The Zooming Growth of the Grooming Industry
The Indian beauty and personal care industry is projected to grow at a CAGR of 11 per cent in the period 2022-2027
The rising beauty and hygiene consciousness among individuals is complementing the growth of the India beauty and personal care industry.
Influence of social media, growing disposable income and the constant pressure to look good among Indian consumers is creating a growth opportunity for the personal care industry.
"With the disposable income, demand for improved products and a growing expectation to look good among Indian consumers, the beauty and personal care market in India has a golden opportunity to expand exponentially. The Indian beauty and personal care industry attained a value of INR 54,558 crore in 2020. The market is further expected to grow at a CAGR of 11 per cent in the period 2022-2027," said an Expert Market Research report.
The government of India is undertaking several initiatives to spread awareness about the importance of feminine and personal hygiene. One such initiative was the launch of Ujjwala Sanitary Napkin in Odisha, which improved access to personal hygiene products.
Moreover, various social media platforms are fuelling the growth of beauty influencers which is creating a space for innovation in the sector. There are beauty studios with personalized beauty advisors which drive customer engagement and enhance shopping experience.
Generic categories such as bath and shower, hair care and oral care already have a high penetration and are established categories. "Multinational conglomerates dominate these categories with brands that have practical benefits and good value for money," the report added.
Recently, Hindustan Unilever (HUL), the fast-moving consumer goods (FMCG) company, reported a growth of 17 per cent in its beauty and personal care segment in the quarter ended June. The hair care grew in high double-digits, led by strong performance in the premium portfolio, the company told media.
Dabur India's power brand strategy focuses on the top eight brands and is the driving force behind the robust growth. Allocation of appropriate resources and investments are helping these brands to grow to the next level and capture more opportunities through portfolio expansion and consumer connect. "One of the successful examples of this strategy is Dabur Red Paste which has touched a INR 1,000 crore mark. We are also innovating under the power brands to keep them contemporary and relevant for millennials and Gen Z," Mohit Malhotra, CEO, Dabur India told Entrepreneur India in an earlier interview.