L’Oreal CEO Nicolas Hieronimus sent shares of his company and others downward following comments that the global beauty market will grow at 4.5-5.0% in 2024, compared to a previous forecast of 5.0%.
The key culprit was weakness in the Chinese market. This is creating significant interest among brands in the Indian beauty market, which is anticipated to grow nearly 15% annually through 2026, totaling $28.9 billion by the end of the forecast period.
Not to mention that McKinsey recently noted that India is “expected to emerge as a new hot spot.” Here, we break down the dynamics in China and India, as well as details of Indian consumer behavior impacting growth in the next few years.