Since the COVID-19 outbreak, 'health & wellness' has been one of the leading priorities for consumers all around the world. India has seen this shift significantly with its skincare market set to expand at a 10.2% corporate annual growth rate through 2026. The growth is driven by mainly organic and natural products.
With these organic and natural products set to lead, the Indian skin care market is projected to expand from INR192bn ($2.6bn) in 2021 to INR312.4bn ($3.7bn) by 2026 at a compound annual growth rate (CAGR) of 10.2% during 2021–2026, according to leading data and analytics company, GlobalData.
In 2021 Unilever, L’Oréal, and Reckitt took the lead as the top three companies in the Indian Skincare market by value. As for brands, Fair & Lovely and Garnier were the top brands of the year.
Likitha Nalluri, a top Consumer Analyst noted: “With the onset of the global pandemic, health and wellness has become a top priority for Indian consumers, and this trend is strongly influencing the personal care sector. Consumers are opting for natural and effective products to ensure that their skincare routines do not adversely impact their health. Moreover, Indian consumers are gaining a deeper understanding of the origin and effect of cosmetics ingredients, which is reflected in their purchasing patterns.”