The men's grooming market in India is booming, with a growth rate of 25% every year. Industry experts attributed this rapid growth to the rising consciousness among men about how they look.
"Men are far more particular about their looks and their overall hygiene than they ever were. This has created a huge untapped market for personal care players to cater to these demands," said Naresh Gupta, who is the managing partner of the creative agency Bang In The Middle.
According to market analysts, a major portion of the growth is likely to come from India's three million rich adult males. Industry estimates suggested that the market size for men's personal care products is Rs 1,700 cr.
The report by Men & Boys (M&B), India's first exclusive retail chain, which offers men's personal care products, suggested that 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.
Amit Bagaria, chairman of the retail consultancy firm Asipac and the founder of M&B, in the report said, "A large percentage of men in this segment are above 40 and are just beginning to see the benefits of anti-aging products."
Subhashish Jha, a senior manager with a multinational company said that since he is a marketing professional, it is important for him to look good and clean when he goes for meetings. "I always have a face-wash in my bag and I use it before leaving for a meeting. It is important to look good and tidy when you are meeting someone, since it creates a good impression. Even otherwise, I use the product on a daily basis since I want to look good and ready for all times." Patnaik added that he also uses skin lightening gel to combat tanning.
College student Arindam Ghosh said that he started using these products on his girlfriend's suggestion. "My girlfriend asked me to use beauty products to reduce the pimples on my face. She had initially suggested some home remedies, which were cumbersome. Later she bought me my first anti-pimple gel."
Witnessing the rapid growth of the category, US-based cosmetic company Avon will launch 12 products for men next year.
The M&B report suggested that soaps constituted 35% of the market in 2011 and its share is expected to dip to 16.2% by 2020. Shampoos accounted for 11.4% of the market share in the men's personal care segment.
Market share of pre-shave oils, shaving creams, gels, foams and aftershave balms and creams will grow from the current market share of 5.5% to 7.9% by 2020.
"Men, especially in the higher income brackets, have begun to understand the harm that aerosol, alcohol do to the skin; aerosol also harms the environment. In fact, more and more men are opting for 100% organic or natural products in our shops," said Amit Bagaria.
The fragrances and deodorants segment has been growing at a rate of over 40% per annum and is expected to gain a market share up to 14.2% in 2020 from 5.1% of the last year.
"The much advertised and hyped skin brightening or lightening products comprise only 1.1% of the men's grooming products market in India, but this segment is also projected to grow to 1.7% of the total market share by 2020," said the report.
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