In Conversation with Pradeep Cholayil, Chairman & Managing Director, Cholayil
Ayurvedic Global beauty care market
The global Ayurvedic beauty products market size was estimated at US$ 83.52 billion in 2021 and is expected to hit US$ 130.2 billion by 2030, foreseen to register a growth at a CAGR of 5.06% during the forecast period 2022 to 2030.
Growth Factors
- There’s an increased focus on the looks and appearance world over and there’s an acceptance of Ayurvedic products amongst customers.
- Due to the awareness of various side effects of chemicals, there’s an increased demand for Ayurvedic beauty products.
- Ayurvedic products can be used by the people of any age group and various skin types. There has been an improvement in the lifestyle of the people after the pandemic.
- There’s an increase in the demand for Ayurvedic ingredients for products that are related to skin acne and hair problems.
- The prominent market players are focusing on acquiring different firms that deal with the beauty care segment in order to widen the customer base.
Skin Care Segment: The skin care segment had the largest market share 39% in 2021 and it is expected to grow even during the forecast. In order to improve the texture of skin, to provide a glow to the skin, reduce acne. In order to remove fine lines and slow down the aging process, Ayurvedic beauty products are used. The growth of the skin care segment is attributed to an increasing awareness of the benefits of these Ayurvedic products.
Hair Care Segment: The hair care segment is expected to have a good growth 6% during next 5-6 years. In order to improve the texture and shine of the hair and to promote hair growth these Ayurvedic or Ayurvedic beauty products are used. The demand for various hair care products is expected to drive the overall growth of the market. Ayurvedic hair care products are used to reduce hair fall, clean the scalp and to reduce dandruff in various types of hair.
End User Insights: The women segment had a 74% growth till 2021 and it is expected to have a great growth during the next 5-6 years. Increased awareness among the women about personal hygiene and self-grooming the market is expected to grow.
The men segment is expected to grow at a CAGR of 5.9% during the next 5-6 years due to use of conditioners shampoos and oils. Male pattern baldness and the various products that could help in strengthening the hair will help in the growth of the market. There’s a demand for anti-aging products and it is gaining good popularity among men’s segments.
Regional Insights: As there’s a growing demand for green label products and the willingness among the customers to pay premium prices for Ayurvedic products market in North America. North America accounted revenue share of around 37% in the market in 2021.
The Asia Pacific market is also expected to grow at a CAGR of 6.5% from 2022 to 2030 and shoot up due to the green label, skin care, cosmetics and increased sales in the people who are health conscious.
In a recent conversation, Mr Cholayil shared his views on the relevance of Ayurveda in today’s world with Dr. Harsh Mishra, Professor, Central University of Himachal Pradesh. Please visit the link to know more.
