November 27: The skin care products market was valued at INR 129.76 billion in 2020, and it is predicted to increase at an annual pace of 8.22 per cent between 2021 and 2025, reaching INR 191.09 billion by 2025.
In India, the skin care products market is divided into four categories: face, body, sun, and other skin care products. Face care products dominated the market in terms of revenue, accounting for 57.22% of the market in 2020. During the period 2021–2025, the other skin care products category, which includes depilatory products for the face and body, is predicted to develop at the quickest CAGR of 10.13 per cent.
Aryaman Thakur, Founder of Eunike said, “A rise in the incidence of skin diseases, as well as improved public awareness about skin health, are two key drivers propelling market expansion. Furthermore, the industry is being driven by simple access to these products via company websites and online channels, as well as doorstep delivery. However, the availability of low cost and cheap counterfeit products limit its growth.”
Continuing further, “My younger brother and Me, Tushar Thakur, founded Eunike with a firm decision to develop luxury and premium skin care products by merging the knowledge of nature and the methods of science. Our skincare range is naturally derived as we use products like coffee, coconut, apple cider vinegar which has several skin benefits in one.” He added.
The nationwide lockdown imposed in the aftermath of the pandemic had a significant influence on the market’s supply chain and manufacturing activity. Due to the shutdown of stores, supermarkets, parlours, and salons, demand for skin care products dropped dramatically during the lockdown. However, after the initial phase of the lockdown was lifted, sales of home skin care kits increased. As skin care distribution channels such as retailers, spas, parlours, and salons reopened, the market gradually stabilised.