Be it skin products, hair products, or colour cosmetics, Consumers of 2021 love multi-purpose/ bridge products which are now capturing the pace of the market.
India is now the leading country in the personal care segment. Crucial factors such as Demographic growth, ever-improving economic and social conditions, and the development of the manufacturing and digital sectors in India have made the country progress. The improved quality of life in India boosted personal care. It reflects that estimated growth for the 2018-2023 period before the pandemic was 9.7%.
The outbreak of COVID-19 and the resulting global health emergency had affected the industry in the nation. According to Euromonitor International, an international market research company, the country's prospects for growth shrunk significantly from the rosy CAGR of +8.5% achieved between 2016 to 2019. During the 2019 -2020 period, the growth rate was 2.3%, which accounts for a market value of a little over $15 billion in December 2020, while the growth forecast for 2020-2021 is 1.7%. The anticipated revenue in 2022of the beauty sector is expected to increase by +2.8%.
With increased awareness of the environmental and ethical impacts of beauty, The beauty industry has seen a shift in manufacturing practices. Be it skin products, hair products, or color cosmetics, Consumers of 2021 love multi-purpose/ bridge products which are now capturing the pace of the market. D2C brands are always on a quest for manufacturers to market products that speak innovation and cater to their requirements. A new entrant into this space is Cosmetico labs, a Bespoke cosmetic laboratory and beauty incubator that aims to ideate, curate, and inspire product visions. With innovation as a priority, they offer turnkey, A la carte, and 360 services in all personal care categories right from conception to commercialization. In Addition, they curate an Extensive range of products from the personal care segment. Staying true to their vision of making quality products a reality, they extend creativity and passion into every stage of the development process. Not only is it the first-ever beauty incubator, but it also introduced specialized OBM services to the Indian beauty industry. Recently, they announced that they are partnering up to drive product innovations with leading e-commerce companies in India. It is needless to say beauty audience will have a gamut of incubated products in their vanity.
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Last Updated Dec 27, 2021, 5:24 PM IST