Published on August 7, 2018
The beauty and wellness industry in India is growing, with a tremendous potential for growth. In fact, it is growing twice as fast as markets in the United States and Europe. Indian Cosmetics market is projected to grow at a CAGR of over 6% during 2018-2023. Increasing number of beauty salons is supporting Indian cosmetics market.
As pre market players, The Spa Association of India estimates that the spa industry is currently valued at around Rs. 11,000 crores and will continue to grow at a fast pace. It is estimated that the salon and spa business together account for 31 per cent of the total size of the beauty and wellness market.
In India the beauty business is growing, but is expected to triple in the next five years. This year the herbal beauty business will continue to drive the growth of the beauty industry in India. Currently awareness of beauty products and treatments is at an all time high in India. There is greater awareness of the ingredients in products and customers make choices based on this knowledge.
As per market analyst, Presently Indian cosmetic industry is growing with rapid pace but to but to compete with international brands in the Indian market Skill development and vocational training in beauty and wellness need to be geared. For the upcoming months the outlook for Indian beauty Industry is very enormous.