The male grooming industry is currently of Rs 16,800 crore in India and expected to touch Rs 35,000 crore in the next three years, growing at compound annual growth rate (CAGR) of about 45%, adds the ASSOCHAM report.
Interestingly, men who fall in the age group of 25 to 45, spend more money on grooming and personal care products than women in India. In an evolving trend in India, men are beginning to look at innovative grooming and personal care products created specifically for them.
Due to changing demographics and lifestyles, deeper consumer pockets, rising media exposure, greater product choice, growth in retail segment and wider availability are the reasons for sharp rising demand of cosmetics among India men, especially the youth. Men in smaller towns are displaying greater desire for grooming, especially in the whitening and fairness segment, highlighted the study.
There has been sharp increase in number of beauty salon and spa in the country. It is estimated that about 40-45% of total salon business come from men's treatment, adds the paper. Men's grooming products can be divided into bath & shower products, hair care, skin care, deodorants and shaving products.
Men are now spending a handsome part of their income as a disposable amount for their grooming sessions in spas and salons. Skin lightening and hair color products are among the most popular among Indian men. Shaving products currently control the largest market share in terms of revenue in Indian men's grooming market. As per estimates, Indian shaving products market is expected to grow at a CAGR of 29% and accounts for major share.
Deodorants and antiperspirants is the second largest market share in terms of revenue in Indian market. As per estimates, Indian deodorants and antiperspirants market is also expected to grow at a CAGR of 25%. Bath and shower, skin care and hair care products account for minor market share.
The companies that produced female cosmetics are introducing new product lines for men to grab the market. 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.
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