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India's Luxury Beauty Market to Quintuple by 2035 as Global Brands Expand
21 Aug
Summary
- India's luxury beauty market expected to grow 5-fold by 2035
- Global brands like Estee Lauder, L'Oreal aggressively targeting Indian consumers
- Domestic brands account for less than 10% of luxury beauty sales
According to a recent report by consulting firm Kearney and luxury beauty distributor LUXASIA, India's luxury beauty market is expected to grow significantly over the next decade. The market, currently valued at $800 million in 2023, is projected to quintuple to $4 billion by 2035.
This rapid growth is being driven by India's young, affluent, and social media-savvy consumers, who are increasingly willing to experiment with premium beauty products. Global cosmetics giants like Estee Lauder, L'Oreal, and Shiseido are aggressively targeting this burgeoning market, modifying their offerings to cater to local preferences and trends.
However, the luxury beauty segment currently accounts for just 4% of India's $21 billion beauty and personal care market, significantly lower than the 8-24% seen in top Southeast Asian countries and 25-48% in developed markets like China and the United States. This disparity presents a significant opportunity for growth, with industry experts describing India as the "last bastion of growth for premium beauty."
Despite the influx of global brands, domestic Indian brands make up less than 10% of luxury beauty sales, a stark contrast to markets like China, Japan, and South Korea, where local brands hold a 40% share. Global brands' massive marketing budgets and established brand recognition give them a distinct advantage over their domestic counterparts.
