The report states that ecommerce is expected to be the primary growth engine and drive more than one-third of the country’s bpc spends
Highlighting that India is set to become beauty and personal care (bpc) market globally by 2030, a report by Redseer Strategy Consultants has stated that the category is set reach USD 40 billion in market size by the financial year 2030.
The report noted that ecommerce is expected to be the primary growth engine and drive more than one-third of the country’s bpc spends. By purchase format, ecommerce is set to account for around 34 to 38 per cent by FY30P, while the unorganised segment will outpace the organised B&M, as per the report.
“Only category wherein ecommerce is mimicking China, with the projected ecommerce penetration for 2030 in-line with China’s 2020 estimates,” the report added. Within ecommerce, new models such as quick and value commerce to drive around 50 per cent of ecommerce spends.
When it comes to the country’s bpc spends by cohort, millennials currently dominate the spending with around 62 per cent share, followed by Gen Z and Gen Alpha. However, the report pointed out Gen Z and Gen Alpha will overtake millennials by accounting for around 50 per cent share by 2030, up from 32 per cent share currently.
Redseer pointed out that new-age brands to scale meaningfully and drive around 25 per cent of the country’s bpc spends. Over 150 new-age bpc brands to cross Rs 100 crore revenue by 2030
