New Delhi, Sep 5 (IANS): India is set to rapidly ascend to become one of the world's most influential markets for beauty and personal care -- soaring higher than China, the US, Japan, and South Korea, according to a report.

The report by online beauty and fashion marketplace Nykaa showed that India is set to see a 10-11 per cent growth by 2028 and will reach $ 34 billion in the beauty, and personal care market.

"India is the fastest growing beauty and personal care market globally, expected to reach $ 34 billion by 2028, from the current $20 billion,” according to a Nykaa statement.

The growth is much higher than other countries like China (4-5 per cent), the US (2-4 per cent), Japan (2-3 per cent) and South Korea (2-3 per cent), revealed the Nykaa Beauty Trends report.

It showed that e-commerce is poised to be the biggest driver of this growth and the fastest-growing segment, anticipated to achieve a CAGR of around 25 per cent.

This is followed by increasing aspirations and higher incomes among Indian consumers, which will steer the market for premium beauty --expected to reach $3-3.2 billion by 2028, said the report.

Further, with 520-560 million users in 2023, social media will also play an important role in the democratisation of beauty expertise and influencing consumer choices.

Meanwhile, the online trade channels for beauty and personal care are also expected to grow at around 25 per cent CAGR. It will be at par with offline organised trade which will account for 33 per cent of the segment's total turnover.

On the other hand, the unorganised offline trade channels share will reduce from an estimated 55 per cent in 2023 to 35 per cent by 2028, the report said.

“Our report clearly shows a market poised for extraordinary growth, driven by premiumisation, technological advancements, and a new generation of discerning consumers," said Anchit Nayar, Executive Director and CEO, of Nykaa Beauty.