India Skin Care Products Market Opportunity Analysis and Industry Forecast, 2021–2027
The India skin care market is expected to witness significant growth owing to increase in awareness amongst Indian consumers regarding maintaining prolonged beauty, and change in lifestyle have significantly contributed towards the growth of the market. Furthermore, increase in aggressive advertisements and promotions through social media platforms by manufacturers plays a crucial role in the growth of the India Skin care products market
According to a new report published by Allied Market Research, titled, “India Skin Care Products Market by Product Type, Demographics, Age Group, and Sales Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” the India skin care products market size was valued at $2,478.4 million in 2017, and is projected reach $5,033.7 million by 2027, registering a CAGR of 9.5% from 2021 to 2027. The skin care products market in India is experiencing constant growth, owing to increase in shelf space in retail stores and boutiques across the country. Moreover, many multinational brands such as L’oréal S.A. and Beiersdorf AG have entered into the Indian market, and are focusing on increasing their customer base through their respective pricing strategies and by providing high-quality products to consumer.
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Various herbal cosmetics brands, including Patanjali Ayurved., Dabur, and Himalaya Herbals are witnessing increase in popularity, owing to rise in inclination of Indian consumers toward natural and herbal skin care products, which significantly contributes toward the growth of the market. Moreover, rise in disposable income, increase in adoption of natural skin care products, and support from government to cosmetic enterprises for local expansion are expected to boost the growth of the market during the forecast period.
With regard to the increasing number and diversity of men’s cosmetic product usage in the Indian market, it appears that Indian men are now using many new facial care products with added vitamins & plant extracts and moisturizing agents, as well as skin care products mixed with vitamin A and vitamin E. Thus, increase in consciousness among men regarding their appearance and personal well-being has augmented the growth of the market.
Beauty bloggers and social media influencers are creating new growth avenues for the market. Moreover, increase in advertisement along with product knowledge on social media sites such as Facebook, YouTube, Instagram, and Twitter has increased the awareness regarding skin care products, especially among millennial and generation X consumers of India. In addition, large number of local YouTubers are now hosting popular channels to demonstrate product reviews and tutorials, which, in turn, drive the growth of the market.
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The market is studied on the basis of product type, demographics, age group, and sales channel. Depending on product type, the market is categorized into cream, lotion, and others. By demographic, it is bifurcated into male and female. By age group, it is segregated into generation X, millennial, and generation Z. As per sales channel, it is classified into supermarket/hypermarket, specialty stores, department stores, beauty salons, pharmacies & drug stores, and online sales channel.
Key Findings Of The Study
Depending on product type, the cream segment dominated the market in 2017, and is expected to retain its dominance throughout the forecast period.
By demographics, the female segment accounted for highest share in the India skin care products market growth in 2017, and is projected to grow at a CAGR of 9.1% from 2021 to 2027.
On the basis of age group, the millennials segment led the market demand in 2017, and is expected to retain its dominance throughout the India skin care products market forecast period.
As per sales channel, the supermarket/hypermarket led the India skin care products market share in 2017 and is projected to register a CAGR of 7.6% from 2021 to 2027.
The key players operating in the India skin care products market analysis includes Procter & Gamble, Patanjali Ayurved Limited, The Estée Lauder Companies Inc., Emami Limited, Johnson & Johnson Services, Inc., the Himalaya Drug Company, Dabur, Kao Corporation, Unilever Plc., L’oréal S.A., and Beiersdorf AG.
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