The worldwide cosmeceuticals business stood at $ 46.93 Bn in the year 2017 and is predicted to touch $ 83.36 Bn by 2023, growing at 9.38% annually. The ever increasing consumer consciousness about grooming has been providing boost to the overall cosmetics and personal care segment. There has been growing awareness about self –grooming. Looking good provides them the sense of self esteem and respect in the eyes of the others.
The demand growth in anti ageing products is leading to a corresponding rise in the innovative products by cosmeceuticals manufacturers. The innovations in technique of UV protection, oil absorption or additions of multi functional products are also driving demand for the health conscious and price conscious consumers looking to provide adequate hydration and skin protection.
There has been gradual rise in the awareness of ecologically sustainable products. Consumers are much more adventurous now and willing to experiment. Selecting one brand and sticking to it for eternity has gone. Brand loyalty does not exist anymore. Natural and eco friendly are the latest buzzwords. Consumers are inclined towards organically produced ingredients nowadays. There is niche audience for organic and natural products from skincare and hair care. The worldwide organic personal care ingredient market is expected to tough 11.1 Bn by 2015 and likely to demonstrate a year –on- year growth rate of 5.5% between 2018 and 2025.
The growth of organic and natural ingredients in the Indian market has been equally fast, if not faster than the global average. Although there are many large and heavyweight’s multinational brands are available in the marketplace, India also has hundreds of indigenous brands that make use of organic ingredient. Some of the the popular brands include Himalaya Herbals, Boutique, Lotus Herbal, VLCC< Khadi Naturals, Kama Ayurveda Ayur etc.
Ravi Rampure
Chief of Product
