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Globalization Of Cosmetics

1353 Words6 Pages

Beauty in its true sense has always been worshipped in India. Urbanization in 90’s was instrumental in promoting the chemical cosmetics sector. However with the advent of globalization and growth of print and live media in Indian mainstream, there has been gradual increase in the awareness among the Indian masses about global cosmetics brands. These global brands also identified market opportunities and started focusing on key consumer groups of Indian market with unique products. According to Confederation of Indian Industries (CII), the total Indian beauty and cosmetic market size currently stands at US$950 million and showing growth between 15-20% per annum. CII also estimated that over all beauty and wellness market that include beauty …show more content…

It is further expected that the cosmetics industry will grow at a CAGR of around 17% during 2010-2013. It is attributed that rising income and affordability has contributed to increased sales of around INR 356.6 Billion (US$ 7.1 Billion) in 2009. ASSOCHAM has also predicted that size of India 's cosmetics market will rise by about half to 1.4 billion dollars in the next two-three years. The `1,01,1840 crore (US$ 170 billion) (in sales) worldwide cosmetics industry is reaching a saturation point in the West, where traditionally the expenditure per person on …show more content…

Urbanisation is also slated to increase by 45 per cent in the next 30 years. All these translate into increased personal care opportunities for interested players. For the industry, the low penetration of cosmetic products despite the double digit growth being witnessed in the market, works to its advantage. According to the ReportLinker report, the per capita expenditure on cosmetics in India is `58.1 (US$ 1), while in other Asian countries it is `2,129.37 (US$ 36.65). Apparently, there is huge market opportunity just waiting to be tapped. According to Emerging Markets Forum, by 2039, India’s per capita income will increase by about 18 times and disposable income for households is slated to grow threefold by 2025. Indian consumers now seek products with more intangible benefits and aspirational values brought in by imported cosmetics and premium ranges. Domestic companies are also

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