Philips Anticipates Double-Digit Growth in India, Targets Top 5 Market Position
Philips, the Dutch multinational, is projecting strong double-digit growth in India over the next several years, with plans to elevate the country to one of its top five global markets. According to Vidyut Kaul, Head of Personal Health for Philips Growth Region (JAPAC, ISC, META, and LATAM), India’s double-digit CAGR (Compound Annual Growth Rate) makes it a critical market for the company’s strategic goals.
“India is a key market for Philips. Our commitment extends beyond local sourcing to supporting global markets as well,” Kaul shared with PTI. Philips is focusing on domestic sourcing for both personal health and med tech products, seeking opportunities to further scale its operations in India.
Expanding Personal Health and Grooming Segments:
Philips operates in multiple segments in India, including beauty and grooming. The company’s popular products, such as hair dryers, straighteners, beard trimmers, and electric toothbrushes, contribute significantly to its growth. Philips’ personal health business also includes products for oral care, mother and child care, and female grooming.
“We anticipate a growth range of 10-15% CAGR in the short to mid-term, driven by grooming products, mother and child care with Avent, and women’s grooming segments,” Kaul said. Looking ahead, Philips also plans to expand its footprint in oral care over the next 2-3 years.
Philips’ Growth Strategy and Revenue in India:
In FY24, Philips India’s standalone revenue reached Rs 6,000.4 crore, reflecting a 4.64% YoY increase. The breakdown of revenue included:
- Personal Health: Rs 765.8 crore
- Health Systems: Rs 2,833.8 crore
- Innovation Services: Rs 2,271.9 crore
Philips aims to move up the ranks in the next five years, placing India among its top 5 global markets. As of now, India is already among the top 10.
Grooming Market Leadership:
Philips continues to dominate the male grooming segment, where the company holds a market share of 40-65% in various categories. The men’s grooming market in India is valued at approximately USD 400 million, growing annually by 10-11%.
On Tuesday, Philips launched its premium electric shavers—Series 7000, i9000, and i9000 Prestige Ultra—featuring AI-powered SkinIQ technology. These shavers are priced between Rs 14,999 and Rs 34,999. Philips is manufacturing these products locally in Baddi, Himachal Pradesh, with 13-14 products made in India.
Looking Ahead:
With India positioned as a key part of its growth strategy, Philips is well on track to strengthen its market presence, bring new innovations, and maintain its leadership across several product categories.
