PROTECTING CONSUMER RIGHTS
Mr. C. R. Chaudhary, Minister of State for Consumer Affairs informed that the Strict Consumer Rights Protection Bill will be presnted in the next session of Parliament with a sole aim of protecting consumers' rights; while inaugurating the ASSOCHAM'COSMe
We have to look after interestsofconsumers as they are the pivot of cosmetics and personal care product businesses. Consumers want cosmetic and personal care products which have least side effects said Mr. Chaudhary.
According to the joint study releasedbyASSOCHAM-TechSci on 'Indian Cosmeceuticals Market 2022', increasing sales of cosmeceu ticals in India is attributed to rising awareness about benefits of using such prod ucts with medicinal properties and shifting preferences towards these products over conventional chemical based cosmetics.
Demand for cosmeceuticals, organic and natural cosmetic products is anticipated to rise over the next five years. Consumer preferences are also changing wi th evolving lifestylesand increasing spending. Cosmeceuticals manufacturing companies are recommended to focuson rolling out ofnewer and more advanced products to increase sales and strengthen their market position.
Quality compliance should be mandatory through effective implementation of Good Manufacturing Practices (GMP) and yearly audits, the study recommended.
The study pointed out that there should be one single regulation to cover cosmetics. The guidelines for uniform interpretation of regulations and their implementation across the country - license issued by one state to be accepted by all states. Similarly, shift from licensing to notification (in trend with international
regulations). The procedural requirements should be made simple to encourage innovation and product development, according to the study.
The products should be supported by manufacturer's quality and BISsafety standards. Onus is on manufacturer to provide safe & quality products and the regulatory focus only on safety of product t9r0ugh post market surveillance.
The clear guidelines should be provided and cosmetic categories should be established toremove any ambiguity. Follow Good Regulatory Practice Concept-assist in meeting international obligations under WTOAgreement.
The skin care segment accounted for a value share of 18% in India cosmeceutical, cosmetics & personal care market in 2016. This share is projected to further grow in the comingyears. Skincare products are exhibiting swift growth due to rising awareness about hazards caused by pollution, UV rays, etc. ~lso, there is a growing inclination among Indian consumers.
The personal care and cosmetics market in India has had consistent growth over the last decade, with increasing shelf space in boutiques and retail stores across the country. Many multinational brands have entered the Indian market, primarily aided by dedicated support structure and their respective pricing strategies.
The domestic market for personal care products is projected to grow at a CAGR of around 22% during the period 2017-2020. Moreover, the market will maintain healthy growth due to rising preference for specialized cosmetic products such as organic, herbal and ayurvedic products. Principal areas that are expected to grow include color cosmetics, fragrances, specialized skin care, hair care and make-up cosmetics.
Currently, India accounts for a share of just over 1% of total global personal care, cosmetics and cosmeceutical market. This share is anticipated to grow significantly over the next five years. This growth will be primarily led by increasing disposable income, relatively young urban elitepopulation and rising middle-class population.
With a growing number of international companies presence, the Indian personal care & cosmetics market, the market competition for domestic brands is increasing. However, bigger players like Dabur and Marico continue to dominate the market due to presence of ayurvedic and herbal cosmetic products in their respective product portfolios.
One of the reasons that imported cosmetics brands ha ve had a major impact in the Indian market is due to the perception of most consumers that foreign brands are of better quality. . These brands have pushed growth of the Indian market by attracting consumers. Despite this, demand for premium products is growing in India as Indian consumers are moving from functional products to more advanced and specialized cosmetic products.
(L-R) Mr. Akshay Gopal Gandhi; Global Vice-President, Operations, Fabogo.com, Mr. Sudipta Dey, Deputy Drug Controller, Ministry of Health & Family Welfare, Got, Ms. Varija Bajaj, Director, Varija Design Studio, Dr. Sanjana Jon, International Fashion Designer, Dr. Naresh Arora, Founder, Chase Aromatherapy, Dr. Deepali Bhardwaj, Director, Skin & Hair Clinic by Dr. Deepali Bhardwaj, Dr. Nandini Sharma, Member, Central Council of Homoeopathy, Gal. Knowled e Partne
Mr. C. R. Chaudhary, Minister of State for Consumer Affairs, Food and Public Distribution, Go/lighting the inaugural lamp. Also seen Mr. Kazuya Nakajo, Chief Director General, Japan External Trade Organization, Dr. B. K. Reo, Chairman, ASSOCHAM National Council on Healthcare and Hospitals, Mr. U. S. P Yadav Scientist ' E' (PCD), Bureau of Indian Standards.