We all use a wide range of beauty and personal care products (BPC) such as soap, shampoo, toothpaste and deodorants in our daily lives. But have you ever thought about the beauty and personal care market size? Your heart will come to mouth when you will come to know that the global BPC market will reach a whopping US$ 646.20 billion by the end of 2024. However, the personal care market segment alone accounts for more than 43% of the entire market, amounting to US$ 282.80 billion. During the years 2024-2028¸ the global BPC market is likely to witness a compound annual growth rate (CAGR) of 3.33% owing to increasing disposable income and introduction of natural/organic products.
Don’t be surprised to know that the beauty and personal care market in India is projected to witness a CAGR of 10% during the years 2022-27, thereby reaching US$30 billion by 2027. In 2023, the Indian BPC market stood at the fourth position in terms of revenue, driven by remarkable R&D in the cosmetic industry as well as increasing affordability and accessibility. The statistics says that a working woman in India doesn’t hesitate to spend around INR 1942 on BPC products in a 6-month period. However, the average spend by Indians on BPC products stands at INR 1214. The revenue generated (per person-basis) in the BPC market stands at US$ 21.86 billion for 2024. During the first and second quarter of 2023, over 100 million cosmetic products were sold in India, recording a massive revenue of more than INR 5000 crore.
E-commerce Wave Further Contributed to the Growth
With the outbreak of COVID-19 havoc, the world witnessed a complete lockdown, which led to the shutdown of salons, hypermarkets, supermarkets and department stores. This left people with the only choice-online sale and purchase of goods and services. The e-commerce has proved to be a brilliant platform for the companies to reach larger masses without spending on creating physical establishments. Factors fuelling the growth of BPC products online include the inclination towards eco-friendly/organic products, flexibility of online purchasing, and home delivery.
Influencer Marketing Takes Centre Stage in Beauty and Personal Care Market
In addition to this, brands are also endorsing their BPC products by encashing the popularity of Youtube influencers. Young consumers believe and are pushed to buy those products that their favourites are selling and using. It also increases the credibility of those BPC products among consumers. In 2024, the online sales of BPC products in India is projected to be 6.6% of the overall market.
Conclusion
The beauty and personal care market is the most flourishing and fastest-growing consumer markets, fuelled primarily by the cosmetics and skincare segments. The growth of the market is strengthened by social media platforms and a major boom in e-commerce. As consumer behaviour keeps changing in the BPC market, businesses will have to adapt to their demands. For more updates on beauty and other important matters, visit zarooribaathai.in
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