It’s not easy to be in the business of beauty. It’s tricky, messy, and experimental. But doesn’t beauty lie in imperfections?
Embracing the homegrown practices and rooting back to Ayurveda, the cosmetic industry in India is booming with home-grown brands that promote the goodness of organic, local, and natural products. Customers no longer have to rely on international products to enhance their looks and persona. Rather India has been very receptive to new ideas, products, and recipes to upscale the beauty game.
Body Positivity to Ayurveda: Millennial Startups refashion India’s Cosmetic Industry.
Making up Young Minds
The last few years have been a drastic wave of change in the cosmetic industry. We have witnessed people from all backgrounds of life coming forward and raising their concerns. Be it a working professional in need of an eye care regime, a mother looking for fresh-pressed coconut oil, a college-going student investing in healthy skin, or even a grandmother who is in search of a perfect hair massager. Going the glocal way, Indian cosmetic-led companies have brought the local products on a global level. This significant sector is also in high demand as it is customized for Indian hair and skin type.
Some of the bigger homegrown brands in the cosmetic industry that fulfill these needs are Khadi Essentials, Plum, Juicy Chemistry, Mama Earth, Forest Essentials, Nykaa, Soul Tree, and Sugar. These companies started the goodness movement from their homes. Some of them experimented with the products while others researched and introduced vegan and cruelty-free products in the country. For instance, the birth of the brand Soul Tree was made as the founders wanted to help local farmers. They wanted to promote local herbs and medicinal plants grown by them and in the process, they discovered a new line of skincare products that are budget-friendly and medically tested. Today these companies are riding high strides in the business. Even though, pandemic hit the economy yet with innovations and consciously curated skincare boxes helped people to pamper themselves and invest for the better good.
Watch: 15 things to know about the Cosmetics Industry
The Unstoppables in Indian Cosmetics
The cosmetic industry in India, valued at nearly $11.16 billion in 2017, the market is expected to grow at a CAGR of 5.91 percent (compound annual growth rate) by 2025. Not only have Unicorn ventures of this space, like Nykaa and Sugar have expanded their presence but also have worked hard to make it a home-based name where people should return when needed.
Decade-old companies like Dabur India, Patanjali Ayurved, Amway’s, Lakme, Colorbar, Biotique, and the Himalayas have also transitioned their focus from medicine and healthy food to skincare and makeup products. You will be surprised to find Amla Juice and Blue eye shadow on the same shelf of the Patanjali counter!
During the pandemic, there was a tug war scenario between companies. Every now and then they launched offers, product range, and delivery facility to lure and maintain their customer base, in turn, benefitting the consumers.
Influencers Influencing the Cosmetic Market
Under the impact of beauty influencers, millennials who have a large following on social media hold the capacity to influence the purchase of cosmetic products. A lot of these startups tie-up with these influencers through paid sponsorship where they review the product and share their insights. Today, young consumers are no longer just seeking brand names but “meaning over materialism”, states a report by the FMCG giant Hindustan Unilever Limited.
Moving towards Gender Equality
Why should girls have all the fun? This is the time when the cosmetic industry focussed on men is gaining attention and traction. Companies like MensXP, The Bombay Shaving Company, Beardo, and Man’s Company have secured several rounds of fundings. The global male grooming products market touched a value of $60.6 Bn in 2018 and is further expected to reach $81.2 Bn by 2024 at a CAGR of 5% during 2019-2024, as per the ASSOCHAM report. Displaying great potential, Kolkata-based Emami company made two rounds of investment in The Man’s Company to promote their business.
Since the men’s beauty industry is just starting to exfoliate, the women’s cosmetic industry is moving towards a saturation stage. Bridging the gap, companies like Nykaa have specially curated a men’s skincare line offering products that enhance skin health. The cosmetic industry in India today promotes body positivity and other new trends. A lot of diverse sets of people have found their comfort zones in the new paradigm.