Godrej Consumer Products Ltd (GPCL) expects its newly launched hair colour product, Nupur Coconut Henna Creme Hair Colour, to occupy 5 per cent of the overall hair colour segment in the country.
"We are much optimistic about this product. We expect it to achieve about 5 per cent of the country's total hair colour market share in the next two years," said Sunil Kataria, business head - India and SAARC, GCPL, after the launch of the product in Ahmedabad.
India's overall hair colour market is estimated to be around Rs 2,900 crore, of which creme segment is 35 per cent and powder segment is around 40-42 per cent, Kataria said.
The newly launched product has a blend of conditioning from henna and nutrition of coconut and has a potential market mainly in the west and northern gerographic markets. In the southern market, powdered hair colour dominates the market.
"Our focus will be on rural areas. In India, hair colour penetration is about 30 per cent, while there is still room for more growth. The rural market in India is brand conscious as well as it looks for value for money products. We have priced our products at a reasonably rates to reach larger masses," he said.