India’s franchising industry is expected to quadruple in volume in the next two years, accounting for almost 4% of India’s gross domestic product (GDP) in 2017, according to a report by KPMG India. The industry was worth $13.4 billion in 2012, contributing 1.4% of GDP, the report said.
Of this the Beauty and Salon Industry is going to be a dominating factor. Reports also suggest that of the Rs 1 trillion wellness industry in India, over 50% would be dominated by Beauty Care.
A KPMG report also suggests that of the Rs 10,000 crore Indian salon industry, Rs 2,500 crore forms the organised segment. And Professional Salon Care Market will grow at a rate of 30% CAGR.
India is the second-fastest evolving economy in the world with a growth of 75% in consumer spending over the last four years. Amid such evolution, the franchising industry will certainly propound new and better opportunities to innumerable brands in the coming years.