New Delhi: The beauty and personal care industry in India is projected to expand at a compounded annual growth rate of 10-11 percent, reaching USD 34 billion by 2028, as per Nykaa Beauty Trends Report released on Wednesday. The current value of India's beauty and personal care (BPC) market is approximately USD 21 billion according to the report's estimation. As indicated in the report, the BPC market in India is experiencing the most rapid growth globally, with a compound annual growth rate of 10-11 per cent.
Nykaa stated that India's BPC market is projected to achieve a value of USD 34 billion by 2028, making it the top growing market worldwide. As per the report, e-commerce is expected to fuel the growth significantly and emerge as the fastest growing segment with a projected CAGR of approximately 25 percent.
The market for premium beauty in India is set to grow to USD 3-3.2 billion by 2028 due to increasing aspirations and incomes among Indian consumers. According to the statement, the democratization of beauty knowledge through social media is having a major impact on consumer decisions, with 520-560 million users expected in 2023.
According to the report, online sales of BPC products are projected to increase by approximately 25 pc CAGR and match offline organized sales, making up 33 pc of the sector's overall revenue. Unorganised offline trade channels are expected to decrease from 55 percent in 2023 to 35 percent by 2028.
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