Studies and market analyses indicate the burgeoning growth of India’s beauty market, while HPCI show focused on leading sectors and trends
Asia Cosme Lab has been conducting in-depth market research on the Indian market, which is intrinsically linked to a fascinating culture where regional diversity as well as tradition and innovation play leading roles in the future of beauty, personal care, and grooming.
India is a nation that is evolving like never before, due to a series of interrelated factors: a growing popultion of young people, the expansion of a middle class with increased spending power, and more widespread and better Internet connections, even in rural areas.
All this amounts to a rampant multiculturalism that opens the market up to multinational colossals, but even more so to smaller independent firms that often target niche markets, like the practises founded on ancient tradition of beauty and health transmitted by Ayurveda or the extravagant glamour of Bollywood stars. In contrast, mass beauty retail is represented by the retail giant Nykaa, while the effect of social networks and the corresponding rise of local influencers cannot be denied. Finally, the booming men’s grooming market is one of the most dynamic sectors in India today.
Amidst this panorama, HPCI India (Home and Personal Care Ingredients) welcomed more than 100 exhibits and approx. 2,000 attendees on Feb. 6 and 7, 2020. The focus of the event was to present new horizons in the cosmetic industry and the effect of consumer demands on the use of ingredients and technology, which continue to cause major shifts in marketing strategies worldwide.
For example, the demand for personalized cosmetics is growing fast and many online beauty brands are offering augmented reality apps to enhance the consumer experience and increase engagement, while rise of the health-conscious movement resulted in a surge in botanical, organic, and cruelty-free ingredients.
Indeed, the growth of the Indian market has been stronger than originally forecasted and giving rise to shifts in the hierarchies of international cosmetic markets. China instead is assuming the role of the outsider over the last decade thanks to the highest world growth, but could lose this leading position due to the difficult internal situation with the corona virus, which has put a stop to exports – at least momentarily.
The main point is that, as explained, Indian consumers demand products that differ greatly from both Western and Chinese ones, thereby offering opportunities to companies eager to meet market demands.
HPCI INDIA
Date: February 11-12, 2021
Time: 10 am to 6 pm
Place: Bombay Exhibition Centre, Goregaon, Mumbai, Maharashtra 400063, INDIA
More info: www.hpci-india.com/home
