Beard Oil Market Forecast 2023 - 2030

By Source :

The source segment is categorized into organic and conventional. In 2022, the conventional segment accounted for the highest market share in the overall beard oil market. Conventional beard oils have widespread brand recognition, larger marketing budgets, and well-established distribution networks. Additionally, consumers are mostly attracted to fancy packaging, familiar ingredients, and scents. Another factor impacting the growth of the conventional beard oil segment is the price of conventional beard oils. Prices of conventional beard oils are cheaper than natural or organic beard oils. Hence, owing to the above-mentioned factors, the growth of the conventional segment of the beard oil market globally.

However, the natural segment is expected to grow at the fastest CAGR in the market during the forecast period. The growth of the segment is attributed to the increasing awareness about the high skin benefits and lower side effects of natural or organic products. Natural or organic bread oil is made from natural, plant-based ingredients that are free from synthetic chemicals, pesticides, and artificial additives, which help to reduce the irritations and allergic reactions on the skin. Hence, the high benefits of natural or organic beard oil will further foster market growth over the forecast period.

By End User :

The end user segment is categorized into individual and commercial. In 2022, the commercial segment accounted for the highest market share in the overall beard oil market and it is expected to grow at the highest CAGR over the forecast period. Commercial end users such as beard shops, barbershops, salons, and grooming establishments tend to beard oil in larger quantities due to the high volume of clients they serve. This allows them to benefit from economies of scale, leading to cost savings on bulk purchases. Barbershops and grooming saloons frequently incorporate new and innovative products to improve customer satisfaction and provide better services. As beard oil is considered an essential grooming item, large quantities of beard oils are consumed by conventional end users. The demand for beard oil for commercial applications drives the segment's growth worldwide.

By Distribution Channel :

The distribution channel segment is categorized into online and offline. In 2022, the offline segment accounted for the highest market share of 55.78% in the overall beard oil market. The offline distribution channel is further categorized into supermarkets/hypermarkets, specialty stores, departmental stores, and others. The growth of the segment is attributed to the wide reach of beard oil through offline distribution channels such as supermarkets/hypermarkets, specialty stores, departmental stores, and others. Physical stores allow customers to see and smell recommendations from sales staff and make instant purchases. Furthermore, high preferences are given by the large number of customers for the offline purchases of the products. Hence, owing to the above-mentioned factors, the growth of the offline segment of the beard oil market globally.

However, the online segment is expected to grow at the fastest CAGR in the market during the forecast period. The online segment is further categorized into company-owned websites and e-commerce platforms. The growth of the segment is attributed to the significant growth in the e-commerce platform and shifting consumers purchasing preferences. The significant growth in the e-commerce platforms and large availability of beard oil products on the channels is leading to the growth of the segment over the forecast period. For instance, according to the report by the International Trade Administration, online distribution channels hold a steady 8% growth for all worldwide retail e-commerce sector sales through 2024. Hence, the high growth of online distribution channels will further foster market growth over the forecast period.

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, North America accounted for the highest market share at 35.75% was valued at USD 354.73 million and is expected to reach USD 525.69 million in 2030. In North America, the U.S. accounted for the highest market share of 65.35% during the base year of 2022. The increasing popularity among the population in the North American region for keeping a beard as a symbol and high celebrity influence on the population of the region are the major factors leading to the highest market share of the region. Having a beard is associated with masculinity, style, and self-expression. Pop culture and rising social media influence also play a significant role in the popularization of the beard trend in the region. All these factors are contributing to the growth in the number of men with beards across the region and leading to heavy demand for beard oil for beard grooming and maintaining and fostering market growth.

Furthermore, Asia Pacific is expected to witness significant growth over the forecast period, growing at a CAGR of 5.6% during 2023-2030. This is due to the significant growth in the economies across the developing countries in the region leading to consumer spending power.