Cosmetic Industry

Perspectives on Business Management & Economics
Volume VI • July 2022 • ISBN: 978-81-951151-0-5
THE COSMETIC INDUSTRY IN INDIA

- A PESTLE ANALYSIS
Dr. MAHNOOR SAHRASH, Assistant Professor,

Department of Management Studies,
St. Francis College for Women, Hyderabad, Telangana, INDIA
: 0000-0001-9315-5455
HRITHIKA RAO, Management Student

Department of Management Studies,
St. Francis College for Women, Hyderabad, Telangana, INDIA
: 0000-0002-4700-1233
ABSTRACT
The Food and Drugs Administration (FDA) defines cosmetics as products intended to be
applied to the human body for cleansing, beautifying, promoting attractiveness, or altering
the appearance without affecting the body’s structure or functions. The global cosmetic
industry is a mammoth that shows no signs of slowing growth. Its market size was valued
at $380.2 billion in 2019 and is projected to reach $463.5 billion by 2027, registering a
CAGR (Compound Annual Growth Rate) of 5.3% from 2021 to 2027. The Indian Cosmetic
Market is a juggernaut with a growth rate of 2.3% for the year 2019-2020, with a market
value exceeding $15 billion in December 2020. The IPO launch of Nykaa, put the spotlight
firmly on this sector, with analysts realising the potential in this evergreen industry. This
paper attempts to analyse the Indian Cosmetic Industry using the PESTLE Analysis tool in
order to provide an objective understanding of the industry. Analysis shared will provide
crucial pointers for investors, marketers and users with the potential this industry has to
offer.
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Keywords cosmetic industry, industry analysis, PESTLE

