The compound annual growth rate (CAGR) of the men grooming industry as per TechSci Research will increase by 17% by the end of 2020.
Previously, the grooming kit for men only consisted of a comb, shaving items, deodorant, and a hair gel. Those days are long gone as the manhood now is depending upon the way they look. The dressing sense and groomed outlook reflect suaveness in the character of a man.
The most important factor these days is the packaging of a product. If you are not dressed properly, your chances of getting noticed or getting an opportunity to perform on a particular platform are very thin. The wellness and grooming industry for men has been soaring and generating unbelievable revenue in the past few years. Almost 50% of the mass population in the male category is adults of age between 18-30 years. The figure clearly suggests how booming the male grooming business will be in India.
An Assocham study revealed “Interestingly, men who fall in the age group of 18 to 25 spend more money on grooming and personal care products than women in India. The aspirations and requirements of today’s young Indian men are rapidly evolving. With a surge in disposable income, men are becoming more discerning and indulgent. In an evolving trend in India, men are beginning to look at innovative grooming and personal care products created specifically for them.”
The compound annual growth rate (CAGR) of the men grooming industry as per TechSci Research will increase by 17% by the end of 2020. The adoption of western culture, increased disposable income, elevated standard of living, and urbanisation is contributing to the growth of the grooming industry for both the genders. Men are now spending a handsome part of their income as a disposable amount for their grooming sessions in spas and salons. The wellness and beauty grooming market in India will double its figure to INR 80,370 Crore in between 2017-18, as projected by a KPMG Wellness report.
Brands like VLCC are attracting huge attention from the international brands like Everstone and CLSA. A Chennai-based grooming brand, Naturals is expecting a huge growth and the number of salons in the Indian subcontinent will increase to 380 by the end of 2020. Veena Kumaravel, the founder of CavinKare is hoping to hit the mark of INR 3000 crore turnover by 2020.
Indian men are becoming more conscious about their looks. They want to look better and more appealing physically to get more attention. The influence of the western culture, as mentioned earlier, along with the rise of the Indian models, sportsmen and actors in promoting the wellness products are taking this industry to a new level as aspiring adults find their icons groomed and well-dressed. They want to look and perform like them. The grooming industry has opened all doors for aspirants like them where they can maneuver and improvise their looks with the aid of various trending products and grooming techniques.
The major brands that have introduced grooming products in the subcontinent are Hindustan Unilever, Procter & Gamble, Dabur, L’Oreal, Nivea, etc. This FMCG market is dominated by Proctor & Gamble and is followed by the products of Hindustan Unilever Limited. Many other companies are venturing into this market, seeing the potential and seeking their share of the competition. Vini Cosmetics is showing a groundbreaking performance by introducing FOGG, the gasless deodorant. Gillette, Park Avenue, Wild Stone, Garnier, etc are also penetrating the market aggressively. The herbal cosmetic industry in India is adorned with brands like Dabur, Blossom Kocchar, Forest Essentials, Biotique, Himalaya, Lotus, etc that are providing fabulous products to look better and more competitive in your workplace. In fact, the companies that produced female cosmetics are introducing new product lines for men to grab the market. The common brand names are having their own products that range from shaving gels to facial cleansers.
Karan Chechi, The Research Director, TechSci Research suggested “Companies manufacturing men’s skincare products are planning an expansion of their existing product line, to include products pertaining to particular skin types. These products range from facial cleansers and face creams, to razors and shaving gels, specifically meant for men with sensitive or oily skin. In addition, companies are also bundling perfumes and deodorants, with supplementary benefits such as anti-perspiring and whitening properties, to drive product adoption across the country.”
The Indian market for men’s grooming products has increased by 42% in 5 years which clearly shows that the personal beauty care and grooming market will skyrocket and touch the $20 billion mark by 2025.