Beauty sales are set to catapult in India in the next decade and companies are raising their game
Beauty sales in India look set to boom in the next decade – and the race for dominance is looking increasingly tight.
Mintel estimates India is projected to generate double-digit increases in skin care sales through to 2016 with facial skin care sales expected to exceed 15% annually to 2018. Meanwhile, KPMG estimates jobs in the Indian beauty market are set to grow at a compound rate of 22% every year to 2022.
Even for a stalwart ‘local’ player such as Unilever, which has had deep roots in this highly price-sensitive market since 1888, there is tough competition. Estée Lauder has deepened its stake in Indian skin care and hair care brand Forest Essentials, while L’Oréal has beefed up its distribution presence, among other strategic business moves.. . .
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