Posted on : 2023-06-30 04:10:56
Article : Good evening, Friday Management TASK 248- Young consumers are no longer just seeking brand names but “meaning over materialism”. Young buyers are demanding brands with a point of view and more authenticity, transparency and sustainability”.
The last few years have seen a shift in the consumer base, thanks to changing lifestyles, increasing awareness, incomes and accessibility. Beyond just the usual requirements of nail polish, lipstick and kajal, there is demand for skincare products to treat specific problems and target areas, ranging from lip care to dark circles around eyes, post-natal stretch marks, hygiene washes and more. The buyers for these new-age Indian labels are mostly young, urban dwellers (particularly women in the 18-35 age group) who are financially independent.
Domestic skin care and other cosmetic products are more favourable to the domain netzines as they suit more for their skin texture and condition due to native climate and availability of natural ingredients than pure chemical-based products. Further it helps more entrepreneurs to get into manufacturing and marketing natural-vegon-organic products as their business option which would help the country’s economy too. It applies to all geographies of globe. In this session we discuss on Indian skin care natural products scenario with an intention that many more enthusiastic entrepreneurs would join for this sector’s further market growth.
The booming Indian cosmetics market is stormed by home-grown brands that promise to pamper Indian skin with the goodness of local, natural and organic products. A significant segment of this demand is for products that suit Indian skin types and hair, a need that largely remained unfulfilled by international brands, providing the perfect opportunity for local companies. A growing movement away from chemical to natural and by association safer ingredients has seen these companies tap into the country’s centuries-old repertoire of ayurvedic and other organic remedies for their formulations. It helps that the customised local products are pocket-friendly compared to the international brands.
An investment banker in Chennai, says her work entails travelling constantly to meet clients and she needs to guard her skin against the sun and air pollution. The search for a chemical-free skincare product led her to Juicy Chemistry in 2016. She says “I have tried their cell construction night serum, “aavarampoo” and bergamot face scrub, and all-day face cream with carrot seed. These suit my skin perfectly”. Another big draw for her, are the newer products the company rolls out frequently. Instances of this sort has given a large scope for Indian cosmetic manufacturers.
Long before the government sounded the vocal for local call for Indian businesses in 2020, the country’s beauty and cosmetics industry had begun witnessing a surge in home-grown brands. And powering their growth is a steady rise in consumer demand in India, which is the fastest growing cosmetics market in the world. The Indian cosmetics market, valued at nearly $11.16 billion in 2017, is expected to grow at 5.91 per cent CAGR during 2017-25.
Under the impact of the so-called beauty influencers — millennials who have a large following on social media can influence the purchase of cosmetic products. Young consumers are no longer just seeking brand names but “meaning over materialism”. Young buyers are demanding brands with a point of view and more authenticity, transparency and sustainability”. So, labels that flaunt creds such as ‘natural’, ‘organic’, ‘vegan’, ‘against animal testing’ and so on find ready takers. Further domestic manufacturers value the personalised customer care. Sometimes if any have queries about the ingredients or other aspects, they can go to the brand’s Instagram page and get them clarified within a day. They are open to feedback also. But with an international brand that is just not possible and the women who work at their beauty counters are not experts and they only sell the products.
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