“Beauty, cosmetics market projected to reach $46.6 billion by 2032”

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India, the 4th largest beauty market in the world in terms of purchase volumes, is expected to grow steadily in the coming years, industry executives said.

While personal care, make-up and skincare are the fastest-growing categories, with a CAGR rate of 4.5%, the fragrances are increasing in sales percentage, they said. 

“The Indian salon industry presents a remarkable growth opportunity, with the overall market estimated at ₹20,000 crore while the organized sector currently constitutes less than 20%,” said Vipul Chaturvedi, CEO, Lakme Lever at an industry show. 

He said post-COVID, the industry has seen a resurgence, driven by rising disposable incomes, urbanisation, and increasing consumer awareness about personal care. 

“As more customers in smaller towns become as discerning as their urban counterparts, the potential for organised players like us to thrive is immense. This growth is further supported by India’s stable economic trajectory and a vibrant market environment,” he said on the sidelines of industry show Cosmoprof India organized by BolognaFiere Group and Informa Markets in India in Mumbai.

Companies that are supplying hare care products to salons are seeing 40 to 60% growth. 

“We started 4 years back and have been growing at a rate of 40 to 60%. We started with 5 SKUs and now grown to a company with 95 SKUs with pan India operations,” said Mahesh Ravaria, Co-founder & CEO, Beauty Garage.

 Yogesh Mudras, Managing Director, Informa Markets in India, the organisers of Cosmoprof India said, “The beauty & cosmetics market encompassing skincare, haircare, oral care, fragrances, and colour cosmetics is projected to reach $46.6 billion by 2032, with a CAGR of 5.6% from 2024-2032.” 

“Rising disposable incomes, a shift toward personal wellness, and increasing demand for sustainable, natural, and personalised products are redefining consumer preferences. This growth is fuelled by innovative formulations, eco-conscious practices, and the adoption of advanced technologies,” he said. 

According to Vivek Biyani, Founder, Broadway, India’s beauty, personal care, and wellness market is on the cusp of exponential growth. “Physical retail plays a crucial role in building experiences and driving awareness, while e-commerce and quick commerce expand selection and convenience,” he said.

 Shaily Mehrotra, Managing Director, Fixderma India Pvt Ltd, said “ The skincare industry in India is growing rapidly, with expected annual growth of 20-25%. We prioritise skin health over trends, addressing long-term concerns like acne, psoriasis, dry skin, and hair fall, which continue to drive consistent, 40-50% year-on-year growth for us.”