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As the first edition of Cosmoprof India takes off in Mumbai on September 10, Yogesh Mudras, Managing Director at UBM India talks about the professional beauty sector in the country.
Mudras tells Moneycontrol about Cosmoprof India and how it plans to meet the demands of the growing beauty industry in the country.
Q: How do you expect the international beauty industry to help the Indian beauty businesses and vice versa?
A: India represents a very interesting market for international companies of the finished product, due to the percentage of growth registered year after year – the increase in consumption of beauty products has been about 60 percent in the last five years. On the one hand, Indian customers are extremely brand conscious and influenced by multinational brands, where they look for a higher quality for cosmetics products; on the other hand, the local industry is still growing, and not often able to match the demands of the Indian market.
For Cosmoprof, this season in India where all the beauty segments are involved, local distributors can understand the key product to introduce in the local market, while international buyers and retailers can have a complete overview of the Indian cosmetic industry. This extends even to companies catering to the supply chain, with the Indian industry looking for new technological machinery, for new formulation and new packaging material which the overseas market can showcase and export. Most significantly, the product cycles in the beauty sector are short and clients are always looking at novelty, vivacity, boldness and something that solves their needs even better.
Q: The Indian beauty industry accounts for 1.6 percent ($4.6 billion out of $274 billion) of the total global industry. How does one go about levitating this value through the entry of Cosmoprof in the Indian beauty market?
A: The local beauty industry is eagerly waiting for the launch of the show, while the exhibition spaces have been sold out months before. With participation from over 90 companies in the preview edition, Indian companies can take advantage of the business opportunities that lie within. Most of the exhibitor companies already support other Cosmoprof shows across the globe and are now restoring faith in the Cosmoprof India Preview. The expo hopes to infuse a new direction to the dynamic local market and companies to initiate a strong impulse of innovation and research.
Besides, this is an opportunity for companies to network with leading international brands, key players and suppliers to enhance local production, introduce innovative technologies and superior quality standards. The show will be studded with a number of captivating presentations and features convened by international experts and influencers.
Since it is in the maiden edition, we have taken the essence of international shows and through in-depth research of the dynamic Indian market, put together a comprehensive preview that caters to the local milieu.
Cosmoprof Trends in partnership with BEAUTYSTREAMS will curate a report; Cosmoprof India Trends, showcasing products selected before and during the fair, and expand on the latest beauty trends they represent.
Q: Is Cosmoprof launching any international brands into the Indian beauty industry?
A: This launch edition is a preview for testing waters in the market. It provides a microcosm of the changing, multi-dimensional, complex beauty market that is India, and what would work best to enhance it even further. While there will be some launches from the domestic and international exhibitors, it will work even better as a wholesome platform for introduction and familiarity with the brands on board, and a magnificent networking opportunity and a springboard to the next level.
Q: Cosmoprof has had a strong foothold in Las Vegas and Hong Kong, with its roots dating back 51 years in Bologna. With its 1st edition launch in Mumbai, how will it be able to alter itself to meet the requirements of the Indian beauty market?
A: To cater to the Indian beauty market it is important to know about its multi-faceted nature in the country. Our research tells us that India represents a hotbed of competition and opportunity for a wide array of beauty products from multinational and homegrown brands.
The consumption of beauty products is now happening across a wider age spectrum and also across gender in many instances. There is rising consciousness about holistic solutions, ingredients and their source. More recently, there is an increase in interest in natural, herbal and Ayurvedic beauty products. More than in many other markets, the consumer in India is still strongly influenced by the advice of the trusted beauty therapist at his/her favourite salon.
Cosmoprof India was just what this changing market required as it opens up incredible opportunities for cosmetics and toiletries, beauty salon, hair, nail and accessories, and for the supply chain, with the leaders in raw materials and ingredients, contract manufacturing and private labels, applicators, primary and secondary packaging. Apart from the business and a better understanding of the Indian market and what it can imbibe from the international domain, a slew of market trends and live demos will help beauty therapists, and influencers work towards newer, bolder trends bringing them to the consumer.
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