Mumbai: India’s beauty market, the fourth-largest globally, is at a critical point driven by premiumization, evolving demographics, and technology. To explore these changes, India’s leading beauty retailer has released the ‘Nykaa Beauty Trends Report,’ developed with Redseer. The report identifies key trends and insights on navigating the dynamic beauty market.
A significant finding is the rise in premium beauty consumption, driven by access to global brands, expanding routines, and product innovations. This shift is supported by growing consumer aspirations, higher discretionary spending, and dual-income households.
Nykaa has been central to this trend, offering over 3600 beauty brands and introducing global luxury brands to India. Gen Z, young millennials, and non-metro consumers are driving growth, supported by Nykaa's content, educational efforts, and omnichannel presence, including over 200 stores and its e-B2B platform, Nykaa Superstore.
Nykaa Beauty executive director and CEO Anchit Nayar said, “As India rapidly ascends to become one of the world's most influential beauty markets, we at Nykaa are incredibly optimistic about its future. The insights from our Beauty Trends Report clearly show a market poised for extraordinary growth, driven by premiumization, technological advancements, and a new generation of discerning consumers. Nykaa remains committed to leading this transformation by democratizing access to the world's best beauty brands, fostering innovation, and expanding our reach across both digital and physical channels. We believe that by staying true to our core values of authenticity and customer-centricity, we will not only grow with the market but also play a pivotal role in shaping the future of beauty in India."
Redseer Strategy Consultants founder and CEO Anil Kumar remarked, "The Indian beauty and personal care market, valued at $21 billion, is on the brink of a transformative journey, projected to grow at a robust 10-11 per cent CAGR over the next five years. This dynamic sector is not merely expanding; it’s rapidly evolving, with e-commerce expected to surge by 25 per cent annually, leading the way. The democratization of beauty expertise through social media, now influencing over 500 million users, is ushering in a new era of informed and empowered consumers. Brands that embrace this evolution, leveraging omnichannel strategies and innovative offerings, will not only thrive but will shape the future of beauty in India. The coming years will be pivotal as we witness a market that doesn’t just grow—it redefines itself."
The report offers a comprehensive roadmap for brands looking to navigate the rapidly evolving BPC market in India. With its deep analysis of current and emerging trends, the report underscores the importance of innovation, strategic expansion, and consumer-centric approaches in driving future growth.
