The global beard oil market size is estimated to reach USD 1.4 billion, by 2025, and is projected to grow at the CAGR of 6.1% from 2019 to 2025, according to a new report by Million Insights. Major beauty & cosmetics companies are focusing on investing in R&D activities and new product development to meet the changing consumer needs which is anticipated to surge the demand for the product.
In addition, celebrity endorsement in creating brand awareness among consumers through product promotion, and marketing events. In 2019, Wellem Kapenda, collaborated with Chrisla Essentials brand to promote its product. The product is made by using wide range of ingredients which include moringa, seed, meadowfoam, clove, and manuka. It helps in keeping skin healthy and hydrated with added facial hair.
Chrisel Essentials offers products through own stores and some authorized pharmacies. In 2019, Wahl introduced beard oil which helps in treatment of skin irritations, itchiness, hair loss and skin dryness. This oil contains carrier oils and other essential elements which keeps the hair as healthy and nourished. The moisturizer abilities of product make it suitable to for all types of skins.
The Asia Pacific region is estimated to grow at a CAGR of 7.0% over the forecasted period. Growing awareness among consumers and rising celebrity endorsements are positively impacting the market growth.
Companies in the market engage in new product development, and investment in R & D activities to increase presence across the globe. Some of the key players in the beard oil market include Leven Rose, American Beard Company, Honest Amish, Viking Revolution, Mountaineer Brand Prophet & Tools and others.
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Further key findings from the report suggest:
• In 2018, conventional oils contributed to largest revenue share of over USD 728.6 million and are anticipated to continue to its dominance in the next few years.
• Based on the distribution channel, online segment is anticipated to grow at a significant CAGR rate of 7.5% over the forecast period.
• The growing penetration of online platforms with number of discounts, cashback offers is expected to bolster the segmental growth.
• Convenience stores channel is projected to lead the market by attributing to market share of over 45.0% in the overall market by the end of 2025.
• Asia Pacific is projected to grow at the significant rate of CAGR during the forecasted period.
Million Insights has segmented the global beard oil market based on product, distribution channel, and region:
Beard Oil Product Outlook (Revenue, USD Million, 2015 - 2025)
Beard Oil Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Hypermarkets & Supermarkets
• Convenience Store
Beard Oil Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa