How Big Is India’s Beauty Market and Who Are the Top Players?

The Indian beauty market holds significant growth potential, with per capita expenditure on beauty still much lower than in many other countries. This gap presents a major opportunity for premiumization.

As of 2024, the Indian cosmetics market was valued at $14.6 billion, with projections indicating it could reach $24.3 billion by 2033, growing at a compound annual growth rate (CAGR) of 5.9 percent from 2025 to 2033. 

This growth is driven by factors such as increasing disposable incomes, urbanization, and a growing awareness of beauty products influenced by social media and celebrity endorsements.

The broader beauty and personal care market in India is projected to generate revenues of around $33.08 billion by 2025, with an annual growth rate of approximately 3.48 percent.

Following are some of the top players contributing to India’s beauty segment:

Hindustan Unilever Limited

HUL operates in an FMCG market valued at around Rs. 1.7 lakh crores, with the beauty segment accounting for roughly Rs. 68,000 crores. Within this beauty market, the affluent beauty category contributes nearly 50 percent and is growing at twice the rate of the rest of the beauty market.

As part of its strategy to enhance its Beauty & Wellbeing portfolio, HUL has entered into a definitive agreement to acquire a majority stake in the premium beauty brand, Minimalist.

HUL will acquire a 90.5 percent stake at a pre-money enterprise value of Rs. 2,955 crores through a combination of secondary buyout and primary infusion. Additionally, HUL has the option to acquire the remaining 9.5 percent stake within two years. The total acquisition price will be based on the pre-money valuation, subject to closing adjustments.

Minimalist will join HUL’s expanding portfolio in the Beauty & Wellbeing division. The transaction is expected to be completed in Q1 FY26, subject to the necessary approvals.

In FY24, HUL’s Beauty and Personal Care segment generated Rs. 22,165 crores in revenue, contributing 36.5 percent to the company’s total turnover. This segment includes products such as soaps, shampoos, toothpaste, deodorants, cosmetics, hair care, and other beauty treatments.

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Dabur India Limited

Dabur’s Consumer Care Business, which encompasses the Health Care (HC) and Home & Personal Care (HPC) segments, accounts for 55.8 percent of the company’s consolidated sales.

The Home & Personal Care vertical includes consumer products categories such as hair care, oral care, skincare and home care. This vertical accounts for 48.6 percent of Dabur’s India FMCG business and reported a growth of 8.1 percent in FY24. 

In FY24, the company’s Consumer Care business generated revenues of Rs. 7,281.5 crores, up from nearly Rs. 6,810 crores in FY23, reflecting a year-on-year growth of around 7 percent.

Major players include the ones listed above, as well as other companies such as Marico Limited, Godrej Consumer Products Limited, Emami Limited, and others.

Written by Shivani Singh

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