Men's grooming market to grow 2.5 times by 2022, say experts
On the occasion of International Men’s Day, exchange4media weighs in on the growth parameters and opportunities in the male grooming industry
Published - Nov 20, 2019 9:24 AM Updated- Nov 20, 2019 9:58 AM
According to the latest ASSOCHAM report, India's male grooming industry is set to grow at an annual growth rate of about 45 per cent. Following the lines, big labels such as Veet, Emami, Urbanclap, etc have recently forayed in the men’s grooming section. The male grooming segment is worth around Rs 5,000 crore annually and this opens up a big opportunity for brands like Veet, experts say.
On the occasion of International Men’s Day, exchange4media spoke to brands and experts to understand the growth parameters of the male grooming industry and how men’s grooming is emerging as a whole new market in the country.
Veet is one such brand that recently debuted in the male grooming segment signing up with Kartik Aaryan as the brand ambassador.
Pankaj Duhan, Chief Marketing Officer, Reckitt Benckiser Health South Asia said that there are two major reasons for this sector’s growth - one being the male grooming segment growing by 50 per cent every year, and the other being an increase in consumer demand.
Hitesh Dhingra, Founder & MD, The Man Company said, "The first digital-native brands focusing only on men’s grooming believe that the male grooming industry has a huge potential to grow."
According to a growth forecast by The Man Company, the 2017-2021 finding shows, "Men's' shaving category is growing at Rs 8.5 billion, toiletries including bath, shower, skin and hair care products at Rs 15.7 billion and fragrances at Rs. 15.5 billion."
When asked about the spending tendency of Indian men on grooming, Dhingra said, "Indian men are willing to pay a premium for brands that offer good quality products and have a strong brand story."
Speaking about the growth plans, Dhingra added, "By 2022, the overall men's grooming market is expected to be around Rs 25000 crores, which is 2.5 times than what it is today. This eventually proves the potential of the market."
Over time, studies have shown us that Indian men are getting increasingly self-aware and are investing in grooming products to improve physical appearance, gain confidence and have a competitive edge over peers in terms of both career and personal growth. There are various economic and cultural factors catapulting this change faster than any other as well."
Beardo, another company that deals in the male grooming sector saw 45 per cent growth in its business this year. Ashutosh Valani, co-founder, Zed lifestyle, that owns Beardo said, "Men’s grooming industry is seeing a steep growth. While Indian men are known for their rough and tough personality, skincare and personal grooming have become as important for men, as it is for women."
The e-commerce giant, Amazon also recorded double-digit growth in the male grooming section. “We see male grooming growing in very high double-digits on Amazon, fueled by growth in awareness of male-oriented grooming products, due to increasing penetration of digital media, as well as e-commerce, thus opening up access across the country," said Mrunmay Mehta, Category Leader - Beauty & Luxury Beauty, Amazon India.
According to Mehta, this trend is fueled by the rapid pace of innovation from brands particularly outside the core shaving segments, in categories such as skincare, haircare, and facial hair management.
Well, it's not just the male grooming products that are seeing a growth in sales. Even personal care services are getting popular among men. To encash on the opportunity, UrbanClap, the one-stop solution for local services launched men's grooming service in 9 cities on International Men's Day 2019. "We believe it will be on par with the women’s grooming segment," said Abhiraj Bhal, Cofounder of UrbanClap. Bhal believes that there is a huge potential for men's grooming industry in tier II and tier III towns. UrbanClap will soon launch men grooming services in other towns as well.
Azazul Haque, Chief Creative Officer, Mullen Lintas thinks, "Since gender equality has become a thing in India, men don’t see grooming as a feminine thing anymore. They want to indulge in something they once declared vanity."
When asked on, why brands have suddenly started investing huge in the male grooming industry? Haque added, "The conversations on gender equality has played a major role in it. From LGBT getting legally approved by societies like India, the world is opening up. And so is the mind and the taste of men."
Nowadays men indulge as much as women in beauty services. From manicure, pedicure to facial treatments to hair spa, men are getting everything done in a salon and labels like UrbanClap are encashing on the opportunity. This change in social fabric shows a boom in men’s grooming industry, Haque explains.
On the other hand, Khalap, MD and Co-Founder of Chlorophyll believes that the trend is probably fuelled by the younger demographic segment of India, normally referred to as millennials. By 2022, 60% or 701 million will be under the age of 30. 600 million is 20% of the world population.
At the crossroads of this mindset lies the idea of “I will decide how I will look and feel” Therefore, grooming is booming, said Khalap. Khalap shared, "Chlorophyll has worked with The Bombay Shaving Company on strategic brand directions, and one of the big insights was styling is about here and now, grooming is about long-term." Khalap anticipates steady growth in numbers as the trend filters down to Tier II and Tier III cities.
Angad Bhatia, Founder, MensXP and COO-Indiatimes Lifestyle stated, "Today Indian men are more willing to invest money into personal grooming as compared to a couple of years ago. This crop of primarily millennial men also wants to stand out in their peer groups, and they want to be perceived as someone who is always 'on-point'. They spend a significant portion of their disposable income and time, to look perfect for the occasion."
"India's men grooming industry is at an inflection point right now. With the increasing penetration of online lifestyle publications and social media, Indian men are now aware of national as well as global brands to make a conscious and calculated choice, about the products they buy. This has made it an exciting time for companies to be a player in the men's grooming industry, because it's only going to show an upward trend," Bhatia concludes.