India’s male grooming industry is set to grow at a compound annual growth rate of about 45 percent, according to an Assocham 2018 report and will touch Rs 35,000 crore from the current Rs 16,800 crore
Remember, how Shah Rukh Khan told men that to be fair and handsome they needed ‘mardon wali cream’ (men’s cream) and not products that women use? That was the first of many, as brands are now rushing to sell grooming products just for men.
Recently, actor Kartik Aaryan took to Twitter to end his confusion to know what’s better -- body hair or body bare, a hashtag that trended on the micro-blogging site. And people got to know soon what is better when Kartik was seen in the Veet hair removal ad, a product especially for men.
There’s many more. Who knew men would be needing so many grooming products? But they do and this is what many new companies are banking on.
In fact, Suraj Chaudhari, Co-founder of Zlade, a company that is focused on shaving needs for men, said Indian men have started spending more on grooming products than women.
And it is not just men from metros who are shelling out money to take care of themselves.
“We see a lot of demand from Tier II and III cities. If you see our order pattern, we have more orders coming from Tier II cities than four to five metros combined,” said Chaudhari.
For The Man Company, which recently saw investment from actor Ayushmann Khurrana, Kerala and Punjab are driving growth for beard grooming products, whereas geographies like Andhra Pradesh and Telangana are buying charcoal scrub and masks.
So, how is the business of looking good for men fairing in India?
Expanding product basket
Talking to Moneycontrol, Shankar Prasad, Founder, Pureplay Skin Sciences- Creator of personal care brands Plum, Phy, said there has been a movement out of one basic talc, hair oil or basic products. “A few years ago, even a face wash was a tough sell,” he said.
But now things have changed. Hence, the men’s grooming market is growing.
“India’s male grooming industry is set to grow at a compound annual growth rate of about 45 percent, according to an Assocham 2018 report and will touch Rs 35,000 crore from the current Rs 16,800 crore. This clearly shows that men no longer hesitate in paying money to brands that offer good quality products. Men have started grabbing more space in the washroom closet,” said Dhingra.
For Phy, which sells vegan products, the top-selling categories are moisturizers, sunscreen, face and body scrub and body washes.
Prasad also mentioned that while he was confident of his products, it was surprising to see the traction for body washes and he thinks that there needs to be more innovation in men’s body care segment.
When it comes to innovations, the Man Company has done its bit with game-changers like beard care and charcoal range. Now, they are offering personal care range called Defence Theory, which includes intimate care products like Anti-Sweat Lotion and Anti-Chafing Cream among others.
In addition, the company has also launched tattoo care products under Expert series.
If men are investing in grooming products, then are the new brands in this space seeing growth?
The Man Company, which started operations in 2015, expects to grow by 300 percent this year and claims to own 30 percent of market share in beard category. “We expect to own five percent of market share in overall men's grooming space in the next four years,” said Dhingra.
As for Zlade, that started 18 months back, they have sold two lakh units. “We have one lakh customers, 20 percent are repeat customers and 40% sales are through our website,” said Chaudhari.
And Prasad said that they see 20 percent growth in a good month for the year-old Phy and 10 percent growth in a bad month.
While there has been a sudden growth in the number of products and companies catering to men’s grooming needs, no company is worried as they see a lot of potential in the space.
“The penetration of men’s grooming products is nowhere near to our western counterparts. Therefore, there is a lot of place for all of us grow and expand the market,” said Dhingra.He added, “Beard grooming segment is being led by four startups --- The Man Company, Beardo, Ustraa and Bombay Shaving. Apart from that, skincare has taken off very well. For us, skincare is almost 30-35 percent and we got into skin-care only nine months back. The other players who have tapped and entered the men’s grooming category are Unilever, Marico, Nivea among others.”LIVE NOW... Video series on How to Double Your Monthly Income... where Rahul Shah, Ex-Swiss Investment Banker and one of India's leading experts on wealth building, reveals his secret strategies for the first time ever. Register here to watch it for FREE.