MEN'S GROOMING IN INDIA - ANALYSIS

Country Report | Apr 2021

KEY DATA FINDINGS Market Sizes

Men’s grooming declines in 2020 due to COVID-19 restrictions, with fewer trips Sales of Men's Grooming
outside the home leading to less concern about appearance, although variations in Retail Value RSP - INR million - Current - 2006-2025
performance are seen across categories
In 2020, men’s grooming sees a 3% retail current value decline, falling to INR114.4
billion
114,366 Forecast
200,000
Price rises are seen in men’s shaving and men’s toiletries in 2020, but price declines
in men’s fragrances pull down average unit prices in the category overall, leading to
a stronger current value than volume decline 150,000
Gillette India maintains its lead in men’s grooming in 2020, holding a 15% value share
Men’s grooming is expected to see a current value CAGR of 9% (4% CAGR at 2020
100,000
constant prices) in the forecast period

2020 IMPACT
50,000
Men’s grooming turns to decline due to COVID-19 lockdown
After witnessing retail volume and current value growth for most of the review period,
men’s grooming turned to decline by both measures in 2020. The arrival of COVID-19 in 0
2006 2020 2025
the country and the resultant lockdown from March led to restrictions on movement,
and many people worked and studied from home. Home seclusion and a lack of work
and social occasions therefore resulted in declining demand for products such as men’s
razors and blades, men’s deodorants and men’s fragrances, as men felt less need to Sales Performance of Men's Grooming
maintain a well-groomed look if they were not going out. Conversely, men’s skin care % Y-O-Y Retail Value RSP Growth 2006-2025
and men’s hair care maintained growth and provided some cushioning to the overall
category, as the focus moved away from facial grooming and smelling good to the
maintenance of skin and hair.
-3.3% Forecast
25%
The strongest decline in 2020 was seen in men’s fragrances, as these are seen as non-
essential products, and were the first to be cut from consumers’ budgets, especially 20%
with the economic impact of measures taken to control the virus and falling incomes.
However, this remained the smallest category in value terms, so despite seeing strong
double-digit retail volume and current value declines, this did not have such a notable 15%
impact on the category overall, with the value growth in men’s shaving and toiletries
offsetting some of the decline. 10%

Huge potential for growth in men’s grooming leads companies to invest 5%

Indian men used to be more than content with the bare minimum in terms of self-
grooming. Today, every Indian man has his own interpretation of style and individual 0%
grooming, and the number of products used by men is expanding, approximating the
range used by women. Millennials and gen Z have realised that there is nothing wrong
with daily grooming. The trending icons of today have a strong influence on the -5%
2006 2020 2025
grooming habits of men, including actor Aamir Khan, cricketer Virat Kohli and other
personalities which are attractive to the younger population on social media platforms
such as Instagram and Facebook. The younger generation widely seeks to replicate the
looks of their favourite idols, especially those in urban areas. Male grooming therefore Sales of Men's Grooming by Category
offers huge potential, due to drastic shifts in lifestyle and evolved grooming routines Retail Value RSP - INR million - Current - 2020 Growth Performance
amongst younger consumers.
Men's Shaving
Given the growth potential in men’s grooming, leading fmcg companies are eyeing a 50,770.2
share of the pie – mostly through investments and acquisitions. For instance, Marico
Men's Toiletries
picked up a stake in online brand Beardo a few years ago, and in 2020 acquired the 48,110.1
company. The brand sells beard oils, beard waxes, soaps, and other facial hair products
Men's Fragrances
for men. It has actor Suniel Shetty on its board of investors and actor Hrithik Roshan as 15,485.9
brand ambassador, therefore appealing to a wide audience. Meanwhile, Wipro’s
-40% 0% 20%
investment arm picked up a stake in LetsShave in 2020.
MEN'S GROOMING 114,366.2 CURRENT % CAGR % CAGR
YEAR % 2015-2020 2020-2025
Gillette maintains its lead, but small start-ups also perform well GROWTH

Gillette India continued to lead overall men’s grooming in value terms in 2020, and
extended its share slightly thanks to its strong portfolio of products. Its main strength is
in the largest category, men’s shaving, in which it accounted for almost a third of value
sales in 2020, although it also has a small presence in men’s fragrances and men’s
toiletries. It regularly releases new products in men’s razors and blades to maintain

© Euromonitor Interna onal 2021 Page 1 of 2

consumers’ interest. For instance, in 2019 the company launched Gillette Mach3 Start, Competitive Landscape
which is an entry-level premium system razor. Meanwhile, Vini Cosmetics took second
place from Hindustan Unilever in 2020 due to its strong share growth in men’s
deodorants and men’s fragrances, whilst Unilever saw a share decline due to its poor Company Shares of Men's Grooming
performance in men’s toiletries, especially hair care. % Share (NBO) - Retail Value RSP - 2020

