Beauty and Wellness industry Trends to Look Forward to in 2018

The beauty and wellness industry in India is booming, with a tremendous potential for growth in 2020. In fact, it is said to be growing twice as fast as markets in the United States and Europe. India is also the second largest consumer market in the world. The Market size of India’s beauty and wellness market nearly doubled from Rs. 41,224 CR in 2012-13 to Rs 80,370 CR by 2018

As per KPMG Wellness Sector report projected Compounded annual growth rate in the organised B&W sector is 20-23%. With this Growth rate, it is Projected that by 2022 the Market size of B&W industry in India will be 1,75,145 Crore.

The Beauty service industry has been witnessing an increased number of international players in the market. The market which was earlier women-centric has started concentrating on male grooming and is coming up with large numbers of unisex salons. Existing Indian players in the market are adopting franchise route for expansion.

What’s driving growth in the salon industry?

  • Growing purchasing power of the Indian middle class
  • Increased spending on lifestyle needs
  • The favourable demographic age profile
  • Swelling urban population
  • Increasing awareness of grooming among men
  • Availability of world class product brands

Conclusion:

The salon industry is a huge, growing at an extremely fast rate. The competition is tough and so the services provided are the best. Brands do not need to lose by any chance. The availability of new idea and dimensions to expand has additionally added to the growth rate of the market and this is meant to stay as the industry has been successful in keeping intact the curiosity and interest of the consumers

To know more and to be a part of this booming industry, write us at care@studio11.co

Source: KPMG,PWC:imperatives-for-growth-the-wellness-industry