 "Indian cosmetics industry to touch $35 bn by 2035: Assocham")
India's cosmetics and grooming industry market size is expected to rise manifold to $35 billion by 2035, with consumption of cosmetics among teenagers increasing rapidly, says a survey.
The joint study by Assocham and research agency MRSS India pegged the current market size at $6.5 billion.
"The consumption pattern of cosmetics among teenagers went up substantially between 2005 and 2017 because of increasing awareness and due to the desire to look good," the survey said.
Besides, the herbal cosmetic industry is expected to grow at 12 per cent in India, considering that Indian consumers tend to purchase natural and herbal cosmetic products.
Indian market has herbal cosmetic brands like Forest Essentials, Biotique, Himalaya Herbals, Blossom Kochhar, VLCC, Dabur, Lotus, Jovees, Patanjali and Just Herbs, among others.
The survey stated that 68 per cent of young adults feel that using grooming products boosts their confidence.
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In terms of method of purchase, the survey said 62 per cent young consumers in big cities prefer to buy online beauty and grooming products while 45 per cent tend to buy cosmetics and apparels from any shop of their convenience.
"The Indian men's grooming market is witnessing a growth of more than 42 per cent in the last five years. The growth is faster than the growth rate of the total personal care and beauty industry in India," an Assocham spokesperson said.