Friday, 21 February 2020

Top trends for beauty and wellness for 2020

02 January 2020 | Features | By Sushant Raorane, Co-founder and Director, Adroit Biomed

The demand for natural and herbal supplements and beauty products and the concept of beauty from within has been the main reason that the organic products and nutraceuticals market in India has been growing at a CAGR of 25% and it is expected to reach ₹10,000-₹12,000 crores by 2020

The social media savvy generation, full of influencers and promoters, has created a shift from the traditional definition of beauty to long-lasting, natural, and intrinsic beauty. The Indian beauty and wellness segment has witnessed a boom in its demand with a major focus on a long-lasting and holistic approach to wellbeing, with nutraceuticals and wellness supplements/products gaining steady popularity along with cosmetics. According to the Ministry of Economy and Industry, the Indian cosmeceutical market is currently valued at $6.6 billion and is expected to grow at a CAGR of 22% by 2025. 

The demand for natural and herbal supplements and beauty products and the concept of beauty from within has been the main reason that the organic products and nutraceuticals market in India has been growing at a CAGR of 25% and it is expected to reach ₹10,000-₹12,000 crores by 2020. The beauty from within segment is expected to grow and expand further in 2020 as the trends being adopted by the segments are believed to be highly beneficial for the industry. 

Top trends for beauty and wellness, especially the skincare segment for 2020, can be listed as under: 

  • Healthy lifestyle: Negative aspects such as pollution, hectic lifestyle and stress are adversely affecting Indians. To counter the effect, more Indians are adopting a healthy lifestyle by using natural health supplements and skincare products which make them look and feel beautiful from within. The demand for natural products is going to rise further in 2020 as more Indians are expected to buy natural beauty and wellness products for a healthy lifestyle. 
  • Advanced technology: Every sector in India has been revolutionized by the use of advanced technologies such as Artificial Intelligence and Machine Learning. Beauty companies are installing innovative and smart software to analyze customer data patterns to cater to customer demands effectively and increase profits. Additionally, these companies are also effectively leveraging social media and tech-enabled platforms like apps for smartphones, to engage and educate consumers about product features and beneficial/ healthy habits for beautiful skin. This trend is set to further get stronger in 2020 . 
  • Ingredient Transparency: Easy access to information and keen consumer interest in understanding the product contents etc., before using it, has ensured the rise of a more informed and assertive consumer who is very well aware of the products they would like to buy and have researched information on the same. In 2020, companies involved in the beauty and wellness segment in India, therefore, will be investing more on independent transparency and technology to leverage the gathered data and establish a competitive edge. 
  • The synergy between health and beauty: As Indians are seeking beauty through health, wellness companies are introducing a set of products that fall under the organic and nutraceutical range. In 2020, a company is going to be profitable if it creates unique products that establish synergy between health and beauty, compared to superficially effective products that promote temporary, cosmetic changes. 
  • E-commerce:The fusion of e-commerce and nutraceuticals have brought about a whole new customer-oriented universe for Indians where they can order products after careful consideration right at their doorstep. The beauty sector is expected to reach new demand heights in 2020 as 19.1% of the total Indian population is between 15-24 years and uses online platforms to shop, including beauty, and wellness products. 

As a country associated with Ayurveda, people have realized the effect of natural and inherently occurring products to help them achieve their health goals. The realization has become the reason for a shift from superficial and cosmetic beauty products to natural health and wellness supplements which drive outer beauty by pushing a person to be healthy inside. Speaking about his range of Nutraceuticals in the beauty and wellness segment, Mr Sushant Raorane, Co-founder and Director, Adroit Biomed, said, “Over the past few years, we have observed a steady rise in the popularity of products that leverage natural compounds or solutions to tap into the intrinsic intelligence of the body, trusted alternatives to cosmetic products. With the advances in bio-wellness and the emphasis on holistic solutions which offer beauty from within, the future trends point towards a more evolved and authentic approach to beauty and health. From the cosmetic approach to skincare and hair, we are steadily moving towards an innovative approach which can harness the body’s intrinsic compounds, helping us achieve a state of overall wellbeing”. 

According to the Times of India, the increasing demand for natural products backed by the recent e-commerce boom doubled the investment in the beauty and wellness (skin) segment to $108 million in 2019. Based on the above trends, the beauty and wellness segment of India is progressing at a rapid pace and is expected to become one of the fastest-growing sectors in India.

 

Sushant Raorane, Co-founder and Director, Adroit Biomed

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