The Indian retail cosmetics market, which reached a valuation of USD 20.64 Billion in 2023, is positioned for robust expansion, forecasting a Compound Annual Growth Rate (CAGR) of 4.34% until 2029, as revealed by the latest “India Retail Cosmetics Market Competition Forecast & Opportunities, 2029” report added to ResearchAndMarkets.com’s repertoire. This remarkable expansion can be attributed to a convergence of elements, comprising the burgeoning middle class, swift urbanisation, and changing consumer preferences in India. Yet, a crucial catalyst propelling this momentum is the soaring prevalence of online cosmetic shopping, which is not only reshaping consumer habits but also offering unmatched convenience in the shopping experience.
Competition among international and domestic brands in skincare, makeup, fragrances, and personal care categories is intense, as they strive for dominance in the market. The pervasive impact of global fashion trends and the omnipresence of social media have acted as driving forces, prompting consumers to seek a wide range of cosmetics. They aim to emulate their favourite online personas and explore novel styles.
Social media influence continues to exert a powerful sway over India’s cosmetics market, where beauty communities play a pivotal role in setting trends and exerting significant influence on consumer buying choices. Among these influencers, beauty advocates have risen as formidable figures, endorsing products and significantly shaping consumer preferences. Furthermore, a noticeable upswing in the desire for customised cosmetic solutions designed to meet individual requirements has emerged. Brands are actively utilising advanced technologies such as Artificial Intelligence (AI) and skin analysis applications to deliver personalised recommendations, thereby enhancing the overall consumer journey and experience.
The retail cosmetics landscape in India has a significant stronghold in the northern region, particularly led by prominent urban centres like Delhi and Chandigarh. This dominance is attributed to several key factors, including the rapid pace of urbanisation, a notable increase in disposable income among consumers, and the continuous evolution of beauty preferences. These elements collectively bolster the northern region’s influential stance within the market, driving its commanding lead in the retail cosmetics sector.
The ongoing evolution of India’s retail cosmetics market is set to be fueled by the convergence of digital platforms, cutting-edge technologies, and the ever-changing preferences of consumers. This amalgamation foretells substantial growth, creating an environment ripe for brands aiming to engage and retain the loyalty of India’s expanding consumer demographic.
