Nykaa, Zepto, Myntra ride India's K-wave as K-beauty races to $1.5B by 2030
Jefferies pegs K-beauty at $400M (2% of India's $24B beauty market) growing 26% CAGR to $1.5B by 2030. Nykaa's Korean GMV is up 58% YoY, Amazon +75%, Myntra +200%. Tira, Pilgrim, Zepto, Lenskart and FMCG majors HUL, ITC, Nestlé are scaling K-beauty, K-food and K-fashion plays.
What happened
Jefferies report shows India's Korean wave fuelling commercial opportunity across beauty, food, fashion and QSR. Nykaa, Tira, Pilgrim, Zepto, Myntra, Lenskart
Key facts
- $24B beauty market 2024
- $45B by 2030
- K-beauty $400M, 2% share
- K-beauty 26% CAGR to $1.5B by 2030
- Nykaa Korean GMV +58% YoY
- Amazon K-beauty +75% YoY
- Myntra +200% YoY
- Amazon 4,000+ Korean fashion SKUs
- K-pop listenership +300% in 5 years
- 15M K-pop fans
Why this matters
Scout acquisitions or exclusive distribution deals with mid-tier Korean beauty, food, and fashion brands before Tira, Pilgrim, HUL, and ITC lock up the supply side.
What to watch
- Nykaa quarterly disclosure of Korean GMV mix exceeding 5% of BPC revenue
- Olive Young or CJ Olive Young India direct entry announcement
- BIS or CDSCO tightening cosmetic import norms
- Tira or Reliance Retail acquiring a Korean brand house
- Myntra K-beauty GMV growth decelerating below 100% YoY
- Track Nykaa's Korean brand exclusivity announcements and private-label launches in Q3-Q4 FY25
- Monitor Zepto/Blinkit K-beauty assortment depth as proxy for mass-market crossover
- Watch FMCG majors (HUL, ITC) for K-inspired sub-brand launches at mass price points
- Scan for Korean brand India-entry announcements (Olive Young, CosRx, Beauty of Joseon direct)
- Map K-food and K-fashion adjacency plays — Nestlé ramyeon, Myntra K-pop merch