Lip gloss sales tell a similar tale, rising from 6% to 50% across the same period, and the figures confirm recent predictions that thanks to an increasingly urbanized population, sales of FMCG are on the rise.
According to a study titled "Prospects in the FMCG sector", made public by the Associated Chambers of Commerce and Industry of India, the country’s FMCG sector is witnessing more than 50% growth in rural and semi-urban areas.
"When we look at internal Maybelline New York data, we actually see these shifts,” Satyaki Ghosh, director, consumer products division, L'Oreal India, told the Times of India. “For example, Maybelline's compacts have grown by 75% in the last two years (from 2011 to 2013), and in mascaras the growth is 83%," he said.
Shushmul Maheshwari, CEO of market researcher Rncos, told CosmeticsDesign-Asia.com that segments like fragrance and colour cosmetics are likely to witness maximum growth in India over the coming years.
“Influence of the western world, the increasing working population and growing consciousness about looks and appearance are driving the growth in these segments,” he forecasts.
In light of the soaring popularity of colour cosmetics, the segment is becoming increasingly competitive.
The India-based subsidiary of Revlon is rolling out a new brand of colour cosmetics that it has priced 60% cheaper than its existing range in a move to expand and compete with its rivals.
With its new nail and lip colour range, the company hopes to extend its reach and gain a foothold in tier-II and -III cities, whilst also taking on rivals like L'Oreal.
Responding to India’s ‘unique challenges’
The diversity of skin types among Indian consumers resembles that of a ‘continent’ rather than a country, according to L’Oreal India’s managing director, meaning brands must be responsive to the huge variety of consumer skin care demands.
Speaking to Moneycontrol, Pierre-Yves Arzel noted that there are 44 different skin types in India, as compared to around three or four in Japan.
"India is much more than a country; it's a continent, a different planet," the MD said.