It’s a matter of constant pride and joy for us Indians to know that our country has been declared the world’s fastest growing major economy. With the gross domestic product (GDP) growing 7.6 per cent in 2015-16, which is up from 7.2 per cent a year ago, we have so many reasons to celebrate. Agriculture,real estate and manufacturing industries are some of the largest contributors to the GDP of our growing economy.
Next to these mammoth industries, we also find small yet important sectors that contribute to economy substantially, and help build the nation’s gap. One of them is the beauty and wellness industry which comes under the umbrella of the personal care industry. Let’s take a look at how this emerging industry of beauty and wellness has its influence on the nation’s economy.
Exponential growth in beauty sector
As the standard of living in the country improves, people can afford to spend a part of their income on services such as personal wellness and grooming. Increasing urbanization, marketing in the beauty industry, and easy accessibility to services and products, are some of the reasons that make them more popular.
As per data from McKinsey & Company’s research on the cosmetic industry trends, India’s market will be driven more by volume rather than on per-capita spending. So as the demand grows, the requirement for workforce also increases. The beauty and wellness sector is expected to see the maximum growth in skilled workforce in the next seven years. This is now become a major job creator in the country.
Contribution to GDP
The booming Indian health and wellness market is estimated to be worth around Rs. 25 billion, and accounts for a year-on- year growth of over 25%. The purchase habits and preferences of consumers have loaded this market with opportunities.
Several wellness products, including medical and nutritional products, hair and skin care, eye testing,dental check-up, beauty, fitness equipment, consultation, slimming, are all part of this market. With increased purchase power, consumers are opting for these products and services more than ever,leading to a boom in the Indian economy and contribution to the GDP.
Emerging market in the global beauty Industry
According to the recent market research done by Lucintel, increasing consumer income and altered lifestyle are fuelling the global beauty care products industry. This is forecasted to reach about $265billion by 2017. The report also noted an important observation, emerging markets from Asia Pacific region, which includes India, have generated around $21 billion of incremental value in the year 2011.
This shows how significant India’s contribution is when compared to the growth in the global cosmetic industry. As our economy grows rapidly, the services sector contributes the most to the revenue and GDP. The beauty and wellness industry is part of this sector, and it affects the Indian economy as well.With rapid growth in beauty, cosmetics and wellness, we will see positive effects on the nation’s gross domestic profits as well.
We, at Orane, take pride in being instrumental in the growth of the nation and contributing to its economy in every which way possible, whether it is through our top-notch training and educational services, by creating job opportunities, or collaborating with the Government in its various initiatives.We invite you to come and join us as we help shape the future of our country!