NEW DELHI: Bausch & Lomb, the eye care products firm, is expanding into other areas of personal health and beauty in India, as this sector shows every indication of being a growth area over the next few years with advertising increasing accordingly.
The US firm has just announced it will market two more US brands in the country – fat reduction technology Liposonix and anti-acne treatment Isolaz in India – in a continuation of the strategy it has evolved to import brands to meet the growing demand in the category, Business Today reported.
Sanjay Bhutani, Managing Director, India & SAARC at Bausch & Lomb noted that the "medical aesthetics" market in India was forecast to grow faster than the global average over the next five years – at a CAGR of 12.6% between 2015 and 2020 against a global figure of 10.8%.
"Factors such as rising consumer awareness and interest in aesthetic procedures, strong local economies, aggressive marketing by leading US and European companies in Asia, decreasing social taboos, and rising medical tourism are propelling its growth," he said.
Bausch & Lomb also intends to expand the range of Obagi products sold in India to include skin lightening, anti-ageing, anti-acne and sunscreen products.
Indian companies too are eyeing the health and wellness category, with Godrej Consumer Products Ltd (GCPL) reported to have Rs 3,000 crore to invest in acquisitions across India, Indonesia and Africa with a particular interest in ayurvedic products, according to the Economic Times.
"Companies prefer to buy brands than build because it reduces costs of media [and] looking into new distribution channels," noted Rajat Wahi, head of consumer markets and agricultural sector, KPMG India.
"Africa, Indonesia are similar markets like India with high growth, similar retail profile and therefore for players in the consumer sector it makes sense not to head out into many other geographies,'' he added.
An indication of the increased interest in this market came from new advertising data. TAM-Adex data showed that ad volumes for personal health care hit a five-year high in 2015, with significant rises observed in print and on television.
Data sourced from Business Today, Economic Times, Business Standard; additional content by Warc staff