The beauty industry in India is rapidly evolving, with a big focus on clean beauty and Ayurveda. Citing a recent study by Verified Market Research (VMR), Herbalife said the Ayurvedic beauty market is booming and is currently worth $8-9 billion. Moreover, Ayurveda’s share of the current $646 billion global beauty and personal care market is expected to reach $21.1 billion by 2028.
“The market size is huge. We know there are many premium players in the market, but our biggest strength today is that we have 1 million distributors and 1 million consumers using our products. This is what sets Herbalife apart. We are betting on this and strongly feel that Vritilife skin care will play a key role in our future growth,” Khanna added.
The products have been developed at Herbalife’s dedicated Centre of Excellence in Bangalore and the company claims that the range has undergone rigorous clinical studies.
“As far as our products are concerned, we are in full compliance with government and regulatory requirements. Our nutraceuticals and Ayurvedic products are also in full compliance with government regulations,” Khanna told CNBC-TV18.
The new expansion comes at a time when the company is experiencing double-digit growth in the Indian market, which it says has seen steady growth since 2009 and is on track to reach $800 million in net sales by 2023.
Herbalife’s net sales in India for the first quarter 2024 (ended March 31) reached $203.5 million, up 13.9% compared to the same period in 2023. Herbalife India is the company’s number one market globally among the 95 countries in which it operates. After an initial focus on weight management, the company has diversified its product portfolio with 48 products including fitness and performance, daily nutrition and overall wellness.
