Men are no less than women in grooming themselves!
Who are the people in mind when it comes to advertisements of beauty products? Obviously, you will say that women are in mind. But, if we believe Nikhil Kamath, co-founder of online share broking platform Zerodha, then you are wrong. Because, men have also started grooming themselves like women.
For this reason, the range of men's cosmetics products has also become bigger and this industry is currently on a boom. In the last eight years, the business of men's grooming industry has grown by 857 percent. Kamath says that this industry is going to explode in the future. That is, there will be such a huge boom in the business related to it that it is difficult to even imagine it.
What is the reason?
Nikhil Kamath's arguments are a bit uncomfortable but are absolutely natural. He says that earlier grooming was only the work of women. Now social media has forced men to change their habits. Now they want to look as beautiful as women to meet the standards of social media. Due to this, men have been forced to adopt the trend of women. Men who apply cream on their feet before sleeping are looking for more cosmetic options. In such a situation, the potential of this industry is quite wide. There is also a lot of scope for business development in the jewellery sector for men.
Will grow by nine percent every year
Till last year, the men's grooming industry in india was worth Rs 1300 crore 70 lakh. It is expected to reach Rs 2589 crore 30 lakh by 2030. In this way, this industry is growing at the rate of nine percent annually. 18 percent of the world's male population lives in India. Which contributes up to 6.4 percent to the global business. Therefore, there is a lot of scope for business development in this sector.