The report attributes the rapid growth of the Premium beauty products segment to several key factors. Firstly, rising disposable incomes have played a significant role, with the average Indian household income increasing by 20% in the last five years. As a result, more consumers now have disposable income to invest in beauty products.
Furthermore, there has been a noticeable increase in consumer awareness regarding the benefits of using premium products. Indian consumers are recognizing the superior quality and efficacy of these products, driving their preference for the premium segment.
Another contributing factor is the growing popularity of online shopping. With the convenience of purchasing from the comfort of their homes, consumers are increasingly opting to buy Luxury beauty products online.
The report also highlights the evolving landscape of the Indian beauty market, which is becoming increasingly fragmented. Local and international brands are competing vigorously to capture a larger market share.
As India’s leading online beauty retailer, Nykaa is poised to take advantage of the growth in the premium beauty segment. The company boasts a strong brand presence and offers an extensive range of premium beauty products from both domestic and international brands.
Additionally, Nykaa is expanding its offline footprint through a network of beauty stores. This strategic move enables the company to reach a wider audience and further solidify its market share.
Overall, the outlook for the Indian beauty industry appears highly positive. The premium beauty segment’s growth is projected to be fueled by rising disposable incomes, increased consumer awareness, and the popularity of online shopping. Nykaa, well-positioned in the market, stands to benefit from this upward trend.
