Falguni Nayar, the Managing Director and Chief Executive Officer of beauty retailer Nykaa, anticipates that India’s beauty and personal care (BPC) segment will achieve a per capita consumption rate of $50 by 2030, compared to the current rate of $15 per capita. Nayar’s projection positions India as the third-largest consumer market by 2030. Nykaa, headquartered in Mumbai, currently boasts a per capita consumption of $80 in the BPC sector, which is five times the national average. This was made during the company’s 11th annual general meeting (AGM) held in September.

Nayar expressed her excitement about India’s entrepreneurial spirit, its young and aspirational population, and the potential for building consumer-focused businesses and brands. She stated, “I’m excited about what the future holds for Nykaa and for a young and unstoppable India.” In the fashion sector, India’s per capita consumption is presently $54 and is expected to reach $160 by 2030, aligning with the growth trajectory of developed markets. Nykaa’s current fashion customers spend $130 on average.

During the first quarter of FY24, Nykaa a 24% increase in operating revenue, reaching Rs 1,421 crore, compared to Rs 1,148 crore in the same period the previous year. However, this growth was offset by a 23% surge in total expenses to Rs 1,419 crore, affecting the company’s bottom line. In Nykaa’s largest revenue segment, the beauty and personal care (BPC) business, the gross merchandise value (GMV) increased by 24% year-on-year across its e-commerce, physical retail, and consumer brand portfolios. The segment engaged 10.3 million annual transaction customers in the last quarter, with nearly 80% of the GMV contribution stemming from existing consumers.