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Beauty and Personal Care Sector Forecast for 2024

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Experts from the Indian beauty industry on their growth strategies, areas of investment and possible changes expected to define the trajectory of Indian beauty retail in 2024

Bengaluru: The beauty and personal care (BPC) industry in India is on an optimistic trajectory in 2024, with players aspiring to expand their retail footprint, introduce a broader range of products and enhance their digital presence, among other things.

The BPC market in India is projected to generate a revenue of $31.51 billion in 2024, according to data analytics platform Statista. Discover the insights and predictions from industry leaders regarding growth strategies and possible transformative changes expected to define the trajectory of Indian beauty retail in 2024.

Focus Areas

Several beauty and skincare brands are poised to invest in diverse areas, including retail expansion, new product launches, and digital marketing initiatives.

Lloyds Luxuries, the entity that holds the master franchise for the world’s oldest barbershop Truefitt & Hill in India, Nepal, Sri Lanka, Bhutan, Vietnam, Myanmar, and Bangladesh, is placing significant emphasis on expanding its presence within the Indian market.

“In 2024, we will be expanding our stores. Currently, we have 30 stores in India, and by the end of 2024, we plan to add a couple more,” said Prannay Dokkania, managing director of Lloyds Luxuries Ltd.

Makeup brand Renee Cosmetics’ sole concentration is on new product launches.

“In 2024, we will be working on expanding our product category with more unique formulations, shades, and textures to provide our consumers with ample choices,” said co-founder Priyank Shah.

Direct-to-consumer (D2C) skincare brand Oceglow is anticipating venturing into the makeup segment. “A strategic focus for investment lies in the upcoming launch of our cosmetic range,” said co-founder Akshay Oswal.

Natural cosmetics company Lotus Herbals is planning to allocate funds for digital mediums. “When it comes to marketing spend, digital holds the key and a large majority of our investment will be on digital mediums,” said Nitin Passi, managing director of Lotus Herbals.

Passi added that in 2024, Lotus Herbals will focus on engaging its consumers and listening to them to understand their evolving skincare habits so that it can meet their requirements with more relevant products.

Amág Beauty too is set to invest in digital marketing, focusing on refined strategies utilising influencers, social media, and search engine optimisation (SEO) to enhance online visibility. The company aims to broaden its reach by allocating resources to influencers and social media marketing, aiming to connect with a larger audience, shared co-founder Aanchal Malhotra Gupta.

Revenue targets

Projections for revenue growth in the beauty industry vary among brands, with some anticipating a substantial increase while others foreseeing a growth trajectory similar to that of the previous year.

Renee Cosmetics is on an upward trajectory in achieving its revenue goals.

“We reached an annual recurring revenue of Rs 100 crore in just 20 months of restarting our operations after the pandemic. Recently, we surpassed Rs 250 crore in annualised revenue. Our goal is to establish Renee as a globally recognized Indian beauty brand, aiming to reach a revenue of Rs 1,000 crore in the coming future,” said Shah.

Gurugram-based cosmetics brand Swiss Beauty is projected to experience a further 60% year-over-year (YoY) growth in terms of revenue during fiscal year (FY) 2024, continuing its 70% YoY growth in FY23 as stated by chief executive officer Saahil Nayar.

Meanwhile, Oceglow anticipates a 40%-45% increase in revenue and growth in 2024, maintaining a similar level of growth between 40% and 50% as experienced in the year 2023.

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