How Beauty & Wellness Sector Emerge As A Thriving Sector In India
Here are various reasons as to why the beauty and wellness industry is growing exponentially:
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Changes are an integral part of our lives. With change there is growth. Just like fashion, in the beauty industry as well, what was trending back in 2008 is ignored now and will probably trend again a few years down the lane.
Over the years an undefined boom in the beauty and wellness industry has been witnessed. Since the onset of the pandemic, the beauty and personal-care segments have attracted substantial capital from early investors. These segments, among the most fragmented in terms of choice of brands and their availability, are undergoing a transformation with the entry of new-age, digital-first players.
Back in the day beauty and wellness wasn’t given that much recognition, people believed in home made products and doing all beauty care at home on their own. But with time, people and trends have evolved and now in the beauty industry there are a zillion services and products people are keen on buying.
There are various reasons as to why the beauty and wellness industry is growing exponentially:
The spending on beauty and wellness products and services has increased exponentially over the years. According to the Indian Beauty and Hygiene Association (IBHA), the per capita spending on beauty and personal care products was around INR 450 per annum in 2017, which is expected to increase during the 2019--2024 period. The beauty and wellness market in India was valued at INR 901.07 Bn in 2018, and is forecasted to reach INR 2,463.49 Bn by the year 2024, expanding at a compound annual growth rate of approximately 18.40% during the 2019-2024 period.
Technology never fails to surprise us. Life has become so much easier and convenient with the help of technology. With just one click we can get our work done. In the same way, now with one click we can get our favorite beauty products and even services, delivered at our doorsteps. No need to wait in long queues for that one lipstick or wait for hours in a spa to get that one massage, all of it is now getting home delivered.
- Awareness and Exploration-
There is an increase in awareness about beauty and wellness amongst the youth, all thanks to the power of social media. People are becoming more aware and trying out all new and different kinds of services available in the market. Many new services like nail extensions, eyelash extensions, hair extensions, etc. have made their way into the industry and are in great demand.
If 10 years back someone would have asked us about our skincare routine, besan and haldi face packs, Aloe Vera gel and all other homemade remedies would have straight away entered our mind. But now there are proper skincare routines doing the rounds. From bedtime skincare to eye care routines and whatnot, there are all sorts of skincare available in the market.
CTM which means Cleansing, Toning and Moisturising, is the current hit, the most basic yet essential skincare routine which is followed by almost everyone.
- High Spending Capacity-
However much the amount being, people are ready to spend on any and all beauty services or products. Makeup, skincare, spa services and therapies, all are available at different prices ranging from high to low. And believe it or not but all of it is in great demand, majorly by the teens and young adults.
- Spa Services-
Earlier a good oil massage by our grandmother was all the spa we knew about. And now we have all sorts of therapies and treatments by different types of oils for different joint pains. Not only does it eliminate stress but it also gives a great sense of relaxation and pampering.
This has given an ascending push to wellness tourism as well. People are now going on holidays for wellness retreats which solely include relaxing therapies like spa, yoga, digital detox, meditation etc.
- Male Grooming-
Earlier it was considered that beauty and wellness services are only meant for women, which was absolutely wrong. Be it a facial or a keratin treatment or even a spa therapy, men can very much take these services and they do!! The demand for male grooming services has been rising at an unbelievably fast pace.
With amenities like these, there is a huge scope of endless growth for the beauty and wellness industry. And with companies coming with at-home services, there is already a lot of demand for it.
Beauty and Wellness industry apart from fulfilling the customer's needs, is also providing an excessive amount of employment opportunities. Experts for all new upcoming fields are required, like Nail Technicians for Nail extensions and other nail related treatments, Hair stylists for the latest trending hair extensions, etc. Having a well trained staff will only improve the customer experience which will eventually help in the growth of the industry. Thus, looking from a business perspective, beauty and wellness would be one of the best industries to invest in as it’s services and products are quite evidently in a very high demand and are doing remarkably well in the market.
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