Luggage Market to Grow at CAGR Of 8.1% By 2016

What’s the most important thing while travelling and without it you would feel very incomplete? It’s definitely your luggage. The one thing that goes synonyms with travelling is luggage.  Women specially are said to be the one who carry excess bags and baggage while on the move. If you’re going for a day or months, to a hot or cold climate luggage is a must have.  From toiletries, clothes travel necessities, eateries and while returning from the trip, souvenirs. Carrying a luggage was there in our culture for a very long time. If history is to be believed the first luggage roller was introduced in Palestine to carry weapons and equipments. Then the idea gradually changed from carrying weapon to day to day necessities.

Luggage often referred as baggage or a suitcase was before a mere necessity. Early luggage would be a trunk or a box shaped bag which would be heavy and less travel friendly. But now consumers want a sleek, new and edgy look to their luggage and have become more of a style statement than a necessity. This has kept the luggage market on their toes. From introducing trolley bags to compact size luggage there is a generous use of technology to craft something new and better every time.

The competition is very stiff and the luggage market is one of the fastest growing industries. A market research report states that the global Luggage market is set to grow at a Compound annual growth rate (CAGR) of 8.1% in the next 4 years. Now-a-days people are mostly globe-trotting; this ensures that the luggage market is having a smooth sail.

Women and Beauty Products: Best Friends Forever

One thing that most of the fairy tales had in common was the obsession of beauty of the women characters. Be it Cinderella’s wicked step sisters or Snow white’s evil stepmother, their story happened in the first place because of their mesmerizing beauty. So it can be easily concluded that it’s not our fault that women are crazy about beauty products as they have it in their GENES!

According to historians, one of the first beauty products was during The Ancient Egypt time where they used sandalwood, perfume and aromatherapy products for pilgrims like an antiseptic. In the early 19th century, only the actors were allowed to wear makeup. But only after World War II that people were allowed to use beauty products in the west. Cosmetic Industry or Beauty care industry are companies that manufacture or make personal products such as cream, lotions, perfumes or makeup, skin care, fragrances, hair care etc.

A market research report states some staggering facts. On an average, women above 18 years spend  $144 a year on beauty products . The beauty products industry is estimated to grow annually by 8.5% till the year 2014. This shouldn’t be surprising as an average woman spends at least 20 minutes to get ready.

We love Beauty products:

Women, irrespective of what age always has a soft corner for beauty products. This was proven during economic slowdown, only 45% woman cut back on their beauty spending. “The lipstick effect” is the best example of beauty products during an economic slowdown, Women didn’t cut down on their purchases instead they indulged in cheaper products .This industry has seen a consistent growth since a long time. It’s a known fact that women are crazy about beauty products but that isn’t the only factor, there are several factors that accelerate the demand in the market.

• Easy availability of International brands in the store is increasing the demand for luxury perfumes and brands.

• Globally, rising per capita incomes and higher spending powers.

• Men also becoming more conscious of their looks and hence they too adding to the demand.
• An aggressive promotional strategies used to market the products.
• High Profile celebrities promoting the brands which results in their fans purchasing the products.
• Tech Savvy consumers using online shopping methods to purchase exclusive products.
• Majority of famous brands has smaller versions of their products that don’t allow people to return empty handed.
• Free sample and discounts offered by brands to lure customers.
• Advancement of technology that helps them to bring new and better products in the market.

Women have always been very coy about their spending on beauty products. Some of the best brands in the market right now are MAC, Proctor Gamble, L’Oreal, Dove, Channel, and Lancôme Etc. The beauty product market has evolved with time. This constant change has not only bought better and new products in the market but also increases their foothold in the market.

Indian Dairy Market on a Roll

The dairy market in India is a most sought after market. Even if there are a lot of FMCG products in India, Diary market has always proved to be in constant demand. The dairy industry has been climbing the stairs of progress since Indian Independence. India is the world’s largest milk producing country. The dairy industry has grown from 17 million tonnes to 121 million tonnes from 1951-2011.The sole reason that attributes the progress is the structural change in the Indian Diary Industry which was bought by the arrival of dairy cooperatives.

According to a market research report, the Indian dairy products market has been predicted to rise at a compound annual growth rate (CAGR) of 5% through to 2017.

What’s pushing the demand?

Dairy Industry plays a pivotal role in the social economic development of India. It generates rural employment and also provides nutritious food to large population. Initially, the dairy market was dominated by the unorganized sector but slowly there is a growth in organized sector also.

There are several factors that enable the sector to grow:

• Rapid urbanization that leads to the busy lifestyle and therefore creates a demand for packaged food products.
• Higher disposable income that helps in generating higher spending power of consumers.
• Aggressive marketing and promotion campaigns.
• The crossbreed technology used by the Indian Diary Industry has accelerated the possibility of the dairy units by increasing the milk production per animal.

The majority of the delicacies is prepared by using milk or milk products. This signifies the demand for the dairy products in the market.