The skin care industry is a part of the FMCG sector, and is considered as one of the rapidly growing dynamic markets in India. Now-a-days, environmental aggression made the people very conscious about their skin care, as the skin is the largest organ in the human body and the most exposed to external conditions. The common skin problems faced by Indian people are skin darkening, patchy skin, acne spots and sunburns. Moreover, the awareness about the harmful effects of UV rays and other climatic factors on skin leads the consumer to be more specified about the cosmetic products as per the skin requirements.
The market has witnessed substantial growth in the last few years mainly driven by the young demography, upsurge in disposable income and shift in Indian consumers toward heathier lifestyle. Various herbal cosmetic brands are witnessing increase in popularity, owing to rise in increase in inclination of Indian consumers towards natural and herbal skin care products, which is significantly contributing towards the growth of the market.
The key findings if the study
- Depending on product type, the cream segment dominated the market in 2017, and is expected to retain its dominance throughout the forecast period.
- By demographics, the female segment accounted for higher share in the market growth in 2017 and is projected to growth in 2017. And projected to grow at CAGR of 9.1% from 2021 to 2027.
- On the basis of age group, the millennials segment led market demand in 2017 and is expected to retain its dominance throughout the forecast period.
- As per sales channel, the super market/hypermarket led the market share in 2017 and is projected to register a CAGR of 7.6% from 2021 to 2027
A detailed study has been conducted by analysts to decipher current and future regional market of the creams & lotions, facewash and talcum powder, in accordance to which, creams & lotions occupy the largest share in the skin care market which is one of the leading segments of the FMCG sector. In future, although creams and lotions are anticipated to remain the leading market, but facewash and talcum powder markets are expected to attain a steady growth rate, followed by the market for face scrubs and face packs.
Further, extensive research and analysis also revealed that the
demand for organic cosmetics consumption is on the rise, emphasizing a
spectacular growth in the Indian cosmetic market. Penetration in this segment
seems to be remarkable, with many domestic and international players eyeing the
opportunity. The organic skin care market is poised to grow at a CAGR of nearly
20% for the forecast period of 2016-2020. Additionally, it is revealed that the
highest demand of all the segments market will come from Northern region.
Furthermore, the players are developing their
R&D capabilities to further customize products for Indian consumers, create
greater awareness among the middle class, and ensure effective distribution
reach to service them. The international players as well as the domestic
players marked their imprint by serving the wide range of skin care products
amongst the Indian people, and also modernized their product ranges with the
herbal conception.