India's Beauty and Personal Care Market to Reach USD 34 Billion by 2028, Nykaa Report Reveals

India's beauty and personal care market is set to grow at a compounded annual growth rate (CAGR) of 10-11% to reach USD 34 billion by 2028, according to the Nykaa Beauty Trends Report. E-commerce is expected to play a major role, with premium beauty segments also seeing significant growth.

India's beauty and personal care market is projected to grow at a compounded annual growth rate of 10-11% to reach USD 34 billion by 2028, according to the Nykaa Beauty Trends Report released on Wednesday.

The current market size is estimated to be around USD 21 billion. The report highlights India's beauty and personal care (BPC) market as the fastest-growing globally, fueled by rising aspirations and higher incomes among Indian consumers.

E-commerce is poised to be the biggest driver of this growth, anticipated to achieve a CAGR of around 25%. The online trade channels for BPC are expected to grow significantly, accounting for 33% of the total turnover by 2028, while the share of unorganised offline trade channels will reduce from 55% to 35%.

(With inputs from agencies.)