Indian beauty and personal care market expected to reach $34 billion by 2028: Nykaa
The Indian beauty and personal care products market is expected to grow at a compound annual growth rate of 10-11 percent to reach USD 34 billion by 2028, the Nykaa Beauty Trends Report said on Wednesday.
The report estimates that the Indian beauty and personal care (BPC) market is currently worth around USD 21 billion.
According to the report, the Indian BPC market is the fastest growing market in the world, with a compound annual growth rate of 10-11 percent.
“India is the fastest growing BPC market in the world and is expected to generate revenues of USD 34 billion by 2028,” Nykaa said in a statement.
According to the report, e-commerce will be the largest driver of this growth and also the fastest growing segment, with an expected compound annual growth rate (CAGR) of around 25 percent.
“Rising aspirations and higher incomes among Indian consumers will boost the premium beauty market, which is expected to reach USD 3-3.2 billion by 2028. With 520-560 million users by 2023, the democratisation of beauty expertise through social media will have a significant impact on consumer choices,” the statement said.
The report reveals that online trading channels for BPC are expected to grow at a CAGR of around 25 percent, catching up with offline organized trading, which accounts for 33 percent of the segment’s total revenue.
While the share of unorganised offline trade channels will decline from an estimated 55 per cent in 2023 to 35 per cent in 2028.
(Only the headline and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: 05 Sep 2024 | 00:11 IST