Mumbai: The fast moving consumer goods (FMCG) segment in India is estimated to grow to $74 billion in 2018, according to experts who attended the Beauty India Show, which opened at Bombay Exhibition Center, Goregaon, Monday.
According to industry experts, The personal care industry makes up 22 percent of India's market for consumer package goods. The market size of India’s beauty, cosmetics and grooming market will touch $20 billion by 2025 from the current level of $6.5 billion.
As per analysts, the Ayurvedic market is estimated to be at Rs 4,500cr at present. The herbal products forms 6-7 percent of the overall personal care products market currently while the estimates are that it could grow to about 10 percent of the segment by FY20 as the trend accelerates. Thus, various players are rebooting their business strategies and investing in new products or making new acquisitions to reap in the benefit of the herbal age.
With a CAGR of 40 percent per year, the spa industry is the sub-sector with the most significant growth prospects among all personal care sub-sectors in India.
The rising awareness of personal care products, growing disposable incomes, changes in consumption patterns and lifestyles and improved purchasing power of women, promises exciting times for the personal care industry. These trends are anticipated to boost the personal care market in India and raise the consumption of personal care products and services, thereby offering extensive opportunities for domestic and international players.
The Beauty India Show, being organised by Sumansa Exhibitions, will run till March 29, 2017 and the entry is free.
Popular Bollywood style icon and actor Malaika Arora and Lakme Lever India CEO Pushkaraj Shenai jointly inaugurated the exhibition that hosts over 75 exhibitors representing skin care & hair care (both professional, wellness and personal product lines), color cosmetics, personal care products, nail care and accessories, professional equipment and Spa, fragrance and machinery, packaging and raw material suppliers among others.
“The overall beauty and personal care market in India is estimated at Rs 74,700cr by retail sales value and the personal care industry in India has been expanding at 13 percent year-on-year, far surpassing the overall economic growth rate,” said Himanshu Gupta, general manager of sales & marketing B2B events in Sumansa Exhibitions.
Malaika Arora was all praise for the initiative. “An exhibition to cater to the booming beauty and cosmetics industry is the need of the hour. I am delighted to see this wonderful showcase and happy to be part of its inaugural edition. The Beauty India exhibition simply reflects our thriving beauty industry and the potential that it holds for the global brands,” she said.
“A platform like Beauty India has the potential to shape the future of the Indian beauty industry. The $3-billion beauty services industry offers huge opportunities across the value chain for talented beauty and styling professionals, managers and entrepreneurs. Apart from the opportunity in the domestic market there is significant interest in the global market for all things Indian,” Pushkaraj Shenai, chairman of advisory committee - Beauty India & CEO-Lakme Lever, said.