The cost of essential household products such as cosmetics, soaps and detergents are set to rise in the wake of massive depreciation of the rupee, a top industry official said on Sunday.
“The cost of cosmetics, soaps and detergents will go up due to high raw material prices after the drastic depreciation of the rupee, making imports expensive,” said Satish Wagh, chairman, Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council.
“The weakening rupee has hit domestic refineries badly as the imported raw material cost becomes higher. A majority of independent refineries which are not able to pass on the price increase to consumers are facing closure,” said Nadir Godrej, MD, Godrej Industries.
The Rs 2 trillion home and personal care market has been witnessing a steady growth in the recent past. While there has been a 18-20% growth in the personal care products space, there has been an 8% spike in demand for laundry products this year.