India Aerosol Market Latest Trends and Business Scenario 2030 | P&S Intelligence

The mushrooming manufacturing and sales of commercial vehicles, passenger cars, two-wheelers, quadracycles, and three-wheelers are fueling the demand for aerosols in India. As per the Society of Indian Automobile Manufacturers (SIAM), the automotive industry in India manufactured 30,915,420 vehicles in 2018–10, which was 6.3% higher than the number of vehicles that were manufactured in the previous year (29,094,447). Similarly, as per the India Brand Equity Foundation (IBEF), the demand for automobiles will soar in the country in the coming years, owing to the increasing income of middle-class people and surging population of young individuals.

This will, in turn, propel the requirement for aerosols in the country. Apart from this factor, the expansion of the manufacturing sector, on account of the burgeoning requirement for electrical equipment, machinery, and consumer electronic devices, is also driving the expansion of the Indian aerosol market. Moreover, as per the Ministry of Commerce and Industry, the cosmetics and beauty products industry in India is predicted to exhibit rapid expansion from 2016 to 2021, because of the surging per capita income of people.

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Furthermore, the government is launching several initiatives for augmenting research and development (R&D) activities in the country’s manufacturing sector, which is also positively impacting the progress of the Indian aerosol market. As a result of these factors, the revenue of the market is predicted to rise from $526.28 million in 2019 to $891.13 million by 2030, while the market will demonstrate a CAGR of 6.0% between 2020 and 2030 (forecast period).

In India, aerosols are primarily sold in supermarkets/hypermarkets and convenience/department stores. Between these, supermarkets/hypermarkets are predicted to record significantly high sales of these products in the coming years. This is credited to the rising industrialization rate, growing demand for organized retail, and rapidly improving macroeconomic performance of the country. Additionally, rapid technological advancements and modernization are also fueling the popularity of retail stores, in which everything is available in abundance.

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The northern region dominated the Indian aerosol market during the last few years, and this trend will continue in the coming years as well, as per the estimates of the market research organization, P&S Intelligence. This will be because of the growing preference of customers for personal hygiene products, such as antiperspirants/deodorants, in the region. Additionally, the requirement for homecare and aerosol-based car care products is also rising sharply, which is also boosting the market advancement in the region.

Hence, the demand for aerosol will shoot up in India in the coming years, primarily because of the surging manufacturing and sales of automobiles, growing requirement for homecare and personal care products, and surge in the manufacturing sector in the country.

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This release was published on openPR.