Men’s Grooming Market: A Bright and Growing Sector
In today’s world where a lot of trends are taking place growing a beard is also one of them and it no longer considered a taboo too. On the other hand, it is a hip style many men have taken to. The trend has spurred growth in grooming products for men across the globe, a niche that was only reserved for women. According to a report, the male grooming market reports more than $ 6 billion in sales every year.
It is the rise of a new form of male grooming that has spawned the development of businesses and products to cater to men’s grooming needs. The Indian men’s grooming market is worth over Rs 5000 crore and is poised to grow at a CAGR of more than 10% in the coming future. The forecasts also predicted an increment in the number of products used however the development of new products marketed to men.
The men’s care is not just about shaving equipment and products, it also includes hair products and moisturizers that cater to the new aesthetic of men with a curly and shiny beard. These new grounds of business are quite promising to entrepreneurs looking to venture into the men’s care market. Here we have mentioned some opportunities for entrepreneurs who wish to consider venturing into these markets:
1. Beard Care Products:
The beard grooming industry in men’s care produces millions of dollars every year. Starting a beard care product line could be a pretty lucrative business alternative. Some beard care products you should consider producing or distributing include beard cream, gel, oil, wax, trimmer, beard straightener, bread fragrance, and so on.
2. Skin Care Products:
A few years back, men used female skincare products for grooming themselves as manufacturers had not yet produced products for men. However, as men become more aware of the skincare regimens, there is a remarkable development in men's skincare products. Products like, shower gel, body wash, face wash, and bar soaps are some products that are now designed only for men. It is a profitable business opportunity in the male-grooming industry as demand for the products is growing dramatically.
3. Hair Care Products:
You can likewise launch a line of men's hair care products focusing on the trends of the market. The thought is to make a range of products used as a beauty routine and can be consolidated into a man's skincare routine.
4. Natural Haircare Range:
Various new trends and changing mentalities towards the ingredients used in hair and beauty products also present an attractive business opportunity for entrepreneurs. Men are also attuned to using products that contain natural ingredients and oils like olive and argon oil, etc.
5. Products for Specific Hair Types:
The haircare market hardly caters to different hair types-men of coloring and Caribbean hairstyles. You can set up a product line to cater to this often overlooked need of men by the grooming market.
6. Open a Barber Shop:
The majority of these ideas need an enormous capital cost, which many people may not afford. In that capacity, you can open a barbershop and give an assortment of styles and treatments to cater to the beard ‘gang’ while offering the customary barber services.
The most effective method to Market Your Products:
There are many opportunities for product innovation in the beard and men’s haircare market. However, the products should be matched with aggressive marketing efforts to persuade men about the need to use specially designed products.
Normally, male customers are long-term thinkers who focus on quality, not quantity. Accordingly, such organizations need to train the male group on why they need the product. They have to create the need for their product among the mail consumer in the market. Focusing on male consumers who are already aware of their grooming needs is a good start.
The men’s grooming industry provides numerous business opportunities for entrepreneurs. It's a market that has prompted more product innovation as organizations try to deliver products that are more comprehensive of male necessities. Since men are more aware of their grooming needs setting up any of the business thoughts talked about may prompt remarkable growth and profits.