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India’s beauty market seen nearing $42B by FY31; Nykaa and Honasa gain Buy calls
India’s beauty and personal-care market could reach $42 billion by FY31, driven by younger shoppers and online discovery. Aditya Birla Money Research initiated Buy coverage on Nykaa and Honasa, forecasting that profitable repeat purchase and scale will determine sustainable winners.
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Reported figures
From the report. Source details below
| More than | 12% projected CAGR |
|---|---|
| India projected to become the fourth-largest BPC market by | 2030 |
| Nykaa target price: | ₹390 |
| Honasa target price: | ₹635 |
Also in the report
- India BPC market projected to grow from $23 billion in FY26 to $42 billion by FY31
- BPC shoppers projected to rise from 140 million in FY26 to 200 million by FY30
- Online sales projected to increase from 25% in FY26 to 34% by FY31
- Gen Z and Gen Alpha share of BPC spending projected to rise from 32% in FY24 to about 50% by FY31
- More than 150 new-age BPC brands projected to exceed ₹1 billion revenue by FY31
- Only 10-15 brands projected to exceed ₹10 billion revenue by FY31
The source
Filed
First seen