Beard Care Products Market to Witness Widespread Expansion by 2024
Men are becoming beauty and appearance conscious, so the sales of the men’s grooming products are increasing at a rapid pace. Men’s grooming products are popular personal care products in the North America and Europe. However, it is gaining massive popularity in the Asia-Pacific region. The sale of the beard care products is rising at a rapid pace owing to the increasing consumer trends to keep beard. So, manufacturers come up with various beard care products to enhance the revenues of the company.
Based on product type, the global beard care products market has been segmented into beard wash, beard oil, beard wax, and others. Among the product type, beard oil is expected to account for the highest market share in the global beard care products market. Wide availability of the products along with the strong promotional activities by the key players is the major factors for the high consumption of beard oil.
The market of global beard care products has been divided based on category into conventional, and organic. Among the category, conventional segment is expected to account for the maximum market proportion in the global beard care products market and projected to witness a moderate growth rate during the forecast period. The growth of the conventional segment is attributed to various factors. Economical pricing of conventional beard care products is one of the significant factors for the maximum market share of conventional beard care products. However, organic segment is projected to witness high growth rate as compared with the conventional segment. Rising awareness among the consumers regarding the adverse effects of chemical ingredients is the major factors for the rising adoption of organic beard care products.
Based on the distribution channel, the global beard care products market has been segmented into store-based, and non-store based. Store-based distribution channel is estimated to hold significant market share both in developed and developing economies. Store-based distribution channel is further segmented into supermarkets & hypermarkets, convenience stores, specialty retailers, and others. However, non-store-based distribution channel is projected to expand at a high pace in the near future. Companies are launching new products, which cannot be made available to consumers across different regions. Thus, there is more preference for e-commerce channels to expedite the process. Also, this mode is easier for vendors to create brand awareness.
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The global beard care products market has been segmented by North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to retain its dominance throughout the forecast period in the global beard care products market. New product launch is one of the major trends in the US. Manufacturers of beard care products are highly emphasizing in the new product launches in order to gain a competitive edge in the North America region. However, Asia Pacific market is expected to grow at the fastest rate during the forecast period. Ever-growing population and increasing disposable in the region are expected to fuel the beard care products market in the region during the forecast period. Other factors propelling the regional market growth include wide acceptance of technological advancements and awareness about beauty products.