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The beauty and personal care (BPC) segment in India is likely to witness a per capita consumption of $50 by 2030, according to Falguni Nayar, Managing Director and Chief Executive Officer of beauty retailer Nykaa.

Currently, BPC consumption in the country stands at $15 per capita.

This will help the country become the third-largest consumer market by 2030, according to Nayar.

The Mumbai-based ecommerce firm’s current per capita consumption is $80 in the BPC vertical, five times the national average, Nayar said during the company’s 11th annual general meeting (AGM) on September 18.

“India’s entrepreneurial spirit, and young and aspirational population make it the best place to build consumer-focused businesses and brands. I’m excited about what the future holds for Nykaa and for a young and unstoppable India,” Nayar said.

For fashion, India’s per capita consumption, which stands at $54, is expected to reach $160 by 2030, based on the trajectory of developed markets.

The Nykaa customer today spends $130 on fashion, according to the company.

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Nykaa posted a 24% increase in operating revenue to Rs 1,421 crore in the first quarter of FY24, up from Rs 1,148 crore in the same period last year. However, this was matched by a 23% rise in total expenses to Rs 1,419 crore, weighing down the firm’s bottom line.

The Falguni Nayar-led company’s gross merchandise value (GMV) in the beauty and personal care (BPC) business—its largest segment by revenue—grew 24% year-on-year across its ecommerce, physical retail and consumer brands portfolios. The segment saw traction from 10.3 million annual transaction customers last quarter, while nearly 80% of the GMV contribution came from existing consumers, according to the company.