Here is how the Indian Wellness and skincare industry has grown in the last few years
The personal care industry brands in India have also continually worked on innovation, agility, and service consistency over the years
India's health and personal care market is expanding quickly. The industry, which was previously mostly associated with the wealthy class of society, has now reached the middle class in states, smaller cities, and entire districts. Before today, the middle class associated personal care with inexpensive and accessible products, but as their discretionary income has increased, they increasingly choose to spend on personal care products.
India's per capita income has doubled to INR 1.97 lakh over the past nine years. Similar to this, it is anticipated that the per capita spending on personal care and beauty items, which was roughly INR 450 per year in 2017, will nearly quadruple between 2019 and 2024.
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The personal care industry brands in India have also continually worked on innovation, agility, and service consistency over the years. Manufacturing firms have heavily invested in R&D, cutting-edge equipment, and a focus on creating a variety of personal care and beauty products. Indian businesses have also been efficient in their operations while maintaining high standards for their output.
The market has been divided into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America on a worldwide scale. At the moment, Asia Pacific dominates the global market. In India, the market for skincare and wellness was valued at USD 10.1 billion in 2018 and is anticipated to grow to USD 30 by 2024. It is anticipated to increase at a compound annual growth rate (CAGR) of -18.40 percent from 2019 to 2024. The size of the global market for skin care products was estimated at USD 130.50 billion in 2021, and it is anticipated to increase at a CAGR of 4.6 percent from 2022 to 2030.
Rising consumer interest in routine skin care as well as the launch of a variety of sustainable products are driving the market's steady expansion both in India and internationally. Startups in the personal care and cosmetics industries in India have expanded quickly in recent years, garnering nearly USD 700 million in funding since 2014. The market is currently becoming very crowded and competitive. In the last five years, there have been a lot of new start-up businesses have entered the market. These start-ups have challenged established international brands with their cutting-edge products in addition to carving out a place for themselves.
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Covid has made a significant contribution to the beauty and wellness sector both domestically and internationally. People began spending more time alone as the habit of working from home gained popularity. As more women in India's tier 1 cities enter the workforce, their purchasing power has grown, and they are spending an increasing amount on skincare and wellness items.