Portland, OR, Nov. 12, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the India skin care products industry generated $2.47 billion in 2017, and is projected to reach $5.03 billion by 2027, portraying a CAGR of 9.5% from 2021 to 2027. The report provides a comprehensive analysis of changing market dynamics, top investment pockets, key segments, value chain, and competitive scenario.
Increase in shelf space in retail storesand boutiques, launch ofeco-friendly products, and aggressive & innovative social media marketing strategies drive the growth of the India skin care products market. Moreover, surge in trend of utilization of skin care products for acne treatments, facial cleansers, face masks, and facial moisturizers supplements the growth. The entry of multinational brands such as L’oréal S.A. and Beiersdorf AG and expansion of male salons present new opportunities in the market.
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- The Indian government adopted the approach of lockdown throughout the country to curb the spread of coronavirus. This affected the manufacturing activities of skin care products as factories were shut down. Moreover, R&D activities have been stopped.
- Distribution channels such as supermarkets, boutiques, and online platforms were also closed. This led to a considerable decrease in demand.
- With lockdown restrictions lifted off and distribution channels resuming the sales, the demand will pick up steadily. In addition, boutiques & salons have been opened, which wouldlead to increase in demand.
The report offers detailed segmentation of the Indian skin care products market based on product type, demographics, age group, and distribution channel.
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Based on product type, the cream segment accounted for the highest market share in 2017, accounting for more than half of the total share, and is projected to maintain its lead position throughout the forecast period. However, the lotion segment is projected to register the highest CAGR of 9.7% from 2021 to 2027.
Based on age group, the millennial segment contributed to the largest market share in 2017, holding more than half of the total share, and is projected to maintain its dominant share throughout the forecast period. However, the Generation X segment is expected to manifest the highest CAGR of 11.1% during the forecast period.
Based on distribution channel, the supermarket/hypermarket segment contributed to the highest market share, accounting for nearly half of the total share in 2017, and will maintain its leadership status during the forecast period. However, the beauty salons segment is estimated to grow at the highest CAGR of 13.8% from 2021 to 2027.
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Leading players of the India skin care products market analyzed in the report includeProcter & Gamble, The Estée Lauder Companies Inc., Patanjali Ayurved Limited, Johnson & Johnson Services, Inc., Emami Limited, Kao Corporation, the Himalaya Drug Company, L’oréal S.A., Unilever Plc., and Beiersdorf AG.
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