Nevertheless, the rise of start-up brands in men’s grooming, such as Ustraa, The Man Gillette India Ltd 14.8%
Company, Bombay Shaving Company, Beardo and Happily Unmarried, has started to Vini Cosmetics Pvt Ltd 6.6%
change the competitive landscape and the way the beauty products industry has
traditionally operated in India. Backed by digitisation and leveraging rising internet Hindustan Unilever Ltd 6.1%
penetration to target young urban males, these start-ups proved increasingly popular in Malhotra Shaving Product... 4.1%
2020, which contributed to an increase in the share of the smallest players, included
Helene Curtis India Ltd,... 3.2%
under “others” in this year.
Vidyut Metallics Ltd 3.1%
RECOVERY AND OPPORTUNITIES Marico Ltd 3.1%
Baccarose Perfumes & Bea... 3.0%
Rebound to growth in 2021 and beyond
McNroe Chemicals Pvt Ltd 2.3%
In 2021, men’s grooming is set to see a rebound to growth in both retail volume and Nivea India Pvt Ltd 2.2%
current value terms. However, growth rates are not likely to return to those seen
Emami Ltd 2.2%
before the pandemic, and although value sales are expected to recover to the pre-
pandemic level in 2021, volume sales are not predicted to reach this target until 2022. ITC Ltd 1.7%
However, the rate of volume growth is set to see a continuous rise throughout the
Tarz Distribution India ... 1.6%
forecast period. The performance in 2021 is expected to be better than in 2020, as
although the country saw a rise in infections at the start of the year due to new variants L'Oréal India Pvt Ltd 1.3%
of COVID-19, a massive vaccination programme is being rolled out. This is expected to Menezes Cosmetics Pvt Lt... 1.3%
reduce the number of cases later in the year and lead to a return of confidence in
leaving the home and spending amongst consumers. Godrej Consumer Products... 1.2%
VI John Group 0.9%
Given the potential in men’s grooming, more investments and acquisitions are
expected over the forecast period. Colgate-Palmolive invested in Bombay Shaving Procter & Gamble Hygiene... 0.9%
Company in 2018, and was also part of its funding round towards the end of 2019. Reckitt Benckiser (India... 0.7%
Furthermore, in January 2021 Reckitt Benckiser entered this category by also investing
in Bombay Shaving Company. This and other investments in recent years are expected Others 39.7%
to contribute to changing the competitive landscape in the forecast period and beyond.

Continued growth expected for e-commerce

E-commerce helped maintain sales in men’s grooming in India during 2020, and this Brand Shares of Men's Grooming
channel saw a strong increase in its share of distribution. This was partly due to COVID- % Share (LBN) - Retail Value RSP - 2020
19, as more consumers were willing to try purchasing online due to their reluctance to
Fogg 6.6%
visit busy store-based retailers, preferring online ordering and home delivery. E-
commerce is expected to continue to play a key role in the performance of the category Wilkinson 3.9%
over the forecast period. As consumers return to increasingly time-pressed lifestyles Gillette Mach3 3.7%
and demand convenience, they are expected to turn to the most convenient ways of
shopping. Meanwhile, the pandemic reinforced the need for brands to have a digital Super-Max 3.1%
presence, and most start-ups in the men’s grooming space were already D2C brands. Gillette Vector Plus 3.1%
This was one of the major reasons why leading fmcg companies invested in these start-
Park Avenue 3.0%
ups. However, other companies, such as Nivea, are creating their own e-commerce
portals for consumers. Omnichannel beauty specialist retailer Nykaa.com also set up a Axe 2.7%
website exclusively for men in light of growing demand, following in the footsteps of Topaz 2.4%
Amazon India, which also offers a men’s grooming e-commerce store. Companies such
as Myntra now also have men’s grooming brands in their portfolios. As it becomes Set Wet 2.4%
crucial for companies to be present across multiple touchpoints for their customers, Wild Stone 2.3%
more established brands that have a traditional retail model (distributor/stockist to
retailer) could offer e-commerce. Nivea Men 2.2%
Emami Fair & Handsome 2.2%
Greater potential for growth in less mature categories Laser 1.7%
As men move beyond more basic beauty and personal care routines and become more Engage 1.7%
curious about grooming, opportunities exist across less mature categories. Men’s skin Garnier Men 1.3%
care is set to see the strongest retail volume growth in the forecast period, along with
dynamic current value growth. Men in India are paying more attention to their looks, Old Spice 1.3%
grooming needs and skin care than ever before, and it will be essential for companies Brylcreem 1.2%
to find the gaps and tap into them. Make-up-infused skin care products (tinted
moisturisers/concealers), and face serums/masks are areas which have not yet been Godrej 1.2%
explored by many companies in men’s grooming, and could provide opportunities Gillette 1.0%
moving forward. Although men’s fragrances is also expected to see a strong
Others 53.1%
performance in the forecast period, this is mainly due to the strong decline seen in
2020, and growth will be driven by recovery rather than notable growth. Volume sales 5-Year Trend
are not expected to reach the 2019 level until 2024. Although sales of premium Increasing share Decreasing share No change
products are not notable in most men’s grooming categories, except men’s deodorants,
there may be opportunities for expansion in this price platform later in the forecast
period as consumers’ incomes rise. Certainly, premium men’s deodorants is set to see a
better performance than mass men’s deodorants which is an indication of potential.

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