In a symposium sponsored by the New York Chapter of the Society of Cosmetic Chemists, the speakers asserted that India’s personal care market is fertile ground for companies trying to expand their business. Happi reported: It’s got potential—make that a lot of potential. India has nearly 1.3 billion people and its $1.9 trillion economy is the 10th largest in the world.
Geera Ramakrishnan, a founding director of the Galaxy Group of companies, and one of the speakers shared the following statistics:
- The global personal care industry at $470 billion, with India accounting for $10 billion in sales.
The global personal care ingredient market is worth $23 billion, with India accounting for $520 million in sales. - India accounts for 17% of the global population.
Ramakrishnan predicted, “Demographics, democracy and demand will drive growth.”
Satish Goel, Unilever’s personal care R&D director for India and South Asia, explained that there are several drivers of personal care growth in India:
- Getting consumers to upgrade their personal care routines – e.g. opting for deodorants in place of talcum powder.
- Adopting e-commerce as an additional method for sales.
- With more women in the workforce salons represent another growth area for the beauty industry.
- Fragrance is gaining a foothold in Indians’ personal care routines.
Rashmikant Mohile of CLAIMS Private Ltd., provided an overview of the Indian regulatory situation:
- Cosmetic regulations fall under the Drugs and Cosmetics Acts of 1940 of 1945.
- All cosmetic products that are imported for sale in India must be registered.
- India prohibits the import of products tested on animals.
Vivian Rudd, Mintel’s director of innovation and insight, beauty and personal care said:
- Shampoos and conditioners, oral care and skin care products are the top four personal care categories in India.
- Body care and color cosmetics are the fastest-growing segment.
- At $50 million sun care is a small market for now
Rudd predicted that facial skin care sales will top $1.2 billion this year, and noted that whitening products accounted for 35% of new product development in 2014. And finally, she said, not every consumer gets her beauty from a bottle; at 2,150, India has more plastic surgeons than any country.
