Comparative Studies Between Lakme And Revlon With The Reference Of Their Products

Introduction

Within the last five-six years, the use of cosmetics by Indian consumers has increased significantly with more and more women and men taking a greater interest in personal grooming, increasing disposable incomes, changing lifestyles, the influence of satellite television and more excellent product choices and availability. With the demand for cosmetics on the rise and the market opening up to foreign companies, many of the world’s popular cosmetics brands entered the Indian market in the early and mid-nineties and some more have set their sights on India.

This cosmetics and personal care industry has been growing at an average rate of 20 per cent for the last few years. The growing Indian cosmetics market offers promising prospects for international brands. The growth rate in the cosmetics market reflects an increasing demand for beauty care products in India. Perfumes and fragrances, skincare, and hair care products are some of the major segments with promising prospects for U.S. companies.

The penetration of most cosmetics and toiletries is very low in India. The current consumption of many products is well below that of many countries in Asia. The low market penetration of many cosmetics and personal care products offers room for growth. The Indian toiletries market is well-developed and dominated by major multinational companies and a few large Indian players.

Market Overview

The current size of the Indian cosmetic market is approximately US$ 600 million. Of this, the fastest growing segment is cosmetics, accounting for around US$ 60 million of the market. Industry sources estimate a rapid growth rate of 20 per cent per annum across different segments of the cosmetics industry reflecting an increasing demand for all kinds of beauty and personal care products. Growth has come mainly from the low and medium-priced categories that account for 90 per cent of the cosmetics market in terms of volume.

Even with a 20 per cent average growth rate, the per capita consumption of cosmetics is very low in India. Current per capita expenditure on cosmetics is approximately US$ 0.68 cents as compared to US$ 36.65 in other Asian countries. However, with changing lifestyles, higher disposable incomes, increasing advertising, penetration of satellite television, awareness of the Western world and the growing importance of beauty pageants, there have been significant changes and the use of cosmetics is on the rise. Also, with the boom in the Indian fashion world and the growth in the television industry, there has been a rise in demand for professional beauty care products.

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