Beauty, personal care mkt projected to grow to $30 bn

The Indian beauty and personal care market is estimated to grow to $30 billion by 2027, accounting for 5 per cent of the global market, according to a report.

The Indian Beauty and Personal Care (BPC) market -- estimated to be around $19 billion in 2022 -- has very low per capita spend in the category but as the country prospers, the growth headroom will materialise strongly, said a joint report by Redseer Strategy Consultant and Peak XV (formerly Sequoia Capital India & Southeast Asia).

“As more consumers seek higher-quality products and adopt beauty and self-care routines, the market offers a promising landscape for brands to tap into,” it said, adding that the market has witnessed the emergence of various home-grown brands as well. India is uniquely positioned as one of the most attractive and fastest-growing BPC markets globally, the report said.

“The Indian BPC market is poised for rapid expansion, to be sized at $30 billion by 2027, comprising 5 per cent of the global BPC market,” it said. The growth is propelled by several factors, including rising incomes, rapidly rising middle-class, urbanisation and increasing participation of women in the economy, according to the report. “Middle-class households are exposed to good quality products and have higher awareness; hence they have higher propensity to purchase branded products and through organised channels,” it said.

Moreover, as the market evolves and grows further, the success of pure-play BPC brands will lead to creation of multiple hundred-million-dollar pure-play BPC brands in the country, the report said. Traditionally, the Indian BPC market has been dominated by large FMCG players, but now with technology and emergence of new-age logistics partners, the market has opened up for a larger set of players.