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Report
India Cosmetics Products - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 105 Pages I Mordor Intelligence
The Indian cosmetics products market size is estimated at USD 1.5 billion in 2024. It is projected to reach USD 2.52 million by 2029, registering a CAGR of 10.91% during the forecast period (2024-2029).
Key Highlights
-Increasing purchasing power represents a key factor influencing market growth. According to World Bank data, consumer expenditure in India increased from USD 1.9 trillion in 2018 to USD 2.4 trillion in 2022, propelling the market demand. The demand for coolor cosmetics is being influenced as many people unleash the potential of cosmetics in their daily makeup routine. The transformation in the millennial and young generation lifestyle attributed to the increased influence of social media platforms creates more demand for color cosmetics products in the country.
-Consumers are discovering products and brands via advertisements and promotional campaigns on various social media platforms, including Instagram and Facebook. Before purchasing, they consider product reviews, other consumers' recommendations, celebrity endorsements, expert blog posts, and social media comments.
-In addition, with the increasing internet penetration, the online market for purchasing cosmetics products has seen rapid growth in India in recent years. Furthermore, the demand for luxury cosmetics is increasing among millennials and Gen Z consumers, owing to their preference for grooming up regularly to look presentable and fashionable.
India Cosmetics Products Market Trends
Inclination Toward Vegan and Cruelty-Free Products
- The cruelty-free and vegan beauty market has exploded globally and in India in recent years. Cosmetic manufacturers are opting for natural and environmentally friendly ingredients to manufacture products. The 'green cosmetics' trend pushes the need for sustainable and clean beauty products.
- Manufacturers and third-party e-retailers are taking an interest in launching or offering clean beauty in their product portfolio. For instance, in June 2023, the e-commerce platform Purplle launched the United Kingdom's clean beauty brand Dr. PAWPAW in the Indian market, offering multi-tasking lip and skin care products.
- Moreover, the Ministry of Health and Family Welfare of India has imposed the cosmetic testing ban, which is added to the new rule "148-C. prohibition of testing of cosmetics on animals, such that no person shall use any animal for the testing of cosmetics" in the existing Drugs and Cosmetics Rules.
- Moreover, Therefore, with Gen Z reshaping the market for color cosmetics in India, owing to their broad experimentation with a variety of products and their planet-friendly approach, the demand for eco-friendly, natural, organic, and clean color cosmetic products is anticipated to rise in the coming years.
Booming Online Retail Segment
- Online retailing plays a vital role in the sustenance of the cosmetics market in India. Online platforms help sell and offer a range of product portfolios, and brands can cultivate an identity to promote product launches and influence consumers. Brands are chasing Indian celebrities or influencers to target young consumers through endorsements.
- For instance, in June 2023, Just Herbs collaborated with Bollywood celebrity AthiyaShetty to endorse natural make-up products, including ghee-based lipsticks, foundations, and lip gloss. The brand is online on websites and e-commerce platforms like Amazon, Nykaa, Flipkart, and Myntra. Furthermore, third-party e-retailers are witnessing a growth in sales as the trend of online shopping is gaining momentum.
- Online shopping is a convenient platform for consumers to buy products online, avoiding crowded stores. It gives customers the luxury of browsing and shopping for products 24/7 from the comfort of their homes. Moreover, these websites create opportunities for color cosmetic brands to rapidly shift toward e-commerce platforms that enable these beauty brands to showcase greater product visibility in various rural and urban regions in the country.
India Cosmetics Products Industry Overview
The Indian cosmetics market is highly fragmented owing to the presence of various domestic as well as international players, including L'Oreal, The Estee Lauder Companies, Vellvette Lifestyle Private Limited (Sugar Cosmetics), and Natura & Co. (The Body Shop International Limited). Leading companies are partnering with international organizers to launch their products at several international beauty community events, such as Cosmoprof, Canton Fair, and Fashion Fest. Additionally, the players in the market use other strategies like celebrity endorsements, discounts, and instant offers to position their brands in the market and increase their overall sales.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Inclination Toward Vegan and Cruelty-free Products
4.1.2 Influence of Social Media on Young Adults
4.2 Market Restraints
4.2.1 Counterfeit Products
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Color Cosmetics
5.1.1.1 Facial Make-Up Products
5.1.1.2 Eye Make-Up Products
5.1.1.3 Lip and Nail Make-up Products
5.1.2 Hair Styling and Coloring Products
5.1.2.1 Hair Colors
5.1.2.2 Hair Styling Products
5.2 Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Specialty Stores
5.2.3 Pharmacies/Drug Stores
5.2.4 Online Retail Stores
5.2.5 Other Distribution Channels
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 The Estee Lauder Companies
6.3.2 L'Oreal SA
6.3.3 Unilever PLC
6.3.4 Revlon Inc.
6.3.5 Vellvette Lifestyle Private Limited (Sugar Cosmetics)
6.3.6 Natura &Co (The Body Shop International Limited)
6.3.7 Colorbar Cosmetics Pvt Ltd
6.3.8 Lotus Herbals Pvt Ltd
6.3.9 The Face Shop Inc.
6.3.10 Revolution Beauty
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