Beard Care Products Market Outlook
The According to market research future insights analysis, the global beard care products market size is expected to register a CAGR of 7.40% from 2023 to 2032 and hold a value of over 29.4 billion by 2032.
The US beard care products market has witnessed substantial growth, reflecting the increasing demand for grooming solutions tailored to men's facial hair. Market research indicates that the sector is valued at billions of dollars, with a steady growth trajectory expected in the coming years. Factors such as changing perceptions of masculinity, celebrity endorsements, and social media influence have contributed to the market's expansion.
Due to the growing ubiquity of beards among people worldwide, the need for beard care products has grown significantly over time. Changes in lifestyle and increased knowledge of personal grooming trends are two major elements promoting this expansion. The development can be linked to several causes, including expanding urbanisation, rising disposable money among millennials, and rising awareness among males to improve their looks. Furthermore, men are starting to notice the growing importance of personal grooming. As a result, there is a rising need for goods that can improve men’s facial appearance.
These beard products market are becoming more popular in the men’s grooming sector as they enhance the beard’s outward appearance. External factors, including social media campaigns, marketing initiatives, and digital marketing, are also projected to fuel market expansion in the years to come. The necessity for males to present themselves appealingly and professionally is becoming more common. Thus, it is anticipated that demand for grooming products including oils, shampoos, and waxes, will increase in the next years. Additionally, manufacturers are starting to use more organic ingredients in their products. Moreover, it is anticipated that consumers’ growing preference for using products with natural ingredients and minimal side effects will positively affect market growth in the coming years. On the other hand, many unfavourable variables have a negative impact on the growth of the global market for beard care products. Some of the new products from a few manufacturers have unfavourable side effects that could slow the market’s revenue growth in the years to come.
Regional Analysis
Europe dominated the market for beard care products in 2021. This expansion can be ascribed to the rise in moustache and beard competitions. For instance, several competitions, such as the “World Beard and Moustache Championship,” are held across Europe, increasing the need for beard care products in the coming years.
Beard Care Products Market (1)
Asia Pacific to register lucrative growth in the market for beard care products. This expansion can be ascribed to several factors, including rising disposable income among working professionals, increasing population in countries like China and India, and increasing millennial desire for organic goods. Additionally, the introduction of numerous startups to produce beard care products has paved the path for product development, pushing the market demand.
Market Segmentation
The beard care products market has been segmented into type, category and distribution channel.
Based on type, the beard care products market has been segmented into beard oil, beard wax, beard wash and others. The beard oil category accounted for the largest share of the market in 2021. This is due to its benefits, which include great moisturizing capabilities and appropriateness for many skin types. These oils include a variety of carrier oils, which are crucial for hair growth and aid in softening hair follicles. As a result, producers are working to create these oils that can accelerate beard growth. On the other hand, the beard wax category is anticipated to grow at a significant rate. This growth might be related to the advantages of using these treatments, such as softer skin and beard. As a result, it is projected that the market for these items will grow in developed and developing countries worldwide.
Based on the category, the beard care products market has been segmented into conventional and organic. The organic category accounted for the largest revenue share in 2021 in the beard care products market as it offers various benefits. Organic components are crucial in beard care products to keep your beard soft and encourage healthy beard growth. These compounds have a wide range of therapeutic effects and are easier on your skin.
Based on the distribution channel, the beard care products market has been segmented into store based and non-store based. The store-based category accounted for the largest revenue share in 2021 in the beard care products market. This development may be explained by consumers’ increasing preference for physically inspecting products before making a purchase. The beard care products market is expected to grow due to numerous techniques used by producers, such as discounted rates and offers to build brand awareness. Additionally, store assistants who work in such establishments aid customers in choosing the ideal product based on their needs.
Key Players
Some key market players are The Famous Beard Oil Company LLC (US), The Man Company (India), Beardbrand (US), The Bearded Bastard LLC. (US), Texas Beard Company (US), Liberty Premium Grooming Co. (US), Smoky Mountain Beard Co. (US), Murdock London (UK), Badass Beard Care (US) and Zeus Beard Products (US).
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