Continuing from last post, more men are keeping beards. This has led to the rise of startups like Beardo, Ustraa and the Bombay shaving company. All these startups started in 2015 with focus on nurturing male facial hair.
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Nielsen pegs the value of the male grooming market at around Rs 5000 crore, growing at around 12.3 per cent CAGR. All these three companies started with beard oil and wash. Post which they expanded into other categories in skin and hair care.
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From a near zero market size few years back, beard grooming market has grown to over 100 crores with major demand from the states of Punjab, Kerala and Karnataka. Beardo has a range of products starting right from Mass market till the premium segment.
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Even bigger players want a share of this pie now. Marico has taken up a 45% stake in Beardo for around 50 crores. The Beardo portfolio will be a good addition for Marico which already has presence in hair gel and deodorant segment.
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Ustraa owned by Happily Unmarried also saw investment from Wipro consumer care and infoedge. Wipro invested approx 50 crores in the male grooming startup.
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The beard grooming category is here to stay & is expected to grow at a rapid pace with changing behavioral traits of men. With razor sales stagnating globally, it would be interesting to see how Giants like Gillette or Dollar shave club would tackle this new challenge.
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