The beauty and wellness industry in India is booming with tremendous potential for growth. In fact, it is said to be growing twice as fast as the markets of the United States and Europe. India is also the second largest consumer market in the world. According to a KPMG report, the size of India’s beauty and wellness market would be around Rs 80,370 crore by end of 2018. This includes beauty products, beauty salon and spa businesses. The compounded annual growth rate of the beauty and wellness business in India has been around 18%. Another prominent feature is that herbal beauty care has driven the growth of the beauty business in India.
Today awareness of beauty products and treatments is at an all-time high in India. There is greater awareness of the ingredients in products and customers make choices based on their increased awareness. This is attributed to exposure to global trends, rising disposable incomes, changing lifestyles, increasing number of women in the workforce and so on.
The retail sector is also booming. No wonder foreign companies are targeting the Indian market. Many kinds of beauty products for varied purposes are now available based on individual skin and hair type — from sunscreens and moisturisers, to specialised cleansers, face wash, toners, astringents, scrubs, masks, nourishing creams, serums, shampoos, conditioners, hair tonics, hair serums, hair-dressing products as well as cosmetics. It is an ever-growing list. Men’s personal care and anti-ageing products are slated for growth.
The retail format is also boosting the growth of the beauty business with malls becoming popular shopping destinations not only in metros, but also in tier-2 cities. Malls are making shelf space available to beauty brands. An important feature is the tremendous growth of e-commerce, with online stores also becoming popular shopping destinations. The beauty business as a service sector offers great scope for employment and entrepreneurship for women.
The Internet has changed the way we do business. Today, websites are a dynamic system of providing information about your company, the products and services. Websites increase a product’s visibility and the desire to buy it. This is true of beauty products where glamour seems to be just a click away. Ever since we started our online portal, the Shahnaz Husain online store has become a popular destination for online shopping.
With the ‘total wellbeing’ concept gaining ground, spa treatments are becoming more popular. There has been an increased need for spa treatments with salons being converted into day spas, offering both salon and spa treatments. In fact, service industries like spas and Ayurvedic centres are slated for growth. The West is also looking at India’s herbal traditions. My dream is to see India lead the international beauty industry in the next decade.