NEWS > 17 December 2018
Networking and in-depth research are the key concepts of the Cosmoprof On the Road initiative, which just stopped in India last week. Our team met with local companies and buyers thanks to the event organized in collaboration with ICE in India.
The numbers in this market—which has seen great interest in ayurvedic products, making them a true plus—speak loud and clear. The cosmetics and beauty-products industry in India is experiencing constant growth. According to the latest estimates, it is worth $950 million, with growth projected to skyrocket to $2.68 billion by 2020.
Retail sales of personal care products are growing by 15-20% per year in India, with domestic demand making it one of the highest-performing markets in the world, boasting growth of 60% over the last five years.
International cosmetic brands are benefitting most from this growth. In fact, Indian consumers tend to buy not out of necessity but out of a perception of luxury and wellness.
The meeting opened with an overview on the beauty industry and the synergies between the Indian and Italian markets thanks to talks by Lorenzo Arrigoni, Ambassador of the Republic Italy to India, Fabrizio Giustarini from the Italian Trade Commissioner in Mumbai, Italian Trade Agency, and Kajal Anand, President of India Cosmetic Manufacturers Association.
Thanks to participation by Rimpie Panjwani, Senior Beauty Research Analyst for India, MINTEL, we had the opportunity to learn about The Beauty Trends of Tomorrow, an interesting and educational presentation on the successful paths international beauty brands have taken.
And that’s not all. In such a time of growth, it is necessary to analyze the needs of the end consumer in an effort to get ahead of the curve and offer ever more personalized solutions. We listened to words from Priya Sachdeva, Business Director of South Asia, WGSN, who spoke on the evolution of the market in this new era of beauty and wellness.
A focus on the design of beauty products, primary and secondary packaging, interactive displays, and ever more conceptual stores are all important elements nowadays. The consumer is ever more demanding. What’s necessary is a truly engaging experience for the consumer, as we heard from Matthieu Rochette-Schneider, Greater China & SouthEast Asia General Manager for Centdegrés.
In a market this dynamic that is evolving at a dizzying pace, Cosmoprof Worldwide Bologna is ever more an important hub for the cosmetics business. Rossano Bozzi, director of Cosmopack – the “show inside the show” dedicated to the cosmetics supply chain and all of its components – presented what is new for the next edition and introduced anecdotal remarks by two of our exceptional exhibitors: Aditya Sharma from Regi India and Ankit Virmani from Esskay Beauty Resources P Ltd., RICA Group India.
The key points for the future of the market in India emerged from this conference. This is also important information for international key players that want to make inroads into the market. There was a focus on eco-sustainable products and the circular economy, with a great deal of interest in artificial and emotional intelligence as a way of interpreting and anticipating consumer trends, and the incredible growth of online as a distribution channel.
The next stop for Cosmoprof On the Road 2019 will be Saudi Arabia on Dec. 17–18. Stay tuned!