India’s $40Bn Beauty & Personal Care Market: Growth, Shifts and Opportunities for 2030

By 2030, India will be the fourth-largest beauty and personal care (BPC) market globally, growing to $40 billion. This is noteworthy, considering that historically, the Indian BPC market struggled with unorganised supply chains, margin leakages, low profitability, and consumer perception barriers.

The landscape today

Currently, only around 20 brands – most of which are housed under FMCG giant umbrellas – exceed INR 1,500cr in revenue (FY26E). New-age brands are finding pathways to scale, but success requires understanding the factors that have brought about market shifts, growth-ready categories, profit pools that exist, and emerging consumer expectations.

Three Shifts Reshaping the Market

• Online marketplaces and quick commerce have eliminated traditional geographic and logistical constraints.

• Social media and influencer ecosystems have normalised beauty routines across demographics. Ingredient transparency, dermatologist backing, and routine-based approaches are now purchase drivers.

• Gen Z and Alpha consumers are emerging as the largest cohort for beauty spend in India. Their spending power is supplemented by increasing women’s workforce participation and the country’s rising GDP.

With market dynamics shifting, brands, investors, and platforms in this space should address the following questions:

• How will growth differ by category, and where will the real profit pools emerge?​

• Which categories and sub-segments deserve disproportionate focus over the next 5 years?​

• What are the winning themes within each category (ingredient-led, routines, clean, dermatologist-backed, etc.)?​

• What do Gen Z and Alpha expect from beauty brands in each category?​

• Do current portfolios and offerings genuinely appeal to these cohorts?​

• What business model, assortment, and communication shifts are required to win them?

Our report answers these and more questions. Download now.

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