For the longest time, the global beauty market has witnessed an upward growth trajectory, generating around $500 billion in sales in a year. This has undeniably spurred an all-time high interest among developing economies, including India to jump on the bandwagon and become a front-runner in the beauty business. According to a Redseer report, India is all set to become one of the top five global markets in terms of revenue by 2025, growing at a CAGR of 25%.
What led to this Big Beauty Boom in India?
A report by Nielsen suggests that beauty-consciousness starts from the mere age of 12 today. With the emergence of the selfie culture, ‘need to look good on social media 24×7’ attitude and ‘make-up to beat those Monday blues’ outlook, consumers today are much more aware of the multitudinous beauty products available on the market and have shifted rapidly from shopping sprees to beauty and wellness sprees.
The rise of online beauty retailers
In the year 2012, Nykaa was born and the Indian beauty landscape changed forever. With easy access to the internet, consumers terminated their relationship with the local brick-and-mortar store and instead went for a multi-brand online beauty retailer. And following this change in consumer mindset very closely, multiple e-tailers like Purplle, Fabbag and more jumped into the scene to tap the growing market with a higher disposable income.
The Premium aspiration
A study by Euromonitor International confirms that in “2018, $774 million worth of premium beauty and personal care products were sold in India”. This number has only increased by now. With consumers aspiring for exclusive products and shifting from drugstore brands to premium ones, luxury brands today are diversifying and modifying their existing product range at a large scale to penetrate the huge Indian market.
The Local, Natural and Organic Revolution
With burgeoning demand for products that suit the ‘Indian skin type’, home-grown brands have initiated a beauty revolution for natural and organic products. These products not only meet the specific requirements of Indian consumers but are also eco-friendly and economic when compared to their western counterparts – leaving a promising mark in the minds of young shoppers who look for transparency, credibility and sustainability in beauty brands.
The Indian Man grooms himself
Beauty today transcends gender. Men’s grooming is serious business in India. According to data, the sales of men’s face creams have more than doubled, implying the massive demand in this category. This meteoric up thrust in sales can be also attributed to the rise of beauty bloggers, especially men, shattering stereotypes with their bold creative expression and encouraging others to follow suit.
The road ahead
While the pandemic has sent shock waves across sectors, the beauty industry continues to be resilient. With an incessant increase in demand for beauty and skin-care products and newer arenas to explore, the future definitely looks bright. And that’s not all, the industry is opening up various career opportunities across the global market.
Here at Pearl Academy, we train our students to maximize the possibilities of this flourishing industry to chart out international careers. Our meticulously crafted Fashion and Celebrity and Make Up course blends creativity and technical skills to arm our students with the required skill-set and makes them industry-ready. From film, television, print, retail to salons, our students get a well-rounded view of the domain and learn from the best in the industry.
Know more about our course here.