According to a report by HSBC Global Research, the beauty and personal care industry’s gross merchandise value is projected to hit $90 billion within the next fifteen years, growing fivefold. The surge is attributed to the rising per capita expenditure on beauty products and the increasing popularity of online shopping.
The report highlights that from 2006 to 2022, the beauty and personal care sector in India has grown fourfold, reaching $19 billion. Certain sub-categories within this sector are anticipated to outpace the overall industry’s growth rate.
Although e-commerce accounted for approximately 17% of the beauty and personal care market in 2022, it is expected to rise to around 45% by 2037.
As reported by businessline, the report also mentions that influencer led digital marketing is significantly impacting the market in India, leading to more fragmented categories and the emergence of numerous new brands, driven by a growing consumer preference for sustainable products. The report cautions that not all brands will achieve scalability, and only a few will generate sustainable profits.
