The Indian Skincare Market is Moving From Cosmetic to a Vital Skin Care Regime
The Indian skin care market stood at $ 1.6 billion in 2017 and is projected to grow at a CAGR of 9% to reach $ 2.7 billion by 2023
From the aspirational fair and smooth skin a decade ago, new age consumers and brands are redefining beautiful skin as healthy and naturally glowing. With narratives around essential skin care regimes involving a healthy diet, adequate water intake, exercise and intake of vitamins and antioxidants, the new age consumer is taking ‘healthy skin’ much more seriously than just a cosmetic ‘fix-up’.
The Indian skin care market stood at $ 1.6 billion in 2017 and is projected to grow at a CAGR of 9% to reach $ 2.7 billion by 2023. This can be attributed to a number of factors, including innovations in skin care products, the rising awareness about healthy skin routines and the need for a real, long term solution to skin problems that go beyond cosmetic fixes.
While essential skin care regime about two decade ago revolved around home remedies, fairness creams and sunscreens, today the biomedical advancements offer an almost specialised range of products that cater to the customised needs of different skin types. The traditional skin care products have also expanded its range to cater to this highly demanding market, with hydrating creams, separate day and night creams, specialised anti-ageing that offers much more than anti-wrinkle solutions, sunscreens in SPF from 15 to 150 to the more innovative bacteria-rich skincare products and high-tech devices, innovations in skin care are gaining popularity among both celebrities and HNI’s as well as the masses.
These trends have given rise to innovations in holistic wellness products which offer long term and inherent solutions for overall health and naturally beautiful skin. This has resulted in the emergence of skin care being taken seriously as a vital care regime, just like taking care of any other organ.
Some Key Factors Driving This Shift, Including:
- Increased Skin Problems
The rise in stress levels, lifestyle diseases, hectic work hours that offer little sleep or rest or healthy diet schedules etc., have all become increasingly common. However, more than any other organ, skin is the first one to demonstrate signs of fatigue and deformation. Additionally, constant exposure to environmental pollution, dust and unhealthy temperature situations, like 9-12 hrs in AC etc., have led to consumers seeking medicinal/ remedial solutions for a healthier skin, just like one would for any other organ of the body
- Increased Sense of Self Care
Most skin issues and problems are surfacing for the newer generation at a much younger age. As people with greater sensitivity to wellness, they are seeking solutions which allow them to take better care for themselves. The rising popularity of body and bath range of products and the prolific growth of spas and massage parlours, in addition to gyms and wellness centres, are all indicators of a generation that is aware and focussed on self-care. In line with this, in terms of skin care too, more and more number of youth is not shying away from seeking products that offer a soothing and pampering skin care regime
- New Inventions in Wellness
In response to the rising skin problems, lifestyle diseases, and the shifting consumer focus on self-care, a variety of wellness innovations have evolved in the recent past. In search for the holistic wellbeing and health, indigenous compounds like vitamins supplements and Glutathione, are becoming increasingly popular. Glutathione, a master antioxidant inherently produced in the human body, is found to arrest the damage caused by free radicals, at the cellular level, resulting in a naturally beautiful and healthy skin. Apart from the skin, Glutathione is also found to enhance the overall immunity and stamina of the person, thus contributing to holistic wellbeing from within! Innovations like these are already touted as the biggest wellness rage for tomorrow.
- Increased Disposable Income
With global markets and jobs in MNC’s, more number of young people today has higher disposable incomes compared to their parents and grand-parents. This has led them to seek better and more gratifying solutions for every aspect of life, including the best of skin care. Access to global products and international best practices for skin care, is an added advantage. Like fitness and a health conscious lifestyle, they are also willing to splurge on effective and healthy skin care solutions.
While the above mentioned trends have led to the introduction of several innovations in skin care, one key player to emerge in the recent years, natural and indigenous solutions like Glutathione supplements, are becoming widely popular among the millennial generation. Even as newer innovations continue to evolve every-day to cater to the demands of the consumers, the journey of skin care from just about beauty to becoming a vital care regime will keep evolving. Witnessing this transformation truly is exciting!