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MARKET SIZE - SKIN CARE INDUSTRY
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| Words: 2000 | Submitted: 06-Jun-2010
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DescriptionMARKET SIZE - SKIN CARE INDUSTRY
The skin care market is valued at $180 million in india. With safe and effective procedures , advancement in medical technology , increase in awareness , the Indian skin care solutions business is growing fast.
The skin care market can be segregated into toners cleaners sunscreens antiwrinkle crams, dark circle removing creams , astringents , facial creams , moisturizers , fairness creams , day and night creams etc. out of these facial creams , moisturizer , fairness creams , day and night creams, etc are the most popular products and account for approximately 60% of the skin care segment.
The skin care market is at a primary stage in India. The penetration level for both the urban and rural market is low. Many people still prefer to use home and traditional products to cure the skin problems. However , within a period of 5-6 years , the use of skin care products has increased significantly in India. With changing life styles increase in disposable incomes , greater product choice and availability and influence of satellite television more people are taking interest in personal grooming. The facial skin care market is booming. Products are competing with one another to take shelf space in the retail stores. Facial skin care products have become an essential part of the beauty market. Like western countries , creams and potions are applied in India also, in an effort to remove the pimples and the acne, fight stress and worry lines , and to remain young. Since the penetration level is still relatively low, growth is expected to be around 25% over the next 5 years.
Some of the majority players in this segment are Hindustan lever (fair and lovely , lakme , ponds) with a market share of 53%followed by cavinkare-fairever with a market share of over 12% and godrej-fair glow with a market share of 3.4%. the other players that have a presence in the market are Emami (gold turmeric and naturally fair) , Revlon (fair glow).
Sales grow hand-in-hand with income
Rising incomes have proved to be the major growth driver for sales of cosmetics and toiletries. Investment in infrastructure by the government and in various industries by private sector companies has ensured that incomes have risen faster than ever before. Armed with greater disposable income, consumers have been able to spend freely on cosmetics and toiletries. Higher income urban consumers have indulged in niche products, such as fragrances, skin care and colour cosmetics, while lower income and rural consumers have increased purchases of basic products, such as oral hygiene, bath and shower products and hair care.
Change in consumer lifestyles and aspirations spur growth
2008 witnessed consumer lifestyles changing significantly. Indians, who have long been perceived to be more savers than spenders, increasingly loosened their purse strings and started to “live for today”. This changing mindset led to consumers pampering themselves and spending more on cosmetics and toiletries. Modernisation of the country has also led to changing aspirations, where the need to be considered good looking, well-groomed and stylish has taken on newfound importance. Urban men have become aware of personal grooming and are seeking out relevant products. An increasing number of women joining the workforce has given an impetus to sales of colour cosmetics, skin care and fragrances.
Hindustan Unilever still leads, but faces increasing competition
Hindustan Unilever continues to remain the leader in terms of value sales of cosmetics and toiletries. The company benefits from having the widest product range and, as a result, is able to satisfy a good portion of the daily needs of consumers. Having a strong distribution network also gives the company an edge over its peers. However, the company has come under increasing pressure from smaller rivals, such as Dabur, Emami and L’Oréal, which have adopted aggressive expansion policies and have consequently eaten into Hindustan Unilever’s value share.
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