The cosmetic world is a hotbed of growth for India.
In 2016, Indian cosmetics brands earned $7.5 billion, or 4% of the global cosmetics market, according to industry consultancy Technomic.
The cosmetics industry is now one of the fastest growing industries in India, with a growing market of 3.6 million employees, according a 2017 report by consultancy Mintel.
The number of Indian beauty brands has grown by 50% over the past three years, according the government’s Department of Consumer Affairs, which sets standards and sets the industry’s guidelines.
There are more than 70,000 beauty brands in India.
India is now the world’s third largest cosmetics market with revenue of $11.4 billion in 2016, with nearly two-thirds of that coming from India, according data from Euromonitor International.
The industry is also growing at a faster rate than any other country in the world.
India has more than 2.5 million cosmetic manufacturing facilities, with over 2.2 million cosmetic products registered, according Euromonitors.
An additional 2.3 million cosmetic ingredients are currently in the pipeline, according Indiegogo.
But it is still early days for India’s cosmetics industry.
“We are a country with an emerging market, with some challenges, but we are doing well,” said Arvind Sankaran, director of the India-based firm, Luxury Brands.
Indian companies are investing in new products and technology.
Luxury Brands recently launched a new line of skincare products that uses a blend of the products in the Cosmo collection, including skin cream, facial moisturizer, hair oil and fragrance.
The Cosmo line is available in 10-packs and 15-packs.
In an interview with the Times of Indian, Luxure Brands CEO Nirmala Ghosh said she hopes the new line will boost the brand’s brand recognition in India and the world at large.
“This is the time to be bold and bold and not shy, and make bold investments,” Ghosh told the Times.
Last year, India signed a $1 billion deal with the cosmetics giant Estée Lauder to develop a skin care line that would include products from Estée’s popular makeup brand.