With a population of more than one billion and a growing taste for western sophistication, India has become one of the fastest growing markets for cosmetics and toiletries, according to a new study by consulting and research firm Kline & Company. Sales of cosmetics and toiletries were up 12.6% in 2006 and marketers are recognising the tremendous potential in this budding market, says Kline.
“As the country becomes more westernised, the industry as a whole is becoming more sophisticated to meet consumer demands,” says Carrie Mellage, director of the consumer products practice for Kline's market research group. “We're seeing a major shift across the board, from the types of products sold to their formulations and even the purchase channels.”
Kline puts India as the thirteenth largest market in the world for C&T. Despite having among the lowest levels of per capita spending on personal care products, averaging just $3.40 per person in 2006, the market is evolving into one of the most promising worldwide, particularly with regard to skin care, says the report. With more Indian women entering the workforce, they are placing greater emphasis on personal appearance and are spending more to look their best.
“Indian women have officially joined the search for the fountain of youth, driving up sales of both anti-ageing and skin whitening products to help them develop a younger, fairer complexion,” says Mellage.
Indian consumers are also moving away from traditional talcum powder and towards more modern deodorants and antiperspirants. Marketers are now expected to rise to the occasion with innovative products and revamped pricing strategies to help garner a significant share of this segment of the market.
Mellage will present a full overview of the Indian cosmetics and toiletries market at 10:30 a.m. on Tuesday, September 18, at the HBA Global Expo in New York.