India's beauty and personal care market is likely to surge at a CAGR of 10-11 percent to $34 billion by 2028, said Nykaa Beauty Trends Report, on Wednesday. The report pegged the current market to be at around $21 billion.
This makes the Indian BPC market the fastest-growing in the world, growing at a CAGR of 10-11%. "India remains the fastest-growing BPC market globally, set to reach $34 billion by 2028," Nykaa said.
According to the report, this will majorly be driven by e-commerce, through which online sales have been the fastest-growing segment to achieve a CAGR of about 25%, it added.
"Increasing aspirations and rising incomes of Indian consumers will drive the premium beauty market, projected to reach a value of $3-3.2 billion by 2028. The democratisation of beauty knowledge through social media, with users of 520-560 million in 2023, is already having a significant impact on consumer decisions," the statement read.
It also indicated that, within the BPC sector, online trade channels would witness a CAGR of around 25% and reach similar scales as offline organised trade, accounting for 33% of the segment's total revenue. On the other hand, unorganised offline trade is expected to fall from an estimated 55% share in 2023 to 35% by 2028.
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