Published on February 10, 2014
Cosmetic products are being used since old days and nowadays it appear like a booming economy in India. In the next five years, India is expected to be the star performer in cosmetics sector which in turn is going to boost the global market. The value of the market will increase from current estimate of Rs. 10000 crore to Rs 20000 crore this fiscal.
The Indian Cosmetics Industry is defined from skin care to oral care segments. Currently, the market size of the cosmetics industry in India is estimated to be USD 1.5 billion, and by 2014 it is expected to double to USD 3 billion. The industry has been growing at an annual rate of almost 20%, twice the rate in the United States or Europe.
As per the report, Indian personal care product company, Marico has expended into the hair care segment with its Livon brand, a product it priced 30% lower than those of the leaders of this segments such as Loreal and P&G.
Market players are getting good opportunities as people have become more beauty conscious due to changing lifestyle and spreading consumer awareness. Increase in the income of the middle class households and changing lifestyle, revels the increase in the consumption of beauty products.
As per the research report, market players expect that industry will achieve effective growth rate in the near future due to rising beauty concern of men and women. Today the industry holds growth prospects for both existing and new players. However, cosmetics industry will grow with a 19% Compound Annual Growth Rate (CAGR) this fiscal.
