New Delhi, December 26: Indian beauty and cosmetics industry is poised to grow at 15-20 per cent in the coming years, twice as fast as that of the US and European markets, estimated the experts, reports IANS.
Rising awareness about the importance of looking good and the latest global beauty trends are prompting more international players to venture India. Massooma, Editor at New Age Salon & Spa magazine and knowledge partner for 'International Beauty Mart' (IBM) 2014 said that, the demand for skin whitening products by men as well as women is driving the trend. However, other beauty products are also not far behind.
Over the last five years, cosmetics products have seen a growth of 60 per cent. The skin care products, which have been the most popular, were facial creams, moisturisers and fairness creams in comparison to their counterparts like anti-wrinkle creams, cleansers and toners.
The number of salons grew by 35 per cent. Cosmetic treatments are growing at the rate of 5 per cent. The hair and beauty industry is seeing a per capita annual spend of $1.2 which is expected to grow to $ 6.2 by 2015. The spa and body treatment segment is estimated to grow approximately $772 million over the next five to eight years, reports IANS.
"Driven by growing consumption in rural and semi-urban areas, the fast-moving consumer goods (FMCG) market is set to double from $14.7 billion in 2008-09 to $30 billion in 2014 in order to become the fourth largest sector in the economy with a market size in excess of $14.7 billion," Manoj Mehta, chairman, IBM 2014, said.
Seeing the potential of Indian beauty and cosmetics market, National Hairdressers & Beauticians Association, All India Hair & Beauty Association, The Indian Franchise Association and the Indian Spa and Wellness Association will jointly organize International Beauty Mart (IBM) here from January 14 to 16, 2014, where various brands, companies and experts will showcase their products, trends and services.