According to Baidyanath Mishra, MD of InnoVision, the skin care segment is growing, as people are getting more aware of the harm caused by chemicals in the long run.
InnoVision claims that it is free of SLES (Sodium lauryl ether sulfate), a chemical used in products from lipsticks to shampoos, which often causes skin irritation.
Market size
Herbal products are expected to grow at a CAGR of 9 per cent, according to a report by Global Industry Analysts. The total skin care market is estimated at Rs.3,400 crore.
The size of the Indian retail beauty and cosmetics market is currently estimated at $950 million and the overall beauty and wellness market is pegged at $2.68 billion, according to industry data.
Product range
Some of the products that InnoVision has introduced include — neem facewash, aloe vera facewash, deep cleansing apricot scrub, aloe vera peel off mask, lemon facewash and clean hand gel, amongst a dozen odd products.
“With this, we expect to grow 13 per cent in the Indian market,” said Mishra. Apart from skin care products, the company also expects growth to come from herbal vitamins and dietary supplements, topical analgesics and dermatologicals, which are currently dominated by large Indian and multinational companies.
“Most of the herbal products are considered harmless with no side effects, and consumers are most likely to continue preferring them over others,” he said.
The company is relying on distributors and pharmacists to take these products to market and plans to launch them in South and East India first, followed by the west and northern parts of the country, company officials said.
