India's Gen Z are driving up a mega boom in its beauty market
E-commerce, rising income levels and the world's largest youth population are fuelling India's beauty boom.
India's beauty industry is experiencing a significant boom, driven primarily by younger consumers known as Gen Z. In recent years, global beauty brands have taken notice, acquiring Indian companies such as Forest Essentials and Innovist. This trend is part of a larger shift in spending power across the country, with per capita income reaching $2,000 in 2019, enabling more discretionary spending.
The rise of e-commerce and social media has also played a crucial role in expanding access to beauty products, particularly among Gen Z consumers who are spending twice as much as millennials on skincare and personal care. This generation, which makes up a significant portion of the Indian market, is driving the growth, with 56% of beauty shoppers on Flipkart being Gen Z. The pandemic further accelerated the industry's growth, providing an opportunity for consumers to focus on self-care and learn about innovative products.
As the market continues to grow, experts predict that at least 10-15 beauty companies will reach $200 million in revenue in the next few years, potentially leading to IPOs and increased M&A activity in the sector.
Written by urgent.news from BBC Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