JEL Classification M190, M100
Cite this Article Sahrash, Mahnoor. & Rao, Hrithika (2022, July). The Cosmetic Industry in
India - A PESTLE Analysis. In Perspectives on Business Management &
Economics (Vol. VI, pp. 46-58). Retrieved
from http://www.pbme.in/papers/136.pdf
Article History Received: May 30, 2022; Accepted: July 11, 2022;
Published: July 30, 2022
INTRODUCTION
The Indian cosmetic industry is a blossoming billion-dollar market that is too big to be ignored.
The Beauty and Personal Care Market is projected to be USD 24.53 Bn in 2022 and is
expected to reach USD 33.33 Bn by 2027, growing at a CAGR of 6.32% (Research and
Markets, 2022). With the ever-evolving economic and social conditions, India's manufacturing
and digital sectors have made the country a force to be reckoned. With an improved quality of
life, India’s personal care market saw an instant surge. Large-scale development of digital and
manufacturing sectors has resulted in a booming demand for cosmetic products in India, which
is no longer restricted to metro and mini-metro urban centers but is equally powerful in rural
areas. The Indian beauty industry may soon catch up with the American and Chinese markets.
However, unlike other global markets, the Indian cosmetic industry operates in a very diverse
and dynamic market. For new and established organizations to truly tap into the country’s
hidden potential, they must analyze and understand the macro environment in which they
operate. Organizations must also note that the factors operating in the macro-environment are
not mutually exclusive or do not work in isolation to other factors, or without affecting in a way
or another factor(s) in the proposed model.
OBJECTIVES OF THE STUDY
1. To understand the nature of the Indian Cosmetic Industry: its past, present and future
2. To identify the major players in the Indian Cosmetic Industry.
3. To study the macro-environmental factors at play with the help of PESTLE analysis
4. To provide suggestions that enable sustained growth in this sector.
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LITERATURE REVIEW
Kajapriya and Surya (2015) showed the factors affecting female consumers when buying
cosmetic products and the satisfaction level of female consumers with the cosmetic products
they use, namely Quality, Brand, Skincare, Impact from friends/family, and Advertising. This
study showed that all women preferred to use cosmetic products regardless of their age. The
study also revealed that the ‘product quality factor’ most influenced cosmetic consumers. The
study suggested that regardless of criteria such as age, education, and occupational status,
53% of the respondents preferred both chemical and Ayurvedic-based cosmetic products.
Anute and Deshmukh (2015) observed that most of the people purchasing cosmetic products
come in the age group of 15-30 years. 65% of them prefer to use domestic brands—60% like
to buy organic cosmetic products. Almost 50% of them get to know about cosmetic products
through television. 42.5% use cosmetic products for beauty.
Sneha Santra, in her article titled ‘Future And Growth of the Beauty Industry of India’ (2018)
brought out that the overall beauty business in India is growing rapidly, with the cosmetics
market growing at 15-20% annually. According to the research, the Indian cosmetics industry
holds immense growth potential for both new and existing players. The growing requirements
of the consumers is fueling the launch of new products, which is fueling the growth of the
entire industry. The study also revealed that the color cosmetics market is growing rapidly
compared to other segments. To cash in on the growing demand for cosmetic products in the
Indian market, a number of international beauty brands have lined up to launch themselves,
thanks to the increasing number of women joining the corporate world.
Kumar, A. H., John, S. F., & Senith, S. (2014) suggested that small differences exist in the
income level, implying that different groups prefer or opinions differ in consumer buying
behavior. Every individual play multiple roles in their daily life, influencing their buying behavior
to a certain extent. The study assesses the symbolic devices that celebrities and peers adopt
to persuade the audience. The visual expression model supported in the study suggests why
advertisers use celebrities of different gender and age groups and expertise areas in
commercials for certain products and cultural values.
Michael E. Dobbs (2014) in his paper “Guidelines for applying Porter's five forces framework:
a set of industry analysis templates,” lays down templates with the help of graphics, uniform
structure, and straightforward enumeration of concepts that retain the comprehensiveness of
Porter’s framework but make it more student/manager oriented.
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AN OVERVIEW OF INDIAN COSMETIC INDUSTRY
As per the Drug and Cosmetic Act 1940, “cosmetic” means any article intended to be rubbed,
poured, sprinkled or sprayed on, or introduced into, or otherwise applicated to, the human
body or any part thereof for cleansing, beautifying, promoting attractiveness, or altering the
appearance, and includes any article intended for use as a component of cosmetic.
