Betting big on the male grooming segment, herbal health and personal care firm Himalaya Drug Company is aiming to double its market share in the men’s facewash category to 20 per cent in the next couple of years.
“We have close to 8-10 per cent market share in men’s facewash. We have grown in the last couple of years from being the number fifth player to number third in the segment. We are targeting to get at least 20 per cent market share in the next 2-3 years,” Business Head Consumer Products, Himalaya Drug Company, Rajesh Krishnamurthy told PTI.
According to a PTI report: The overall facewash market in the country is estimated to be about Rs 1,800 crore at present, with men’s facewash accounting for 15-20 per cent of the space.
While the overall facewash category is growing at 10 per cent, the men’s facewash segment is growing at a faster clip at 15-20 per cent.
Himalaya is a market leader in the overall facewash category with 24 per cent share.
The company is planning to expand its portfolio beyond facewashes in the men’s grooming segment and is evaluating opportunities in hair gels and creams, he added.
The men’s grooming segment is estimated to be around Rs 5,800 crore and Krishnamurthy said the company has identified sports as a platform to drive its men’s segment.
Personal care is a key business category for the company, with the segment contributing to 45 per cent of the Rs 2,200 crore turnover, followed by pharmaceuticals (30 per cent), baby care (17 per cent), and animal health and wellness with 4 per cent each.
The facewash category accounts for half the revenues in the personal care segment for the company.
The personal care industry in the country is estimated to be Rs 69,856 crore, with the herbal and ayurvedic segment being 31 per cent of it.
The company has over 250 stock keeping units in categories including skincare, oral care, foot care, eye care, lip care and body care.
Himalaya has over 200 standalone retail stores and plans to take it to 300-400 outlets in the next three years, he said.
“The next growth will come from tier II cities where we are expanding our stores. Today, out of the 200 stores, at least 50 per cent would be in tier II cities,” he was quoted by PTI as saying.
E-commerce contributes around 1 per cent of the sales but the company is looking at growing it to 5 per cent in the next 2-3 years.