Stylespeak - December 2023

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2023 - The Year the Was! As 2023 ends, it is time to see what created waves in the beauty industry this year! The Indian beauty market became the 4th largest in the world in 2023 at $1.35bn and is projected to grow to $2.27bn by 2027 (industry sources). This growth is evident in the rapid rise in the consumption of beauty products as well as services. The beauty boom attracted two major corporates Tata and Reliance to enter the beauty segment with both online and as retail stores - Tata Cliq and Tira. With Shopper’s Stop launching SS Beauty, Nykaa ruling online, and so many other options to choose from, the Indian consumer is really spoilt for choice! Riding this growth wave, the industry too shared their ambitious plans and growth targets. L’Oreal India aims to become a $1bn business in 3-4 years, while HUL predicts that beauty and personal care will be their key growth drivers till 2028. India is growing in importance not just as a beauty market, but also as a resource for natural ingredients, for research, and for manufacturing! Home-grown Indian beauty brands are getting noticed, and recently, Honasa, listed on the NY Stock exchange, following the listing of beauty retailer Nykaa a couple of years ago, signaling a new era for ‘Made in India Cosmetics’. As we close the year, we also remember the big industry milestones. Toni & Guy celebrated their 60th this year, Wella Professionals became the #1 salon colour brand in the world, Schwarzkopf Professional became the 2nd fastest growing hair care brand in India, and StyleSpeak turned 21! Good Cheer and Season’s Greetings to all our industry friends. Wish you a Happy New Year!