Demographic growth, ever-improving economic and social conditions, and the development
of the manufacturing and digital sectors have made India a very attractive market with
immense growth potential.
Notably, India has a great and long history concerning the development and use of cosmetic
products. According to Patkar's article, the earliest records of cosmetics and their use date
back to the Indus Valley Civilization, circa 2500-1550 BC. Ingredients such as clarified butter
and oil were used in ancient India for facial beautification and hair removal. Famous
mythological books such as Mahabharata and Ramayana contain references to various natural
cosmetological products and beauticians. Both men and women have followed these beauty
routines mentioned extensively in the sacred texts of Ayurveda for generations.
The Indian beauty industry began to grow rapidly in the early 90s as more and more women
entered the labor market. Women's involvement in non-traditional professions started slowly,
but they continued to grow and provided new reasons for using cosmetics as part of their daily
lives. Another factor that helped shape India's beauty and hair care industry was the 1991
Economic Reform Act. Until 1991, foreign brands were not allowed to import into India. The
economic reforms of 1991 changed the view of beauty and hair care in the Indian context as
international brands were imported into India and gained market share. One of the first global
brands established in the country was Revlon. As a result, the Indian beauty industry spurred
the rise of international brands like L’Oreal, M.A.C., Maybelline, and Clinique in the 90s and
2000s. Since then, many other international brands have entered the Indian market and
continue to do so every year.
In the early 2000s, Hindustan Unilever, L'Oreal India and Colgate Palmolive India were major
international players in the Indian beauty and hair care industry. Cosmetic advertising had
experienced a boom and brands that were endorsed by celebrities received the most attention.
In the 2000s, domestic players promoted natural and herbal products, but their market share
was very small as people preferred international brands over Indian brands.
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It was only in 2014, that there was a change in consumer preference to herbal and clean
products catalyzed by brands like Patanjali. Many cosmetic brands are coming up with
products promoting all-natural, clean products. Moreover, the change in the Indian beauty
industry is also exhibited in its attempt to be more shade inclusive instead of the popularly
preferred lighter skin tone, which was the norm just a few decades ago.
When digital media peaked in early 2010, e-commerce began to attract customers.
Cosmetology and hair care products were one of the first items launched by e-commerce
sites. It has also opened up opportunities for industries of all sizes and brought growth to
established and emerging brands. Since then, e-commerce sites such as Amazon and Flipkart
have been at the forefront of the market. However, as demand increased, more e-commerce
businesses were born. Nykaa was founded in 2012 and is one such online retailer focused
solely on cosmetics. Today, it claims to be one of the most successful e-commerce websites,
selling over 1,000 brands of products that combine domestic and global brands.
The Indian cosmetic Industry has continued to grow strongly in recent years. According to
Goldstein Market Intelligence, the Indian cosmetics market was valued at around US$ 11.16
billion in 2017 and is projected to grow at a CAGR of 5.91% during the 2017-2030 forecast
period. In addition, annual retail sales of cosmetics and other personal care products are
estimated to grow at 15-20% annually, making India's domestic demand one of the fastest-
growing markets in the world.
Over the last five years, aggregate demand has increased by 60%. Mass beauty products are
a strategic sector for the Indian industry with a market value of over US $ 11 billion, followed
by hair care and personal care products with a stable market value of over US $ 3 billion.
These products showed maximum resilience against the outbreak of the pandemic and the
financial difficulties caused by domestic restrictions and months of a blockade. The most
affected categories were those relevant to socializing and living outside the home: makeup,
perfumes, and products that protect against sunlight exposure.
Some of the leading players functioning in the Indian Cosmetics Market are Marico Ltd, and
Lotus Herbals Pvt. Limited, L'Oreal India Pvt. Ltd., Oriflame India Private Limited, Emami Ltd,
Godrej Consumer Products Ltd, Nivea India Pvt. Ltd., Hindustan Unilever Limited, Procter &
Gamble Home Products Private Limited, and Dabur India Limited, among others.
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THE ZEITGEIST OF THE INDIAN COSMETIC INDUSTRY
According to Euro Monitor, International Mass Beauty is a calculated sector in India with a
market value of over $ 11 billion. Next up are hair and personal hygiene products with an
unwavering market value of over $ 3 billion. As online retail expands dramatically, many new
