New skincare brands thrive in young India's market

Established beauty brands in India, like Forest Essentials and Colorbar, saw slower sales in the last fiscal year, while newer brands gained popularity. Consumers are now favoring brands that deliver immediate results. This shift is largely influenced by online shopping platforms like Nykaa and Tira. According to recent reports, established brands experienced a sales growth decline, with numbers dropping to single digits. In contrast, newer brands such as Minimalist and Pilgrim saw significant sales increases, with some growing over 500%. As more people tighten their spending, many are opting for brands that provide quick benefits rather than natural products that may take longer to show effects. In just two years, Nykaa has introduced over 350 brands to the Indian market. This includes international names like CeraVe and local brands like Foxtale. Reliance Retail’s Tira also offers nearly 1,000 brands. This growing competition has pushed established brands to become more agile. Popular brands on Nykaa include Fenty Beauty in lip care and Eucerin for premium skincare. Sales of South Korean beauty products are also rising sharply. Despite these trends, some established brands like VLCC and Colorbar have not commented on their sales performance. Experts believe that while competition is tough, established brands will rebound in the coming fiscal year. The overall beauty market in India is projected to reach $34 billion by 2028, driven by a shift towards high-quality products. Major cosmetics companies like L'Oreal see India as a vital growth market due to its large population and increasing interest in beauty products.