2013-01-24 15:57:53 - Indian cosmetics market led by LakmÃ©
Having recorded impressive sales worth INR 264.1 billion in 2011, the Indian cosmetics market has been forecast to increase at a compound annual growth rate (CAGR) of 17% through to 2015, driven by a rise in purchasing power and growing fashion consciousness.Rising beauty concerns among both men and women are propelling the Indian cosmetics industry, which has witnessed strong growth in the last few years.The country´s cosmetic sector has, in fact, emerged as one of the markets to hold immense growth potential. New product launches catering to consumers´ growing requirements will fuel growth in the industry, for which the future outlook seems exceptionally bright.The Indian cosmetic industry would expand manifold in the coming years but Muslims are a highly untapped
consumer community to benefit from products due to religious constraints in suspicion of mixing non Halal ingredients.Indian Muslims have a 15% share in total consumer market according to their population but keeping the constraint of their economic situation, it is assumed only 10% have a share in the overall market. Most Muslim households have middle level expenditure back ground.8% of the Muslim population only has the higher purchasing power parity while the majority comes under the higher middle income group.Global cosmetics brands are up against tough competition in the Indian market, as domestic players have decades of consumer loyalty and knowledge of the market.While L´OrÃ©al may be sharpening its claws for the fight with the likes of the US company Revlon, there are local players willing to put up a good fight. India´s LakmÃ© is the current market leader, with a 17.7% market share in cosmetics.For more information on the Indian cosmetics market, see the latest research: Indian Cosmetics MarketFollow us on Twitter @CandMResearch
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