Beauty lies in the eyes of the beholder. And these days, in the eyes of the on-demand beauty startups which estimate the market anywhere between $2 Bn to $5.5 Bn. The same stats are also touted by industry analysts.
According to a KPMG report, the beauty and wellness industry in India will be $13 Bn by 2017 and in the MENA region it was $25.5 Bn in 2014 as per the global market intelligence firm Euromonitor International. According to some industry estimates, in a large economy like India, the market size for beauty services is pegged to be around $4.8 Bn and it is increasing rapidly.
So as the beauty business booms, the hitherto unorganised on-demand sector is slowly organising itself and getting popular with Millennials. And why? The following factors are at play-
- Increase in level of personal spending
- Changing consumer psyche towards beauty and wellness
- Expansion beyond Tier II cities/towns
- Nearly all salon services can be safely provided in the comfort of consumer’s home
- Today’s generation (male and female) is very conscious about their looks and is ready to spend on grooming
- The “do-it- for-me-attitude” of Indians and increasing disposable income
- Increase in the number of working women
- The increasing segment of women switching from home-based beauty remedies to professional care
- The traditional salon industry is ripe for disruption
No wonder, on-demand beauty startups are mushrooming by the day, hoping to leverage the phenomenon of the ‘Uberisation’ of beauty services as well.
The Beauty Playing Field: Who’s Down, Who’s Running
From standalone players like Vyomo (now rebranded as Naturals @Home), Bigtsylist, MyGlamm, GetLook, Zapluk (now merged with Pamperazi), Belita (now acquired by Enrich Salon), Stayglad, Stylofie, and VanityCube to home services players like UrbanClap, Housejoy, Timesaverz, Zimmber, LocalOye, Taskbob, TaskMitra; the list now has close to 30 startups in the on-demand beauty sector.