Published on January 27, 2014
The retail beauty and cosmetics market in India, currently estimated at USD 950 million, is expected to grow to USD 2.68 billion by the year 2020. China cosmetics and beauty market is also showing a remarkable growth in recent years because International players are putting efforts to make the domestic market players stronger in order to take the future advantage.
In Indian market demand for skin whitening products by men and women is growing with the trend but other beauty products are not far behind. Over the last five years cosmetic products and saloon have seen a growth of 60 and 35 percent respectively and cosmetic treatments are also growing at the rate of 5 percent. Hair and beauty industry is expected to grow USD 6.3 billion by 2015. Skin care cosmetics have experienced a slower growth, anti-wrinkle creams and cleaners are not as much popular as facial creams.
As per the study, fast –moving consumer goods (FMCG) market will grow more than 50 percent in rural and semi-urban India by 2014. In order to become the fourth largest market in the economy with a market size of USD 14.7 billion, FMCG market is set to USD 30 billion in 2014.
According to recent report, in order to prevent animals in the country government has banned testing of cosmetics on the animals. The ban implies that no cosmetic which has been tested on animals in the country will be allowed to be sold. The rules will be effective within 45 days of it being made public.
