The male grooming industry is expected to grow at a CAGR of 45 per cent to touch Rs 35,000 crore in next three years, due to rising aspiration among men to look better and rapid urbanisation, says an Assocham report.
The male grooming industry currently stands at Rs 16,800 crore in India, the report said, adding that the market grew over 45 per cent in the last five years on the back of increasing per capita income and urbanisation. Interestingly, men in the age group of 25 to 45 outpace women in spending more money on grooming and personal care products, the survey noted.
Besides, it highlighted that men in smaller towns are displaying greater desire for grooming, especially in the whitening and fairness segment.
“Due to changing demographics and lifestyles, deeper consumer pockets, rising media exposure, greater product choice, growth in retail segment and wider availability are the reasons for sharp rising demand of cosmetics among Indian men,” the industry body said in the report.
While shaving products currently control the largest market share in terms of revenue in Indian men’s grooming market, deodorants and antiperspirants have the second largest market share.
The survey further said there has been sharp increase in beauty salon and spa in the country and it is estimated that about 40-45 per cent of total salon business come from men’s treatment.