The Indian cosmetics sector is expected to expand remarkably in near future, according to a new research report by RNCOS: Indian Cosmetic Sector Forecast to 2015. Indeed, the influence of western culture, rising beauty concerns among both men and women and robust media promotion combine with rising purchasing power and growing fashion consciousness to boost the demand. As a consequence, says RNCOS, the Indian cosmetic market is likely to register a compound annual growth rate (CAGR) of around 17% during 2011-2015.
Hair care to register double-digit growth
Hair care should be one of the market’s main drivers along the very next years. According to RNCOS, this product category is anticipated to register a strong double-digit growth during 2012-2015.
“The Indian hair care market, which comprises hair oil, shampoos, hair colorants, conditioners, and styling agents, has shown strong growth over the past few years. Various factors, such as shift in consumer behaviour, growing purchasing power, gradually changing lifestyle, and product awareness continue to fuel growth in this market. Moreover, Indian consumers are becoming more conscious about their looks and showing promising purchase patterns which are further initiating strong growth in the coming years,” says the market research firm.
Male cosmetics to over-perform
RNCOS also notes that men cosmetic products are becoming popular in India where male consumers are willing to pay premium price for cosmetics products that are developed specially for them. The men’s segment is estimated to occupy around one-third of the total cosmetics market and the increasing demand from men users stimulates the emergence of new players specialising in male cosmetic products.
“Rising awareness, increasing influence of western world, product availability, and changing lifestyle are the main driving forces propelling the male cosmetics industry and the segment is expected to surge at a CAGR of more than 18% during 2011-2015,” forecasts RNCOS. “From visiting parlours for manicures and pedicures to spas, Indian men are concentrating on every aspect of grooming. Face-care (skin whitening) creams and lotions, in particular, are catching attention of Indian men. Deodorants also play an equally important role in the male cosmetic market of India.”