and innovative companies are growing rapidly to fill market gaps. Despite the setbacks people
faced due to the pandemic, the cosmetology industry is showing resilience, albeit at a slower
pace.
However, the impact of the pandemic on people has led many consumers to consider ethically
procured, packaged, and manufactured products. This is leading to a change in global trends.
The clean beauty market is estimated to reach $ 22 billion by 2024. With digitalization,
consumers in the new era are environmentally conscious and are looking for products that fit
their values. These "clean" brands contribute to approximately 5-10% of the total beauty and
skincare business category in India. The emerging trend of ‘skinimalism’ - where minimalism
meets skincare, which translates to embracing your skin with all its flaws and strengths; only
strengthens the forecast that consumers will continue to invest in ethical, organic products
built on sustainable practices and take a holistic approach to beauty.
India is a diverse physical market, and creating a large “retail experience” takes capital and
time, and when we dig deeper into demographics, we run the risk of not finding a “critical
mass”. Well-being has a much broader definition than health and wellness. This is to address
the goals of a balanced life, taking into account the wider universe of personal factors. Driven
by the informed ideology and mass influence of younger generations such as Gen Z, who are
overly aware of social and environmental issues, the future of consumer health and wellness
is proactive, mindful, and motivated towards well-being. There may never be a better time to
become a beauty consumer or brand.
According to Statista, the global beauty business has changed in the wake of the pandemic,
and so has the $ 11 billion Indian market as it continues to get a makeover with brands, finding
ways to appeal to young Indian consumers. India's beauty business, which is expected to reach
$ 30 billion by 2025, is betting big on multi-branded online stores. The increasing number of
smartphone users in the country, the penetration of the internet, and the continuous rise of
India’s young, aspirational workforce, among others, are the key trends driving this force. Post-
pandemic, it is observed that consumers are spending money on smaller indulgences during
economic downturns. Interestingly, consumers are moving towards ‘revenge spending’ and
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‘lipstick effect’ which have contributed towards the growth of the beauty and skincare market
size.
In addition, digitization is playing a major role in transforming the beauty industry. For example,
it connects brands and consumers, introduces and provides access to international brands,
and sets new trends among beauty enthusiasts. At the same time, this means that the
standards consumers expect are rising and spinning over time to remain fresh, relevant, and
innovative.
SHIFTING TRENDS, TECHNOLOGY, AND COSMETICS
In an era of technology dominance, the true trendsetters in the beauty business will be brands
that provide consumers with a hyper-personalized experience. An example is Boddess' focus
on AI and AR technologies and skin and makeup diagnostic tools that have driven the growth
of the beauty business. Personalized packaging (names engraved on the lipstick or customized
moisturizers that penetrate deep into the skin) is a trend that needs attention. In addition, next
year, the brand will become more and more physical, guaranteeing both online and offline
experiences.
Apart from the pandemic that triggered the digital revolution in the skincare and makeup
industry, one of the post-COVID sales shifts is in the men's market. Beauty and personal care
sold by men is on the rise, a sector with global revenues of $ 81.2 billion by 2024. This is partly
due to the blockade-when a man was experimenting with the product in the comfort of his
home. However, it is due to the gradual evolution of norms about how masculine is defined,
our collective interest in self-care, and the recent cosmetology brand boom. This trend is not
only observed in the global market but also in the Indian market, where reports show that
Indian men, on average, are splurging on as many beauty products as Indian woman.
A few prominent trends forecasted for the Indian cosmetic industry are as follows -
● Sustainability: With increasing awareness and access to information, consumers have
largely shifted their focus to overall well-being by including wholesome beauty regimes - for
the wellness of both the mind and the body.
● Clean beauty: In relation to wholesome beauty regimes, consumers are also attempting
to incorporate ethical practices into their consumer habits. They are drawn towards products
that are not only great for their skin but also their ecosystem, ranging from ethically sourced
ingredients to eco-friendly packaging.
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● Natural look: Wholesome beauty regimes have aided consumers to become more
comfortable in their own skin. The trend of minimalism comes from realizing that beauty
products are here to enhance beauty.
PESTLE ANALYSIS
PESTLE analysis is a framework that aids in understanding key macro-environmental factors

