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Indian cosmetic industry

Indian Cosmetic Industry at a glance


Indian Cosmetic Industry at a glance

Skin care or hair care, fragrances or oral care, you name a thing about your personal care, cosmetics covers them all. According to an analysis, in 2008, Indian cosmetic industry did a business of $2.5 billion. Quite a number! Apart from the chemical cosmetics, herbal cosmetics have also shown an upward trend. The analysis also shows that herbal cosmetics are expected to grow at a rate of 7% due to gaining popularity against chemical products.

As the cosmetic industry holds a promising growth for its participants, it is expected to witness a remarkable growth in the near future. The cosmetic players are also expanding their businesses in rural areas due to increasing demand and spawning revenues from all corners of the country.

The foreign cosmetic entrants are establishing a niche market in India and also ensemble Indian preferences that suit their budget. The figures disclosed by Confederation of Indian Industries (CII) say that the total Indian cosmetics market holds the current size of US$950 million, which means a growth of 15-20% per annum. CII also estimates that the overall wellness market includes US$2,680 million.

Globally, the Indian cosmetics industry has a size of $274 billion and the Indian cosmetic industry is $4.6 billion. The current size of the Indian Cosmetic industry is US$ 600 million (approx.) CII also estimates a growth rate of 20% per annum, which reflects the increasing demand of all kinds of personal care and beauty products.

India imports a big amount of beauty and wellness products. There are no restrictions on the entry of cosmetic products. However, the current average import tariff is around 39.2%.

A report by KPMG wellness sector shows that India’s beauty markets will reach to Rs 80,370 crore by 2017-18. It was Rs 41,224 crore in 2012-13. The report also indicates that the workforce requirement will grow to 12.1 million in 2022 to that of 3.4 million which was in 2013.

Image Courtesy: govconchannel

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