NOIDA, India— According to a recent research report from RNCOS—Indian Cosmetic Sector Analysis (2009 to 2012)—India has emerged as a country slated for potential cosmetic growth, as the Indian cosmetic industry is growing rapidly. Due to the changing lifestyle and spreading consumer awareness, people have become more beauty conscious. Moreover, with increasing disposable income and product availability, the cosmetic sales in India is expected to surge at a CAGR of around 18 percent from 2011 to 2014.
RNCOS said female consumers have helped spur this market; however, the mind set of male consumers is also changing due to the increasing influence of media and Western exposure. The fast emerging men’s grooming products market has also boosted the cosmetic sector. Further, urban areas contribute the maximum to the overall cosmetic revenue; however, RNCOS did note the rural region still holds a huge potential for players. The key factor for future growth in the rural region will be low price and high-quality products with easily accessible supply chain networks.
There has also been a rise in variety of products offered by the industry players. Companies have started going for online retailing and are offering specialized products to generate revenue from all the corners. Rising usage of cosmeceuticals and nutricosmetics by the Indian consumers will also pave way for the Indian cosmetic market during the forecast period.