which are crucial for an organization of any nature with views of entering or/and expanding in
a particular industry. The term “PESTLE” is an acronym for Political, Economic, Social,
Technological, Legal, and Environment.
The above-mentioned external factors will function as the basis to which the dynamic macro
environment of the Indian cosmetic industry will be studied in this paper.
1. Political Factors: Political factors encompass all constituents that ascertain the
government’s share of influence on industries and businesses. The political stability of a nation
and the taxation policies it adheres to are crucial factors in determining the stability and
sustainability of an organization functioning in that environment. In the Indian context, the
political stability index - which is the average of several other indices from the Political Risk
Services, the Economist Intelligence Unit, and the World Economic Forum, among others
(theglobaleconomy.com, 2020) credits the nation with - 0.86 points (2020) on a scale ranging
from -2.5 (weak) to 2.5 (strong). In comparison, the global average for 194 countries was -
0.07 (2020). However, the average value for India for the period (1996-2020) is -1.1 points.
With reference to the taxation policy, The Goods and Services Tax which came into effect on
01-07-2017 will be levied. The GST rate for perfume, cosmetics, and toiletries, falls under
chapter 33 of the HSN code. Under this chapter, only kumkum, bindi, sindoor, and alta are not
taxed under GST. All goods under chapter 33 are taxed at 18% or 28% except for Tooth
powder, agarbatti, and other odiferous preparations which operate by burning - which are
taxed at 12%.
2. Economic Factors: Economic factors include a wide range of constituents that
determine the performance of an economy at various stages - which indirectly determines the
sustainability of an organization in the long run. For the scope of this study, four economic
factors will be studied - Inflation, Interest rates, Exchange rates, and Unemployment rates. The
consumer headline inflation for the current fiscal year has been raised to 5.7 percent (RBI);
however, retail inflation in the country has surged to 7.79 percent per annum in April 2022
(Ministry of Statistics and Programme Implementation). As of April 2022 - rural inflation is at
8.38%, and urban inflation is at 7.09%. As of 10-02-2022, The Reserve Bank of India (RBI) kept
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its policy rates unchanged, which met market expectations. The RBI left the reverse
repurchase rate at 3.35%, the repurchase rate at 4.00%, and the marginal standing facility rate
at 4.25%. As of May 2022, the Indian rupee hit an all-time low of 77.6 per USD, tracking a
general strength in the US dollar and a continued surge in crude oil prices amid tensions
between Russia and Ukraine and slowed GDP growth. The number of unemployed in India as
of December 2021 is 53 million (CMIE). Data from the Centre for Monitoring Indian Economy
(CMIE) shows rural unemployment in January 2022 to be at 5.84% and urban unemployment
at 8.16%.
3. Social Factors: Social factors consist of elements that aid in gauging the intricacies that
weave up the social fabric of a community. This study has examined - Population
demographics and Cultural aspects and perceptions. The total population of India is 1210.2
million, out of which 833.1 million are classified as rural populations, and 377.1 million are
classified as urban populations (Provisional Population Totals of Census 2011). The National
Statistical Commission surveyed literacy at 77.7% in (2017–18), 84.7% for males, and 70.3%
for females. India's nominal per capita income was US$1,670 per year in 2016 (World Bank),
and its per capita income on purchasing power parity (PPP) basis was US$5,350. Consumer
buying behavior, especially in diverse markets such as India, hugely varies among different
demographics and geographic locations. Attributed to the long history of colonialism in the
country, along with the continued glorification of lighter skin tones in media, popular culture,
and adverts, the modern-day Indian beauty standards hold “Fairer” skin tones on the ultimate
pedestal. These perceptions are evident when reviewing the report published by India Fairness
Cream & Bleach Market Overview (2018-2023), which states that the women's fairness cream
category is anticipated to achieve market revenues of more than Rs. 5,000 crores by the year
2023.
4. Technological Factors: Technological factors refer to technological innovations and
developments. These factors affect the operation of the organization. These technologies help
better optimize the firm's business objectives, and if companies fail to keep up with these
technologies, they can lose their position in the market. This study focuses on the adoption of
technology and the nation’s relationship with social networking sites and e-commerce. As per
the report published by Microsoft and IDC, the pandemic has quickened the evolution toward
innovation. According to a report released by Indian Cellular and Electronics Association and
KPMG, rural India witnessed a year-on-year growth of 35% in 2018 as opposed to 7% growth
in urban India in the same period with respect to internet users. According to a report by
Accenture, nearly eight out of 10 social media users in India use social commerce to make
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purchases, and users from India are two times more likely to sell on social platforms compared
to users in the US and the UK. The report also stated that Beauty and personal care, although
smaller in terms of total social commerce sales, is predicted to quickly gain ground on e-
commerce and capture more than 40 percent of digital spending on average by 2025.
5. Legal Factors: Legal factors include legal aspects and changes that affect the business
environment in which an organization is functioning. The factors determine the status of
employment, access to materials, quotas, resources, imports and exports, and taxes. The
scope of this study analyses the industry, health, and safety regulations in place, as well as
laws concerning employment and wages. The regulations for cosmetic products in India are
listed under the Drugs and Cosmetics Act 1940 and Rules 1945. The Bureau of Indian
