Cosmetic Industry is Booming: Thanks to Young Indians!
- Beauty has become a business in the world today, and its booming rapidly in India
- The $6.5 billion cosmetic industry is expected to grow to reach $20 billion by 2025 making India among the top 5 biggest in the world
- Fashion consciousness is being further fueled by India's young demography as well as social media
July 13, 2017: The beauty and cosmetic industries of India are growing at a pace never witnessed before. This isn't just the tale of big cities but in all parts of the nation.
The young demography of India is expected to continue fuelling the industry making it bigger and bigger. As the reports from RedSeer Consulting firm estimates; the market for cosmetics and mainly hair products, skin creams, deodorants, and more, is expected to triple from present $6.5 billion to $20 billion by 2025.
It also estimates that the compounded annual growth rate will reach 25 percent, which is way above the global average of 4.3 percent. This will make India amongst the top 5 biggest markets for cosmetics in the world.
As Shubham Anand (head of retail and consumer practice at RedSeer) points out, "this booming growth has a lot to do with India's younger demographic. These Indians want to look good all the time."
Social media has also played an important role. Additionally, online retailers such as Flipkart, Nykaa, and Amazon are making products accessible. Online cosmetics sale is at $50 million.
The report also mentioned that the boom is certainly an attractive business expansion for luxury brands like Labiocos, Victoria's Secret and others.
– by Saksham Narula of NewsGram. Twitter: @Saksham2394
