Beauty Industry Overview
World
The Global beauty market is expected to garner $429.8 billion by 2022, registering a CAGR of 4.3% during the forecast period 2016-2022. Online channels gaining popularity among consumers with the shift of preference towards natural and organic beauty products stimulate the growth of the beauty industry creating potential opportunities with an innovative and developed manner in accordance with consumer preferences. Cosmetics play an important role in enhancing one’s inherent beauty and physical features. This growing demand for cosmetic products has in turn led to the growth of the industry across the world.
India
The beauty industry is one of the fastest growing consumer products sectors in India with a strong potential for foreign companies. The beauty sector in India has shown continued strong growth, with increasing shelf space in retail stores and boutiques in India, stocking materials from around the world.
As the quality of life has improved over years, India’s beauty industry witnessed a quick surge, to the point where predicted growth between the 2018-2023 period (before the pandemic) was 9.7% according to the EuroMonitor International. However, since 2020, the COVID pandemic has significantly slowed down India’s evolution in the beauty industry. Large-scale development of the digital and manufacturing sectors has resulted in a booming demand for beauty Products in India, which is not anymore restricted to metropolitan and mini-metro urban centres, but equally powerful in rural areas
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