Description
The skin care products market was valued at INR 129.76 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of ~8.22% during the 2021 – 2025 period, to reach a value of INR 191.09 Bn by 2025. Some of the key players that operate in the market are Hindustan Unilever Limited, The Himalaya Drug Company, Emami Limited, and Nivea India Private Limited.
Market insights:
Rise in the incidence of skin diseases and improved awareness regarding skin health among people are a few of the significant factors that propel market growth. Furthermore, easy accessibility of these products through company websites and online channels, and doorstep delivery are driving the market. However, high price points of branded skin care products and the presence of counterfeit ones deter its growth.
Segment insights:
The skin care products market in India is categorized into into face, body, sun, and other skin care products segments. In terms of revenue, the face care products dominated the market, accounting for 57.22% share in 2020. The other skin care products segment, which includes depilatory products for face and body, is expected to grow at the fastest CAGR of ~10.13% during the 2021 – 2025 period.
COVID-19 impact analysis:
The nationwide lockdown imposed in the wake of the pandemic had severely impacted the supply chain and manufacturing activities of the market. The demand for skin care products declined drastically during the lockdown due to closure of stores, supermarkets, parlors, and salons. However, the sales volume of home skin care kits picked up after the withdrawal of the first phase of the lockdown. The market became stable gradually as skin care distribution channels including stores, spas, parlors, and salons resumed operations.
Companies covered:
• Emami Limited
• Procter & Gamble Hygiene and Health care Limited
• Amway India Enterprises Private Limited
• Lotus Herbals Private Limited
• Nykaa E-retail Private Limited
• The Himalaya Drug Company
• Johnson & Johnson Private Limited
• L’Oreal India Private Limited
• Nivea India Private Limited
