Increasing number of working women with rising disposable income is set to drive the  Indian cosmetics and toiletries industry from INR1.06bn (US$15.1bn) in 2019 to INR1.72bn (US$22.4bn) in 2024, at a compound annual growth rate (CAGR) of 10.2%, says GlobalData, a leading data and analytics company.

GlobalData’s report, ‘India Cosmetics & Toiletries – Market Assessment and Forecasts to 2024’, reveals that haircare was the largest sector with value sales of INR308.7bn (US$4.38bn) in 2019. However, the fragrances sector is forecast to register the fastest value growth at a CAGR of 18.9%, during 2019–2024. It will be followed by make-up and feminine hygiene with CAGRs of 12.7% and 11.0%, respectively.

Anchal Bisht, Consumer Analyst at GlobalData, says: “With changing consumer lifestyle and standards of living, Indian consumers are opting for premium personal grooming products – a trend likely to fuel demand for high quality cosmetics and toiletries industry in the country.”

Convenience stores were the leading distribution channel in the Indian cosmetics and toiletries industry, with a value share of 47.4% in 2019, trailed at a distance by the hypermarkets and supermarkets, and department stores.

Unilever, L`Oreal S.A. and Procter & Gamble were the top three players in the Indian cosmetics and toiletries industry in 2019. Private labels accounted for 1.1% of the overall cosmetics and toiletries industry in the country.

Ms Bisht concludes: “Indian consumers are significantly influenced by western culture, which is driving the popularity of international brands, thus benefiting the sector expansion during the period 2019–2024.”