Growing popularity of online retail, increasing purchasing power of the population and rising awareness about cosmeceuticals to drive India retail cosmetics market through 2024
According to a TechSci Research report, “India Retail Cosmetics Market By Type, By Distribution Channel, Competition Forecast & Opportunities, 2024”,the India retail cosmetics market is projected to register a CAGR of over 16% during 2019-2024. The growth of retail cosmetics market is driven by factors such as emerging online retail channel and rising disposable income of the population which encourages expenditure on such leisure products. Furthermore, growing awareness among consumers about cosmeceuticals, and launch of innovative products in the market such as no gas perfume sprays, small trial packs, etc., are further expected to fuel the demand for cosmetics through retail channels in the coming years.
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Hindustan Unilever Ltd., Procter & Gamble Home Products Private Limited, and L’Oreal India Pvt. Ltd. are some of the leading players in India retail cosmetics market. Among distribution channels, general stores dominated the market with a share of over 60% in 2018. General stores are expected to generate significant sales for cosmetic products and are anticipated to remain dominant through 2024 as well. However, with increasing penetration of modern trade and online sales channel, sale of cosmetics through these sales channels is also expected to increase in the coming years.
Retail cosmetics market can be broadly categorized into body care, hair care, men’s grooming products, color cosmetics, fragrances and others. Body care dominates the market as these products are traditionally higher in volume and most of them are used on a daily basis. Moreover, availability of body care products in smaller packs, which make them affordable, would further help in fueling the demand for these products.
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“Increasing expenditure on grooming and cosmetic products from the younger population would fuel the growth in India retail cosmetics market. Furthermore, rising penetration of the online and modern trade sales channel leading to creation of new formats of stores, coupled with rising health awareness among consumers along with the benefits associated with usage of cosmeceuticals are further expected to steer the growth in India retail cosmetics market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Retail Cosmetics Market By Type, By Distribution Channel, Competition Forecast & Opportunities, 2024” has evaluated the future growth potential of India retail cosmetics market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the India retail cosmetics market.
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