Beauty and Personal Care Sector Projected to Reach $90 Billion in Fifteen Years: Chemical Industry Overview

According to a report by HSBC Global Research, the gross merchandise value of the beauty and personal care industry will reach $90 billion over the next fifteen years, a fivefold increase. The surge is attributed to rising per capita spending on beauty products and the growing popularity of online shopping.

The report highlights that between 2006 and 2022, India’s beauty and personal care sector grew fourfold to reach $19 billion. Some subcategories in this sector are expected to outpace the overall industry growth rate.

While e-commerce accounted for approximately 17% of the cosmetics and personal care market in 2022, its share is expected to increase to approximately 45% by 2037.

According to businessline, the report also mentioned that digital marketing by influencers is significantly impacting the market in India, leading to more fragmented categories and the emergence of many new brands, driven by growing consumer preferences for sustainable products. The report warns that not all brands will achieve scalability and only a few will generate sustainable profits.