. were the leading market players in India while Parachute, Fair & Lovely, and Lifebuoy were the top brands. Convenience stores are the dominant distribution channel for the sales of cosmetics & toiletries products while private label products accounted for a meager penetration level of 1.3% by value in 2018, according to Global Data.
Another trend noted in the report is the growth of the clean beauty movement as consumers become more concerned with the effects of chemicals in their cosmetics.