National Skill Development Corporation (NSDC) has revealed a report according to which, the rapidly growing beauty & wellness industry need about 14.27 million skilled manpower to lift quality standards of the industry.
As per the recent report unveiled by National Skill Development Corporation (NSDC), India will need about 14.27 million skilled people in the booming beauty and wellness sector by 2022. Growing at a CAGR of 18.6 per cent, the sector is thriving on the increasing section of affluent and middle-class population that has started considering as a necessity.
With shift in focus towards quality of service, the industry has been looking to hire skilled labour to sustain growth.
Confirming the report, Dilip Chenoy, Managing Director& CEO, NSDC said, “The socio-economic landscape of India has been changing rapidly in past couple of years. Indians, like never before, are now willing to pay a premium for a beauty and wellness ‘experience’. Spending on beauty and wellness is no longer considered a luxury and hence the need arises for a skilled workforce in this industry. The sector offers huge entrepreneurial opportunities and has attracted a large number of youth to explore fascinating employment avenues. We expect this sector to offer even more opportunities to youth in the coming years.”
Interestingly, the report states that employment in the Beauty sector is expected to grow at a CAGR of 20 per cent out of which the organised sector gained 23 per cent while unorganised has a 15 per cent of growth.
Similarly, the fitness segment is expecting a CAGR of 19 per cent growth with 22 per cent in organised and 15 per cent in unorganised sector.
The report further states that beauty products and counter sales is expected to grow at a CAGR of 20 per cent, with 24 per cent in organised and 17 per cent in unorganised sector. Slimming segment is expecting a CAGR of 22 per cent with 29 per cent in organised and 17 per cent in unorganised sectors.
Voicing the same, Vandana Luthra, Chairperson, Beauty & Wellness Sector Skill Council said, “Availability of trained manpower in sufficient numbers holds the key to ensure the growth momentum of the Indian beauty and wellness sector which has been registering year-on-year growth of more than 18 per cent for the last four years. The fact that women comprise the majority in the employee base of the beauty and wellness industry further underscores the need for largeinvestments towards skill development in this domain. In addition to raising services delivery standards in a largely unorganised sector, it will also be a positive step towards encouraging women empowerment and critical to spurring the spirit of entrepreneurship among women.”
Rejuvenation is expected to have the largest growth at 30 CAGR with 34 per cent in organised and 27 per cent in unorganised sector.
Significantly, Transitional changes are being observed in the economic profile with candidates from mid-income households taking to the sector in urban areas. In rural areas, the workforce continues to be constituted by people from lower socio-economic background.
There is an emerging trend of migrants from the North-eastern states, West Bengal and Nepal entering the sector. Over 50 per cent of the workforce among salons, slimming and rejuvenation sub-segments are women. However, men are increasingly gaining interest, especially in hair styling. Segments such as physical fitness and counter sales continue to be dominated by men.