While the $19-billion beauty and personal care (BPC) market in the country is constantly evolving, consultancies such as Redseer project the domestic market to grow at the rate of 10% per annum between 2023 and 2027 to touch $30 billion. That will be faster than China and Indonesia, where growth rates are expected to be 7% and 8% per num, respectively.
Leading the Indian BPC market, Redseer says, are pure-play BPC brands, who derive over 70% of their revenue from this segment.
L'Oreal, which has been in India since 1994, is one such player, Redseer says, emerging as the "flagbearer" for Indian BPC brands through its resilient performance across years.
In a recent investor call, Hieronimus provided colour on the India business, saying it was 500 million euros (or ₹4,450 crore) in terms of size, which could go up to 1 billion euros (₹8,900 crore) in the foreseeable future. This would be led by a growing base of middle-class consumers and their appetite for beauty products, he added.
"India is doing well. The first half (2023) growth rate is at plus 20%.
And we're gaining share here. We're very excited by the prospects of this market. The economy is very solid.
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