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Grooming,cosmeticproductssetforexponentialgrowthinIndia:ASSOCHAM

Thursday,July07,2016
The market size of India's beauty, cosmetic and grooming market will touch 20 billion dollars by 2025 from the current level of 6.5 billion dollars on the back of rise in
disposableincomeofmiddleclassandmoreandmorepeopleaspiringtolivegoodlifeandlookgood,industrybodyASSOCHAMsaid.

Theindustryhasmainlybeendrivenbyimprovedpurchasingpowerandrisingaspirationamongthelowerstrataofthesocietywhileandindustryplayersspendingare
comingoutwithproductsandpricingtosuitconsumesacrossdifferencelevelsofpurchasingpower,theASSOCHAMlateststudy.

The rural population too is joining the mainstream with improvement in linkages with the cities by roads, telecommunication and the firms reaching out to the people in
villagesandsmalltowns.Thatishowitshouldbe,saidSecretaryGeneraloftheASSOCHAMMrDSRawat.

Theconsumptionpatternofcosmeticsamongteenagerswentupsubstantiallybetween2005and2015becauseofincreasingawarenessanddesiretolookgood.Infact,
theyareamongthefastestgrowingsegmentforthemanufacturersofarangeofproductsincludingbodysprays,Over68%ofyoungadultsfeelthatusinggroomingproducts
boosttheirconfidence.

About62%ofyoungconsumersinbigcitiesprefertobuyonlinebeautyandgroomingproductswhereas,45%ofconsumerstendtobuycosmetic,apparelitemsfromany
shopoftheirconvenienceratherthanasingleshop.Bothqualityandvalueformoneyisbeingsoughtbyconsumers.

BrandssuchasLoreal,Lakme,Maybellene,NiveaandColorBararebeingpushedasmassmarketproductsandfocusonyoungerwomenandwomenwithlowerbuying
power,notedthepaper.Whilethesearelittleexpensiveproducts,thepricebarriersarealsobeingbrokenbothbytheconsumersandthemanufacturers.

TheherbalcosmeticsindustryisalsodrivinggrowthinthebeautybusinessinIndiaandisexpectedtogrowatarateof12%.TheIndiancosmeticsindustryhasaplethoraof
herbalcosmeticbrandslikeForestEssentials,Biotique,Himalaya,BlossomKochhar,VLCC,DaburandLotusandmanymore.

TheflourshingIndianfashion/filmindustryisalsofuelinggrowthintothecosmeticindustryinIndiabymakingIndianstorelaizetheimportanceofhavinggoodlooksand
appearance

ThemensgroomingandpersonalcaremarketinIndiaisoutpacingthepersonalcaremarketatlargeforgrowth.Additionally,asmoreIndianmenarelookingtoremain
competitiveintheworkforce,theyareseekingproductstohelpthemmaintainayouthfullook.

MoremaleIndianicons,suchasHindiactorsandcricketplayers,areworkingwithbeautyandpersonalcarebrandstoencouragetheuseofpersonalcareproductbymen.

ThereisarisingaspirationamongIndianmentolookbettergroomed,whichhasledtotheIndianmensgroomingmarketsrapidgrowthofmorethan42%inthelast5years.
ThestudyfurthershowedthatthisgrowthisfasterthanthegrowthrateofthetotalpersonalcareandbeautyindustryinIndia.

Interestingly,menwhofallintheagegroupof18to25,spendmoremoneyongroomingandpersonalcareproductsthanwomeninIndia.Theaspirationsandrequirements
oftodaysyoungIndianmenarerapidlyevolving.Withasurgeindisposableincome,menarebecomingmorediscerningandindulgent.InanevolvingtrendinIndia,menare
beginningtolookatinnovativegroomingandpersonalcareproductscreatedspecificallyforthem.

Duetochangingdemographicsandlifestyles,deeperconsumerpockets,risingmediaexposure,greaterproductchoice,growthinretailsegmentandwideravailabilityarethe
reasonsforsharprisingdemandofcosmeticsamongIndiamen,especiallytheyouth.Meninsmallertownsaredisplayinggreaterdesireforgrooming,especiallyinthe
whiteningandfairnesssegment,highlightedthestudy.

Therehasbeensharpincreaseinnumberofbeautysalonandspainthecountry.Itisestimatedthatabout2530%oftotalsalonbusinesscomefrommenstreatment.

Keydriversbehindrecentmarketgrowthare

RisingDisposableincome
CompetitiveworkforceEnvironment
increasinglycomplexgroomingroutines
SocialMedia
SelfieMania
MoreIndianicons,suchasHindiactorsandcricketplayers
YoungPopulation

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