New Delhi, Feb. 23 -- Large consumer goods makers such as L'oreal and Colgate-Palmolive Co pointed to a rising preference for premium products in India as an opportunity that could drive growth for the companies in the country in the coming years.

However, both the companies said India continues to remain a value market with consumers of oral care and beauty products still entering the market often buying lower-priced options or using these products less frequently.

"India as a country [is] on its way to being the third-largest economy by 2030, and [is] the fastest-growing economy among the larger economies in the world. And while that has slowed down, it's slated to be the fastest," said Prabha Narasimhan, MD & CEO, Colgate-Palmolive (...