1. Industry Overview

2. Executive Summary

3. Industry Overview – Global (1/2)

• 3.1. Retail Value Sales (2021) Constant % Growth
• 3.2. Fastest Growing BPC Categories

4. Industry Overview – Global (2/2)

• 4.1. Projected growth rates (CAGRs) 2022-27P
• 4.2. Avg. gross margins (as of 2021)

5. Industry Overview - USA

• 5.1. Revenue, by segment
• 5.2. Global Beauty Market Retail Sales, by category (in $billion)

6. Consumer Behaviour

• 6.1. Need ‘made for them’ products
• 6.2. Exploring various shopping avenues
• 6.3. Willing to pay premium for what works

7. Primary BPC Models

• 7.1. Pure-play BPC players (global)
• 7.2. FMCG-led BPC players (global)

8. The specialized and effective products results in higher pricing power

9. Pure-play companies are spending more money across a variety of platforms in an effort to reach customers where they are

• 9.1. Offline channels
• 9.2. E-commerce
• 9.3. D2C
• 9.4. Live Commerce
• 9.5. VR/AR Stores

10. They have superior online engagement and brand salience, resulting in higher online revenue contribution

• 10.1. Social media engagement1 # in Mn, As of August 2023
• 10.2. Google search trends 2004-23
• 10.3. % revenue contribution of online channels

11. Leads to better valuations

12. Regional Insights - US

• 12.1. Brand (Home Market)
• 12.2. Company
• 12.3. YoY E-commerce Sales Growth %

13. Regional Insights - India

14. India is the fastest growing BPC market among the large economies

15. In line with global trends, Indian pure-play BPC brands are disrupting the market, growing 2x+ as fast as the FMCG-led players

16. Competitor Analysis (1/2) – Nykaa and Honasa (Parent Company of ‘Mamaearth’)

• 16.1. Ecommerce penetration (as % of overall retail) by country %, 2022

17. Competitor Analysis (1/2) – Loreal, Nykaa and Honasa

18. Multiple brands & products with low differentiation along with lack of proper guidance are some of the key pain points

19. Customer Segmentation

20. Consumer Behaviour (1/2)

21. Consumer Behaviour (2/2)

22. Distribution Channel