Men’s grooming industry has grown by 22 percent in the last couple of years. Presently, the market size of this industry stands at Rs 1,700 crore. Now men are more particular about their looks and personal hygiene than ever before. As per Men & Boys (M&B) report, the monthly per capita consumption of grooming products of this segment is expected to be more than double by 2020. At present the monthly per capita consumption is Rs 850, a figure that is expected to touch Rs 1,774 by 2015 and Rs 3,739 by 2020. Hence, industry stalwarts are leaving no stone unturned to earn lucrative revenue from this booming industry.
FMCGs cashing in on male grooming range
The Indian market is one of the fastest growing markets globally for men’s grooming and personal care cosmetics and men’s skincare has increased by 32 percent overall over the last two years. Measuring the potential, industry stalwarts are venturing in to male grooming industry like never before. Recently, leading FMCG Company Amway has come up with an exclusive range ‘Dynamite’ fro men. The product range includes Face Wash, Shave Foam, Whitening Cream, etc. Sandeep Prakash, Regional Head, Amway India West feels, “Amway has always been at the forefront of unique and market breaking innovations that only keeps sync with changing and emerging trends of cosmetics and personal care, but also delivers newer solutions that make elements such as grooming a powerful statement of personality.”
He also shares that it is attributed to the increasingly grooming and look conscious youthful male population in India (and India has one of the youngest male populations globally) with enhanced aspirations to look and feel better.
Keeping pace with similar trend, Dabur too has come up with men specific bleach. Sanjay Singal, Marketing Head-Beauty Care, Dabur India Ltd, shares, “Men are increasingly becoming the drivers of growth for the Indian cosmetic market. Thanks to the rising influence of media and growing Western exposure, men are becoming more and more beauty conscious. They also believe that not just social acceptance but also career success is linked to how a person presents himself to the external world. As a result of this changing lifestyle, the male grooming market continues to grow at strong double
Companies re-launching products
Measuring the potential, lately, Emami has re-launched its Fair and Handsome. The product was initially debuted in 2005; the then consumer insight revealed that 30 per cent of fairness cream consumers were males. The product was forced to exit after few months of launch despite no availability of men’s grooming item during that period. However, scenarios has changed now, gauzing the potential the company decided to re-launch the product.
On the re-launch, Mohan Goenka, Director, Emami, says, “Recent research reveals men’s fairness category has evolved and men want more from fairness products, resulting in the advanced formulations in the new advanced Fair and Handsome. With the launch of the new Fair and Handsome, we aim to capture a sizeable market share in the booming men’s grooming product category, with a substantial increase of 40 per cent in our A&M spend for the brand over last year.”