Beard Grooming Market to Reach $43.1 Bn, Globally, by 2026 at 7.7% CAGR, Says Allied Market Research

Rise in number of beauty-conscious customers among male population, increase in disposable income, and extended product offering facilitated by key manufacturers fuel the growth of the beard grooming market

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Allied Market Research

Dec 09, 2019, 08:10 ET

PORTLAND, Oregon, Dec. 9, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Beard Grooming Market by Product Type (Beard Oil, Beard Shampoo, Shaving Cream, Trimmers, Shaving Gel, Waxes, and Others), End User (Personal and Commercial) and Distribution Channel (Hypermarket/Supermarket, Specialty Store, Online Store and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." As per the report, the global beard grooming industry was estimated at $24.1 billion in 2018 and is expected to hit $43.1 billion by 2026, registering a CAGR of 7.7% during 2019–2026.

Drivers, restraints and opportunities-

Increase in number of beauty-conscious customers among male population, rise in disposable income, and extended product offering facilitated by key manufacturers drive the growth of the beard grooming market. On the other hand, high marginal price of the product and false claims by manufacturers restrain the growth to some extent. However, rise in demand for organic cosmetic products and surge in social media marketing are expected to create an array of opportunities for the key players in the industry.

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The shaving cream segment to rule the roost-

Based on product type, the shaving cream segment contributed to nearly one-fourth of the global beard grooming market share in 2018 and is expected to dominate throughout the forecast period. This is attributed to the fact that the products have been traditionally used by the men population and are easily available through different distribution channels at affordable prices for the target customers. At the same time, the waxes segment would register the fastest CAGR of 9.1% by the end of 2026. Extended range of product offerings facilitated by top-end manufacturers is expected to boost the growth of the segment.

The personal segment to remain lucrative by 2026-

Based on end use, the personal segment held the largest share in 2018, garnering nearly four-fifths of the global beard grooming market. The fact that the beard grooming manufacturers have been availing most of its products specifically for personal care purposes has propelled the growth of the segment. The commercial segment, on the other hand, is projected to showcase the fastest CAGR of 8.4% during the study period. When it comes to styling one's beard with specific requirement, most of the customers prefer consulting hair care professionals for the same. These professionals are trained to recognize and use the right type of beard grooming products. Beard grooming manufacturers avail some of its products specifically designed for commercial segment as well.

Europe, followed by Asia-Pacific and North America, to dominate in terms of revenue-

Based on geography, Europe accounted for nearly one-third of the global beard grooming market revenue in 2018 and is anticipated to lead the trail throughout the estimated period. Positive attitude toward self-grooming has worked as the major factor behind the growth of the European men's grooming market. Simultaneously, the region across Asia-Pacific, followed by LAMEA and North America, is anticipated to cite the fastest CAGR of 8.7% by 2026. The changing lifestyle, higher levels of disposable income, rapid urbanization, and increased expectations that men should appear successful, healthy and youthful are the major factors driving the growth of men's grooming market in the region.

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Leading market players-

Robin Hood Beard Company Ltd.
Viking Beard Stuff
The Bearded Man Company Limited
Beardbrand
Wahl Ltd.
Panasonic
The Brighten Beard Company
Koninklijke Philips N.V.

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