L'Oreal CEO's Comments Show Why, with a Slowing China, All Eyes Turn to India's Beauty Market

According to NielsenIQ data, India’s beauty sales were up 7.1% year over year as of Q3 2023.
According to NielsenIQ data, India’s beauty sales were up 7.1% year over year as of Q3 2023.
Kitreel at Adobe Stock

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. 

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