India’s beauty market set to double to $40bn by 2030

India's beauty industry, valued at about $23bn in 2025, is expected to nearly double to $40bn by 2030, growing at twice the rate of GDP and the broader retail market, consultancy Redseer says. Global investors are pouring in: Estée Lauder fully acquired ayurvedic brand Forest Essentials in March, L'Oréal took a majority stake in Innovist in June, and Unilever has made at least four beauty investments through its venture arm.

The boom is driven by rising spending power, India's per capita income crossed $2,000 in 2019, a threshold for discretionary spending, and the world's largest youth population. Gen Z and Gen Alpha are expected to account for 50% of beauty spending by 2030, up from 32% in 2024. Pandemic-era digital penetration and social media have educated consumers across tier-two and tier-three towns, with e-commerce expected to drive 35% of spending by 2030.

Bollywood stars including Deepika Padukone, Katrina Kaif, and Kriti Sanon have launched skincare brands. Entrepreneur Vaishali Gupta says her brands Hyphen and mCaffeine grew revenue 100% in the past year and are now among the top 10 in their categories in India. Flipkart data shows 56% of its beauty shoppers are Gen Z, and 70% discover products through social media.