10 reasons why Nithin Kamath expects men’s grooming industry to explode – CNBC TV18

Have you seen those reels about women getting angry if their partners don’t apply sunscreen or don’t indulge in a seven-step skincare routine? Well, so has Zerodha co-founder Nikhil Kamath. He believes social media has made the need for validation higher than ever before, and as result the men’s grooming industry is likely to grow exponentially. Influencers, healthcare, and partners, all have a part to play.

Be it Ustra, The Man Company, Nykaa Man, Bombay Shaving Company or Beardo, Zerodha founder noted that the grooming market has grown exponentially, with 76 brands targeting men today, compared to only 18 in 2009.

In a post on LinkedIn on December 12, Kamath said, “With evolving gender norms, This market, in my opinion as a man who puts on mint foot cream before going to sleep, is set to blow up 🙂 Not because their face is a moneymaker or to prevent skin cancer, but cos Social Media has made our need for validation higher than ever before… Pick what worked with women and build for men maybe, perhaps jewelry next…”

The global men’s grooming market was valued at $202 billion in 2022 and is expected to grow at a compounded annual growth rate of 8% from 2023 to 2030, Kamath said in his post, citing Grandview Research. The Indian men’s grooming market generated $13,007 million in 2022 and is projected to reach $25,893 million by 2030, with a CAGR of 9%, the research showed.

Also, India, home to around 18% of the world’s male population, contributes to 6.4% of global men’s grooming market revenue.

Shaving and skincare (toiletries) have stood out as the biggest priority among men globally. The research adds that while the mass grooming segment accounted for a major 72% of the revenue, the premium segment is expected to grow faster with a 10.5% CAGR.

Here is why Nikhil Kamath expects men’s grooming industry to become the next big thing

-Pookiefication of masculinity: Over time, as the concept of “men written by women” went mainstream, a paradigm shift occurred.

-Citing a research by IndianRetailer, Voyant Beauty, IPSOS, the Zerodha founder pointed out that one out of two men buy more skincare products than they did five years ago.

-56% of young men have a daily skincare routine. Seven out of 10 men aged 51+ have a daily skin routine.

-35% of young men worry about dark circles, dull skin, and general impurities.

-Rs 500 is the average amount spent by men on grooming monthly.

-10 minutes is the average time spent by men everyday for tidying up.

-70% of men feel that their face is the real money-maker, Kamath said, citing a CDC, Dove, IPSOS research.

Also Read: Emami says it is well-positioned to capitalise on the vast opportunity in male grooming industry

-Improving appearance drives grooming for over 39% of young men and more than 55% of elders, with younger men seeking attraction (33%) and elders aiming to look younger (44%).

-45% of GenZ men are influenced by dating apps, social media, movies, celebrities and influencers. The search volume for men’s skincare routine has increased by 857% in the past five years.

-The fear of men being 40% more likely to develop skin cancer than women has further advocated it.