According to experts in the field, India is witnessing an influx of global beauty brands, as they aim to capitalise on the country’s vast young population and rising disposable income for their upcoming growth phase.
As a gamble on an expanding market, brands have also started a retail expansion drive, and international funds are looking for chances to invest in startups in the beauty industry. Executives claim that they are shifting their attention to India as a result of economic difficulties in China, which is Asia’s largest market for cosmetics.
The demand for beauty products—from makeup and colour cosmetics to hair care and fragrances—is rising quickly, driven by social media influencers, aspirational consumption in small cities and towns, and expanding e-commerce coverage.
Brands like Shoppers Stop, Sephora, and Amazon India have been launching exclusive stores, and have been launching premium cosmetic brands in the country. While Shoppers Stop launched an exclusive store to retail global giant Estee Lauder Group’s brands like MAC and Clinique, Sephora launched a premium cosmetics brand Rare Beauty in India.
Furthermore, Amazon India launched its global beauty store to retail more than 60 international brands. In addition, Tira, a brand of Reliance Retail, signed up three actors as its brand ambassadors. Shoppers Stop is also planning on having around 80 beauty retail stores in the next three years.
According to a study by market researcher Euromonitor, India’s beauty market is expected to grow from US$ 15.6 billion in 2022 to US$ 17.4 billion by 2025 as a result of rising income levels, internet availability, and a young population.
