The India personal care chemicals market is expected to register the fastest growth of more than 12% among other Asia-Pacific countries. According to a report published by the Ministry of Economy and Industry, the beauty and personal care (BPC) industry in the country is expected to reach more than USD 10 billion by 2021, at an estimated growth rate of 5%-6% annually. The personal care and cosmetics sector in India is expected to register continuous growth, with increasing shelf space in retail stores and boutiques in India. Moreover, the increasing adoption of men’s grooming products (growth of more than 42% since the last five years) in the country too is expected to have a favorable effect on the market. According to a study by Assocham, one of the apex trade associations of India, the country’s beauty, cosmetic and grooming market is expected to reach USD 20 billion by 2025.
Furthermore, the rising beauty consciousness among individuals, the influence of social media, and inflating income levels are increasing the preference for customized, organic, and premium product variants, which is offering lucrative growth opportunities to leading market players operating in the country. In addition, physical store retailers are adopting innovative strategies, such as housing beauty studios with personalized beauty advisors, to drive customers engagement and improve their shopping experience.
The personal care chemicals market is expected to be fragmented, with no players having a significant share to influence the market. Key players in the personal care chemicals market include Ashland, Croda International Plc, BASF SE, Evonik Industries AG, Clariant, Wacker Chemie AG, Stepan Company among others. The global cosmetic chemicals market was valued at $14.7 billion in 2019, and is projected to reach $24.1 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
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