Mangaluru: The joint study released by Assocham-TechSci on ‘Indian Cosmeceuticals Market 2022’ reveals that increasing sales of cosmeceuticals in India is attributed to rising awareness about benefits of using such products with medicinal proprieties and shifting preferences towards these products over conventional chemical based cosmetics.

The study recommended, make Bureau of Indian Standards (BIS) product standards should be voluntary. BIS standards should focus on safety and analytical methods. Quality compliance should be mandatory through effective implementation of Good Manufacturing Practices (GMP) and yearly audits.

The study pointed out that there should be one single regulation to cover cosmetics and separate it from that for drugs. The guidelines for uniform interpretation of regulations and their implementation across the country – license issued by one state to be accepted by all states.

Shift from licensing to notification (in trend with international regulations). The procedural requirements should be made simple to encourage innovation and product development, noted the study.

The products should be supported by manufacturer’s quality and BIS safety standards- Onus is on manufacturer to provide safe & quality products and the regulatory focus only on safety of product through post market surveillance.

The skin care segment accounted for a value share of 18% in India cosmeceutical, cosmetics and personal care market in 2016 and this share is projected to further grow in the coming years. Skin care products are exhibiting swift growth due to rising awareness about hazards caused by pollution, UV rays, etc. Also, there is a growing inclination among Indian consumers, especially women, to look presentable, adds the paper.

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.