India’s beauty and personal care market is projected to reach $34 billion by 2028
Nykaa forecasts 10–11% annual growth from a $21 billion base, with online beauty and personal care growing about 25% annually and accounting for 33% of market turnover by 2028.
Nykaa forecasts India’s beauty and personal care market will grow 10-11% annually from about USD 21 billion to USD 34 billion by 2028. E-commerce is projected to grow about 25% annually, while premium beauty reaches USD 3-3.2 billion.
Why this matters
The forecast supports Nykaa’s wider growth narrative, following renewed focus on its $5 billion FY30 revenue target, AI-led retail expansion and the resurfaced Kiehl’s India operations takeover.
Omni-channel is steady, with 1,297 retail signals recorded over the past 90 days.