Aggressive advertising coupled with increasing desire among Indian women to look alluring said to be drivers of this growth, says a report by TechSci Research, a research based global management consulting firm with presence in Canada, UK and India.
According to a recent report by global market research firm TechSci Research, India’s women’s cosmetics market is projected to register a combined annual growth rate (CAGR) of over 16% during 2015-20.
The report titled “India Women’s Cosmetics Market Forecast & Opportunities, 2020″ asserts that growth in the market is anticipated on account of increasing per capita income, rising urban middle-class population and the growing desire among women to look alluring. Further, it adds that due to increasing distribution in small cities of the country, the market is registering high demand from tier II and tier III cities like Bhubaneswar, Raipur, Guwahati, Patna, Ranchi and Bhopal as well.
Cosmetic products are no more restricted to being used on special occasions, and are gaining prominence as part of women’s daily regimen. For instance, an increasing number of women in the country are adopting anti-ageing creams as a daily skincare product.
India women’s cosmetic market is an emerging market with high growth potential. Continuous product improvements and introduction of new products, coupled with increasing awareness of cosmetic products among the female population, are expected to surge the demand for women’s cosmetics in the country over the forecast period. Rising western influence and promotional activities featuring female celebrities are other factors spurring growth in the market.
“Owing to the rising desire amongst Indian women to be financially independent, there has been more than 10% increase in the number of working women in India over the last four decades. High disposable income and changing lifestyle pattern among women is anticipated to intensify the opportunities for women’s cosmetic players operating in the country. The market is currently being dominated by HUL, which is expected to retain its dominance through 2020″, said Mr. Karan Chechi, Research Director with TechSci Research.
The report has evaluated the future growth potential of women cosmetics market, and provides statistics and information on market size, share and future growth. Besides, the report also identifies and analyzes the emerging trends along with along key challenges and opportunities available in India women’s cosmetics market.