Global Beard oil Market to Reach ~US$ 1,475 Mn by 2029
The global beard oil market is projected to reach ~US$ 1,475 Mn by the end of 2029. The market was valued at ~US$ 855 Mn in 2019. If these figures hold true, the market will exhibit a CAGR of ~5.6% between 2019 and 2029. Regionally, Europe is expected dominate the market. However during the forecast period, East Asia will exhibit more lucrative growth opportunities. In terms of product type, the market can be classified into organic & conventional. Growing ingredient awareness have pushed the market for higher growth in organic segment however conventional beard oil holds the highest value share in 2019.
Increasing Internet Penetration and Online Sales to Boost Beard Oil Market Growth
Increasing prevalence of e-Commerce and rising internet penetration for selling FMCG products in North America and Asia Pacific have surge the growth of B2C in the consumer goods sector. Over the years, consumers’ behaviour has drastically changed, and they are more inclined towards researching about products online and purchasing various products such as skin care and shave care through e-Commerce. Internet retailing accounts for ~5% of male grooming products distribution.
In order to capitalize on millennial that are tech-savvy, companies engaged with consumers through social media and other digital avenues to advertise their products and increase market share via online sales channel.
How Growth will Unfold
The global beard oil market represents a fairly consolidated competition landscape, where majority of key players maintain their strategic focus on partnerships and joint ventures, targeting a firmer global footprint. Leading manufacturers of beard oil are currently prioritizing R&D and new product launches to resonate with the booming consumption of natural ingredients in North America, Europe, and East Asia. Mergers and acquisitions are also identified as key developmental strategies adopted by manufacturers of beard oil.
Deeper understanding of market trends and preferential shifts of product source from conventional to organic segments across various regions are likely to create a bottleneck for prominent players, looking forward to untapped opportunities in the beard oil market. Moreover, celebrity endorsement, growth in online sales and desire of attractiveness primarily drive the market. Europe holds highest value share in beard oil market while East Asia is expected to expand at highest CAGR during the forecast.
Market Segmentation
The global beard oil market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
By Product Type
- Organic
- Conventional
By Price Range
- Low
- Mid-range
- Premium Range
By Packaging
- Bottled
- Jar
- Other
By Sales Channel
- Wholesaler/ Distributor
- Hypermarket/ Supermarket
- Specialty Stores
- Exclusive Stores
- Online Stores
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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