To cash in on this opportunity, Amway has plans to invest in a manufacturing plant at Madurai, Tamil Nadu in the third quarter.
After researching the market and liaising with its R&D labs in Calcutta, Nagpur and Chenn, the company has also developed a 'Be Bright' range as part of its luxury 'Attitude' brand, which it hopes to see 18 per cent growth with in this lucrative market.
According to the Calcutta Telegraph, the range features a face wash, scrub, masque, and a day and night cream.
Explaining the move to the publication, Amway India's head of personal care, Shveta Paul said; "In India, the market for whitening is around 57-60 per cent of the total facial care market. We felt our portfolio was not complete."
Plans to reach more markets in Asia over the next few years...
Amway recently revealed its extensive investment plans to expand in Asia.
With much of the gains concentrated in the region, and more specifically China, the company announced a $375m investment initiative in 2014 to increase its global manufacturing footprint that will see significant development and expansion across the region.
The investment will see the company increase its manufacturing, research and development facilities across the globe, with new plants in Washington, California and Michigan, in the company’s domestic U.S. market.
But an even bigger expansion is planned in Asia Pacific over the next few years, with new research and development facilities to be built in China and South Korea, together with this new facility in India.
Amway also says it is planning brand new manufacturing sites in both Vietnam and China, as another stage of the expansion programme.
Currently, the China market is the company’s mainstay following its entry into the market back in 1995, and around 90% of its annual revenues come from outside its domestic US market.