With the rise in awareness about holistic wellbeing among people in India, the spending on beauty and wellness products and services has increased. According to the Indian Beauty & Hygiene Association (IBHA), the per capita spending on beauty and personal care products was around INR 450 per annum in 2017, which is expected to increase during the 2019-2024 period.
The beauty and wellness market in India was valued at INR 901.07 Bn in 2018, and is forecast to reach INR 2,463.49 Bn by 2024, expanding at a compound annual growth rate (CAGR) of ~18.40% during the 2019-2024 period.
Key growth drivers of the market:
- The rise in the income of the middle-class has propelled the demand for beauty products and wellness services. In India, the labor force participation rate of females in 2017 was 22.05%, which increased from 21.27% in 2012. With more women joining the workforce in tier 1 cities, their purchasing power has increased. The rise in their disposable incomes has resulted in the escalating demand for beauty products, and salon and spa services.
- In India, people nowadays have become conscious about their appearance and are constantly spending money to enhance the way they look. This has allowed for the significant growth of the beauty and wellness services segment, with consumers paying frequent visits to salons.
Key deterrents to the growth of the market:
- There is a lack of professionally trained and skilled beauty and wellness service providers in the market, which has led to increased manpower costs. As a result, consumers have to pay exorbitant amounts to avail beauty and wellness services. This presents a major challenge for the growth of this market.
- Consumers demand quality beauty and wellness products and services at affordable prices. Though brand awareness is high among Indian consumers, they tend to switch brands if similar quality products are available at lower or similar prices.
Key Topics Covered:
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
- Market definition and structure
Chapter 4: Market overview
- Beauty and wellness market in India - overview
- Historical market size - value-wise
- Forecasted market size - value-wise
- Porter's five forces analysis
- Major players - segment-wise
Chapter 5: Market segmentation
- Beauty and wellness market in India - segmentation
- Beauty and wellness services market size - value-wise
- Counter sales of beauty products market size - value-wise
- Fitness and slimming centers market size - value-wise
- Alternate therapy and rejuvenation market size - value-wise
Chapter 6: Market influencers
- Key growth drivers of the market
- Key factors deterring the growth of the market
Chapter 7: Market trends
- Key market trends
Chapter 8: Competitive landscape
- Affinity Beauty Salon Private Limited
- Company information
- Business description
- Key people
- Colorbar Cosmetics Private Limited
- Fitness First India Private Limited
- Fitness One Group India Limited
- Gold Fitness Private Limited
- Jawed Habib Hair and Beauty Limited
- L'Oreal India Private Limited
- Lotus Herbals Private Limited
- O2 Spa Salon Private Limited
- Shahnaz Ayurveda Private Limited
- VLCC Personal Care Limited
Chapter 9: Appendix
- Research methodology
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