India’s cosmetic industry to touch $35bn by 2035, finds new study

A joint study carried out by Assocham and MRSSIndia.com has revealed that the market size of India’s beauty cosmetics and grooming sector is expected to rise from the current level of $6.5bn to $35bn by 2035.

This growth is expected to be caused by a rapid increase in consumption of cosmetics among teenagers seen between 2005 and 2017 that comes from an increasing social awareness.

According to the survey, 68% of young adults feel that using grooming products will boost their confidence.

The study also showed that in terms of method of purchase, 62% of young consumers in big cities prefer to buy online, while 45% are likely to buy from physical shops.

Assocham spokesperson said: “The men’s grooming market in India witnessed a growth of more than 42% in the last five years, which is faster than the growth rate of the total personal care and beauty industry in India.”

In addition, the herbal cosmetic industry is expected to grow by 12% based on a past affinity towards these products.

The overseas markets have great demand for Indian herbal and natural cosmetic products and exports are made to countries worldwide. From 2015 to 2016, exports of cosmetics, toiletries, and essential oils were around $1bn, while imports reached $703.58m.