Executive summary

India offers an exciting and lucrative opportunity for global beauty brands to enter and establish themselves early in the luxury beauty space.¹ Already a billion-dollar market in 2024, luxury beauty in India is expected to reach $1.6 billion by 2028 and $4.0 billion by 2035, growing at an expected CAGR of 14 percent—making it one of the fastest-growing markets in Asia and the rest of the world.

The underpenetrated luxury beauty landscape in India presents an enormous opportunity for brands to capitalize on favorable socioeconomic factors, such as overall country development, GDP growth, a growing middle class, and luxury-conscious consumers’ awareness, which is fueling a desire to trade up. In many ways, the 14 percent projected CAGR may be misleading as there can be a sharper inflection point and a growth spurt when developing economies cross the threshold of income levels where basic living needs are being met and discretionary spending surges. This is the near-vertical growth phase of an S-curve if we look at a 10- to 20-year view, the exact timing of which is nearly impossible to predict.

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