With a sudden surge witnessed in the men’s grooming market in India, the scope of this industry growing in leaps and bounds have really increased.
Men are no longer shying away from looking good. They have truly left their macho self behind and are totally fine with the idea of looking good. This tectonic shift in their mentality can be given to the bloom of the private sector in India. The advent of multi-national companies not only gave them the financial freedom that they needed, but also in their need to impress their peers, they have realized what a great friend grooming is for them. The grooming market of Indian men, today, is projected to cultivate at a compound annual growth rate of 15% between the time period of 2017-23.
The largest grooming market for male today is the Western Europe that was valued at 12.4 billion in US dollar in 2015. The next market with the highest growth rate in the Asia Pacific is forecasted to grow at a CAGR of 8.1%. It roughly translates to 11.5 billion dollars by 2020 which is a huge jump from 7.8 billion US dollar that was the grooming products revenue in the year 2015.
The major distributors of men products on the grooming market have accounted for at least 81% of total gross sales in the major marts and retail shops today. The global grooming market for men is currently ranking high on the sale of male grooming products.
Companies Inspiring the Grooming Industry
Bombay Shaving Company
Founded by Shantanu Deshpande, Raunak Munot, Rohit Jaiswal and Deepu Panicker in 2016, Bombay Shaving Company is a company to acknowledge. Grooming is not a very easy business especially in India with all the taboos attached to it. But these desi boys are slowly but surely changing the mentality for the better.
A user or subscriber usually acquires a six-part shaving kit for a steal at Rs 2,995. The shaving kit usually contains a pre-shave scrub, a brush, shaving cream, a razor, blades and after-shave balm. The subscriber can also pay a subscription fee of Rs 1,200 to get the whole kit of a pre-shave scrub, shaving cream, 20 blades and post-shave balm. The men's shaving start-up has an angel funding of Rs 4 crore. It has a membership count of 1,400 in just the first four months from the date it started. The company gets over 17 orders daily.
Today, Indian grooming market has moved beyond the limited classic, musk and lime fragrances offered in the market. Ustraa founded in 2017 by Rajat Tuli is not a shaving or a beard company, but a platform that understands and provides Indian men with the best product to groom themselves.
Ustraa has a wide product range that starts from Rs 199 to Rs 1,499. It is on track to touch or collect about Rs 40 crore in revenues by the end of next year. Ustraa has raised a total of Rs 21 crore in its initial months only. It raised a total of Rs 5 crore in the previous month that is an assessment of the growing popularity of the products of Ustraa. Today,Ustraa gets 40,000-50,000 orders per month.
While just a few decades ago male grooming market was attributed to the shaving products or on the off chance the fragrances that were available. Today, the strongest growth in the male grooming market is that of male toiletries. Valued at 17.5 billion in US dollars and comprising of a total of 37% in sales that includes the categories of men’s shower and bath, products of skin and hair care and deodorant.
The industries of the grooming market have devoted their time and capital to marketing their products, the use of which would make their looks far better. Even with the regular use of various grooming products and techniques, you would always not get the desired results. It is possible to look that way if you are happy to invest some effort in yourself. Coupling it with sweating for a few hours would make all the difference that you need to look as well as feel as empowered as your icons on the screen.