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Beauty and wellness industry in 2018

The beauty and wellness industry in India had a strong growth in 2017. The industry is booming and has a tremendous potential for growth in 2018. The industry in India is said to be growing faster than that of Europe and United States. India is the second largest consumer market in the world and has gained recognition across the globe with regard to the beauty and wellness industry. According to a report, the size of India’s beauty and wellness market is expected to touch INR 80,370 by 2018. This includes spa businesses, beauty products and salon industry.

The spa industry is valued at INR 11,000 crores currently and it is expected to grow at a faster pace. Further, the salon industry already accounts for 31 percent share of the total beauty and wellness market. The beauty business in the country is not only expected to grow but it is expected to triple in the next five years. The herbal beauty business will constantly continue to drive the growth in the industry. There is a growing awareness among consumers about the products and they are making choices accordingly. Consumers are looking for lasting products that do not damage their skin in the long term. This can be attributed to the exposure to global trends and a changing lifestyle.

There is also a huge boom in the retail beauty sector. A number of foreign players are targeting the Indian market. The beauty business has now moved into the organized retail sector with the increasing number of shopping malls across tier 2 and tier 3 cities. This is expected to continue in 2018 as well. Beauty companies will strive to better quality in order to keep up with the changing demands of the consumers. Men’s personal care and anti-ageing products are slated for significant growth.

The biggest challenge for the industry is the need for professionally qualified personnel. The service sector offers huge scope for employment for women but initiatives by government and assistance are needed. Products and services need to be produced for the global consumer and this requires research and effort. It is important to have the knowledge of the demand of global market and to produce products that cater to the same. To achieve this, it is important to learn about the different facets of the market and make use of the technology. In order to compete with international brands, skill development will need to be geared. Traditional knowledge needs to be related to the modern demands and techniques. 2018 will be the year of beauty and wellness with a great involvement into research and development, improvement in quality, product innovation and making the most of traditional knowledge with the scientific technology. The overall outlook for 2018 is very positive since India’s beauty industry has a great future and a long way to go.

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