The Indian Skin Care Market alone was estimated worth USD 2.56 billion in 2023, according to Markets and Data. The market is expected to grow at a CAGR of 4.82% between 2024 and 2031 and will eventually cross USD 3.73 billion. Likewise, hair care industry too is growing at a significant rate, thus ensuring this bullish growth of the Indian cosmetic industry. According to Statista, India was ranked fourth globally for generating the highest revenue from personal care and beauty market. While the expansion of manufacturing and digital industries has boosted this growth, changing lifestyles and increased awareness towards personal care has also played a major role in this.
There was a time when international brands were the go-to names when it came to personal care. However, the past decades have seen a shift towards home grown brands, which usually stay away from harsh chemical-based ingredients, and on the contrary incorporated the goodness of natural products to give the desired benefit. Such products are more suitable for Indian skin types, thereby creating an increased demand for local companies. As an entrepreneur or personal care expert if you too wish to launch a product, then it is long and arduous task, but a fun one for sure, where the results can surprise you by taking you to the pinnacle of success.
The first step is Idea Generation. One needs to hold brainstorming sessions with industry experts, target consumers and also youngsters. One can take inspiration from trends, consumer needs, and try to fill in market gaps. Such an idea is most likely to be successful. Market Research plays a key role here. Analyzing market trends, competitor products, and consumer preferences can lead you to a better understanding of where you want the product to go. Another important step is to narrow down your Target Audience. Identifying the demographics and psychographics of the potential customer base helps in creating products according to their needs.
The Formulation of the products will play a key role in its production. Hence you will need to spend a considerable time and energy working with chemists to create a safe and effective formula, choosing ingredients based on their benefits and safety. Creating initial prototypes or samples for testing and refinement will be part of R&D. Conducting safety, stability, and efficacy tests, including dermatological and clinical trials will ensure that your product is safe for human use. Make sure that you choose to test your products only clinically in a lab and not on animals. If at any stage you feel the product is not working right, you might have to go back to the brainstorming stage.
Each product must adhere to regulations. Thus, the company shall be ensuring that the product meets all local and international regulations, including labeling requirements. Once your product is ready it is necessary to obtain necessary certifications like cruelty-free, organic, etc. With the product in place, now comes the packaging of the product. You should create packaging designs that are attractive, functional, as well as sustainable. The packaging must align with brand identity. Furthermore, while selecting packaging materials ensure that they are cost-effective and environmentally friendly, including labels and design informative, the compliance labels, ingredient lists and usage instructions.
When it comes to production, I would advise going slow and steady. Start with small batches initially and then scale up from small batches to full-scale production, ensuring quality control at every step. To ensure Quality Assurance implement rigorous quality checks to maintain consistency and safety. Now is the time when you will need to create a strong brand identity, including logo, brand colors, and messaging. For this the marketing strategy will need to be extremely pointed and result oriented. A brand must further plan marketing campaigns, including digital marketing, social media, influencer partnerships and traditional advertising simultaneously, so that the consumers are aware of the brand. Ultimately when you launch the brand, ensure that you have a product launch strategy in place. This can include events, promotions, and public relations. Once the product is out in the market, make sure that you deliver on the promise of excellent quality for repeat customers and a positive brand image.
The author is the founder & MD of Naturo & Orgo Pvt Ltd
