The new report titled, "Indian Cosmetic Sector Forecast to 2015" states that the rising beauty concerns among both men and women are propelling the Indian cosmetics industry, which has witnessed a strong growth in the last few years.
The potential for growth in the region has become so much in fact, that the cosmetic sector has emerged as one of the markets holding immense growth potential for the whole country.
New product launches catering to consumers' growing requirements are expected to fuel growth in the industry, for which the future outlook seems exceptionally bright.
According to RNCOS, the Indian cosmetics market registered impressive sales worth INR 264.1 billion (€3.78 bn)in 2011, and with rising purchasing power and growing fashion consciousness, the industry is estimated to expand at a CAGR of around 17 per cent during 2011-2015.
The report states that the Indian cosmetics industry holds promising growth prospects for both existing and new players.
“[RNCOS] observed that consumers are increasingly shifting towards 'natural' and 'herbal' cosmetic products as they are associated with bio-active ingredients and safe for human skin,” says the report.
“In addition to this, [RNCOS] found that women are spending more on cosmetics as they are actively earning and spending money on grooming themselves.”
The study also revealed that color cosmetics market is growing at a rapid rate in comparison to other segments.
Speaking of APAC…
The promising growth expected in India and other markets in the Asia-Pacific region, is just one of the drivers behind Cosmetics Design launching a new website dedicated to coverage of these important markets.
The new publication will launch on September 4, 2012, and will cover the key Asia-Pacific markets looking at the science and innovation in the industry, as wellas key issues concerning market entry and regulation.