According to Indian industry body, ASSOCHAM's latest report, "India’s male grooming industry is set to grow at a compound annual growth rate (CAGR) of about 45 percent and touch Rs 35000 crore (approx $5.5 billion) from the current Rs 16,800 crore (approx $2.64 billion)."
In conversation with Franchise India Wellness, Mahika Yadav, Director, Oxford Cut The Man's Salon, gives a sneak peek of the sudden rise in male grooming products and services market.
Priorities
The ASSOCHAM report attributes the boom in this industry to changing demographics and lifestyles, deeper consumer pockets, rising media exposure, greater product choice, growth in the retail segment and wider availability are the reasons for sharp rising demand of cosmetics among India men, especially the youth.
Small town men are contributing to the booming industry with skin-whitening and fairness creams as best-selling products in male grooming market.
Yadav says, “The demand for men’s grooming market has seen a rise in the last few years because of increased consciousness of their looks amongst the male customers. Also, as more than 50% of the population is under the age group of 30, the industry has a huge local market. Moreover, rising urban middle-class population, and improved distribution channels in tier II and tier III cities, are also expected to stimulate growth in the market through 2020.”
Trends
A fair share of credit also goes to the social media portals, where the youth consumes maximum content on self-care and self-love being flaunted by the celebrities.
Yadav adds, “Celebrities have great influence on consumers to take the notion of self-care to a different level. Male consumers want to associate themselves with the lifestyle synonymous with success, which has men turn to barbershops and male-centric salons offering personalized services and pampering. With film stars and cricketers sporting beards, the trend has sustained its growth momentum over the last couple of years.”
Celebrities
Yadav points out three benefits of having a celebrity face on the product or business line:
Celebrity endorsements help in improving ad recall
