Beauty and personal care (BPC) market in India is expected to touch $10 billion by 2021 growing at an annual rate of 5-6 per cent on the back of evolving consumer awareness and aspirations, according to a report by Indian Beauty & Hygiene Association (IBHA).
"There is a paradigm shift in consumer preference from looking good to feeling good, and the industry is innovating to address the evolving consumer awareness and aspirations," IBHA said in its report.
While the market is predominantly urban, going forward, growth is expected to rise in rural markets too.
Godrej Group Chairman Adi Godrej, who is also a member of IBHA, said consumer behaviours and spending patterns have shifted and continue to shift as incomes rise and Indian society evolves.
The premium segment is expected to grow at 6.3 per cent per annum, compared to the 1.1 per cent growth predicted for the mass market products, it added.
Its members include Hindustan Unilever, Marico, Godrej, P&G, Johnson & Johnson, Wipro and L'Oreal India, among others.