India beauty, personal care market likely to reach $34 bn by 2028: Nykaa

India's beauty and personal care market is expected to grow at a compounded annual growth rate of 10-11 per cent to reach $ 34 billion by 2028, Nykaa Beauty Trends Report said on Wednesday.

The report estimates India's beauty and personal care (BPC) market to be around $ 21 billion at present.

According to the report, the Indian BPC market is the fastest-growing market across the world growing at a compounded annual growth rate of 10-11 per cent.

"India is the fastest growing BPC market globally, expected to reach $ 34 billion by 2028," Nykaa said in a statement.

According to the report, e-commerce is poised to be the biggest driver of this growth and the fastest-growing segment, anticipated to achieve a CAGR of around 25 per cent.

 

"Rising aspirations and higher incomes among Indian consumers will propel the market for premium beauty, expected to reach $ 3-3.2 billion by 2028. With 520-560 million users in 2023, the democratisation of beauty expertise via social media is significantly influencing consumer choices," the statement said.

The report said that online trade channels for BPC are expected to grow at around 25 per cent CAGR and be at par with offline organised trade to account for 33 per cent of the segment's total turnover.

While unorganised offline trade channels share will reduce from estimated 55 per cent in 2023 to 35 per cent by 2028.