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India's Gen Z are driving up a mega boom in its beauty market

  • India’s beauty market is surging — valued at about $23bn in 2025 and forecast to reach $40bn by 2030 — powered by rising incomes, pandemic-era self-care and a sharp shift to e‑commerce.
  • Homegrown brands (Forest Essentials, mCaffeine, Hyphen) and celebrity-backed lines are scaling fast, attracting global buyers and investors like Estée Lauder, L’Oréal and Unilever.
  • Growth is being driven by Gen Z and non-metro shoppers discovering products on social media, and analysts expect 10–15 Indian beauty firms to breach $200m revenue soon, spurring more IPOs and M&A.
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