The awareness towards body aesthetics and beauty enhancements is rising among the masses. The Indian cosmetic industry is gaining significant momentum, and Indians are more willing than before to invest in beauty and wellness sessions. The current growth is estimated to be at 20% per annum in India with the industry touching $US 11 billion in 2017.
The fact that consumers have more disposable income with growing consciousness about external beauty and internal intellectual capabilities drives industry concepts to manufacture new products that meet diverse and unique needs. The nation’s cosmetics manufacturing industry is recording a year on year growth, and has the potential to reach $20 billion by 2025.
There’s a transformational shift in the way beauty is perceived. Along with women, the modern-day man is gaining an increased awareness about the importance of his appearance, and there’s a huge rise in the use of cosmetics and beauty products on a daily routine among metrosexual men.
The Indian cosmetics market is set to expand at a CAGR of 4.23% for the forecast period 2022-33. The rapid increase in internet penetration has also been a deciding factor for the exponential growth of the Indian cosmetics sector in the last 3-4 years.
The sharp increase in demand for these products has enabled the concept of third-party manufacturing cosmetics. This concept of white labelling lets a company rebrand beauty products manufactured by other companies as their own. The primary reasons for the increase in white labelling are:
- Expanded product lines to gain a competitive advantage
- Enhanced contracts that increase revenue
- Offer discounted sales
- Maintenance of the high-quality