Standards (BIS) sets the labeling declarations and standards for cosmetic products listed
under Schedule ‘S’ of the Drugs and Cosmetics Rules 1945. The import of cosmetics into India
is regulated through a registration system by the Central Drugs Standard Control Organisation
(CDSCO), the primary regulatory authority for the Cosmetics industry in India under the Drugs
and Cosmetics Act's provisions 1940 and the Cosmetics Rules, 2020. The ‘Classification of
Cosmetic Raw Materials and Adjuncts’ issued by the BIS stipulates the requirements for using
ingredients in cosmetic products. Since labor and employment laws are listed under the
Concurrent List in the Constitution, the Union Parliament (federal legislature) and State
Legislatures have co-equal powers. Important laws regarding labor and employment include -
The Indian Contract Act, 1872, the Industrial Disputes Act, 1947, the Wages Act / Payment of
Wages Act, 1936, the Minimum Wages Act, 1948, Factories Act, 1948, among others.
6 Environmental Factors: Environmental factors involve components that study an
organization's environmental and ecological impact on its environment. This study primarily
focuses on sustainable practices and environmental laws. Sustainability is gradually becoming
a crucial factor based on which concerned consumers choose a brand. Two critical practices
prevalent in the industry are - Life Cycle Thinking (LCT) and Life Cycle Assessment (LCA).
Several tools are also available to support assessments regarding sustainability. Two crucial
tools include - Environmental Risk Assessment (ERA) and Environmental Management System
(EMS). Important laws concerning the physical environment include - The National Green
Tribunal Act, 2010 (No. 19 of 2010) (NGT Act), The Air (Prevention and Control of Pollution)
Act, 1981, The Water Prevention and Control of Pollution Act, 1974, The Environment
Protection Act, 1986, Hazardous Wastes (Management, Handling and Transboundary) Rules,
2008 among others. Corporate Social Responsibility is also increasingly becoming not only an
interest for organizations but a compulsion.
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SUGGESTIONS
Previously controlled by legacy brands, the skin care industry is now rippling with changing
perceptions and increased awareness of products and their ingredients. Most importantly, the
rise of direct-to-consumer (D2C) companies is making waves in the online retail segment.
However, for brands to unlock their true potential and stay relevant, they must follow an
omnichannel strategy. The pandemic forced consumers online, which also translates to the
need for beauty retailers to focus on capturing and leveraging data and customer relationship
management. Additionally, firms have to create a store experience that complements and
matches the digital experience provided since consumers who are forced to buy from them
digitally now have the ability to go back into the store. This transition needs to be seamless
since multiple reports have stated that an omnichannel consumer who is shopping both
digitally and, in the store, has a much higher lifetime value than any consumer who is shopping
from a single channel.
The chaos, the hustle and bustle of the personal care space, and growing technology coupled
with a myriad of capital flows make the industry a hotbed of opportunity. Therefore, we can
expect Indian skin care prowess to be the predominant rally cry worldwide. India's traditional
knowledge and improved production capacity give us an unprecedented impetus to become
a global destination for manufacturing skin care products. Gaps such as sourcing of packaging
materials and clean actives from abroad and dependence on Chinese supply chains are an
impediment, disconnecting us from achieving absolute self-dependence in skincare
manufacturing. However, leading the charge are Indian manufacturers like Vedic and others
whose growth story and trajectory are rooted from the bottom and headed upwards. Moreover,
sustainability has to be at the center during this upward movement and expansion because an
appearance-conscious society is also likely to be climate-conscious. Digital-only brands are
capitalizing on their clean and natural approach to serving the consumers, and this is now
being emulated by traditional skincare brands transitioning towards clean and conscious
skincare.
Reports have stated that beyond physical health, cosmetics can help to improve mood,
enhance the appearance and boost self-esteem among individuals. They can also help to
exhibit personal style and, as such, are an essential means of social expression. Therefore,
recognizing cosmetics as a product of necessity and lowering the GST levied on them will only
act as a catalyst to the growth of the Indian cosmetic Industry. No company or industry is
immune from the decisions made by the government. Executives must bring to politics the
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same long-term perspectives they apply to business and other investment decisions. The
challenge is to create and maintain political advantage. That is, building a stable and
constructive relationship that makes the government an ally in the struggle for global
competitiveness. The process of building a political advantage requires the highest levels of
attention and action. Since the government is vital to an industry’s competitive future, political
activism must be a business priority.
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Perspectives on Business Management & Economics

Volume VI • July 2022 • ISBN: 978-81-951151-0-5

THE COSMETIC INDUSTRY IN INDIA

Dr. MAHNOOR SAHRASH, Assistant Professor,

HRITHIKA RAO, Management Student

Keywords cosmetic industry, industry analysis, PESTLE

OBJECTIVES OF THE STUDY

2. To identify the major players in the Indian Cosmetic Industry.

4. To provide suggestions that enable sustained growth in this sector.

AN OVERVIEW OF INDIAN COSMETIC INDUSTRY

THE ZEITGEIST OF THE INDIAN COSMETIC INDUSTRY

SHIFTING TRENDS, TECHNOLOGY, AND COSMETICS

PESTLE analysis is a framework that aids in understanding key macro-environmental factors

16. Employment Law Overview India 2019-2020 at https://knowledge.leglobal.org/wp-

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