New Delhi, Sep 5 (IANS) India is set to become one of the world’s most influential markets for beauty and personal care — soaring higher than China, the US, Japan, and South Korea, according to a report.
The report by online beauty and fashion marketplace Nykaa showed that India is set to see a 10-11 per cent growth by 2028 and will reach $ 34 billion in the beauty, and personal care market.
“India is the fastest growing beauty and personal care market globally, expected to reach $ 34 billion by 2028, from the current $20 billion,” according to a Nykaa statement.
The growth is much higher than other countries like China (4-5 per cent), the US (2-4 per cent), Japan (2-3 per cent) and South Korea (2-3 per cent), revealed the Nykaa Beauty Trends report.
It showed that e-commerce is poised to be the biggest driver of this growth and the fastest-growing segment, anticipated to achieve a CAGR of around 25 per cent.
This is followed by increasing aspirations and higher incomes among Indian consumers, which will steer the market for premium beauty –expected to reach $3-3.2 billion by 2028, said the report.
Further, with 520-560 million users in 2023, social media will also play an important role in the democratisation of beauty expertise and influencing consumer choices.
Meanwhile, the online trade channels for beauty and personal care are also expected to grow at around 25 per cent CAGR. It will be at par with offline organised trade which will account for 33 per cent of the segment’s total turnover.
On the other hand, the unorganised offline trade channels share will reduce from an estimated 55 per cent in 2023 to 35 per cent by 2028, the report said.
“Our report clearly shows a market poised for extraordinary growth, driven by premiumisation, technological advancements, and a new generation of discerning consumers,” said Anchit Nayar, Executive Director and CEO, of Nykaa Beauty.
–IANS
rvt/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
