Beard Oil Market Size & Industry Share - Growth Trends & Forecasts (2023 - 2030)

Report ID : CBI_1252 |  Category : Consumer Goods   | Published Date:     |  Format :   ms word  ms Excel  PDF

Segments Covered :
By Source Organic and Conventional
By End User Individual and Commercial
By Distribution Channel Online (Company-Owned Website and E-commerce) and Offline (Hypermarket/Supermarket, Specialty Stores, Departmental Stores, and Others)
By Region North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Report Snapshots :
Base Year: 2022
CAGR: 5.1%
Forecast Year: 2023 - 2030
Revenue 2022: $992.25 Mn
Revenue 2030: $1,465.95 Mn

Beard Oil Market Size & Industry Share - Growth Trends & Forecasts (2023 - 2030)

Beard Oil Market Introduction :

Consegic Business Intelligence analyzes that the beard oil market is growing with a healthy CAGR of 5.1% during the forecast period (2023-2030), and the market is projected to be valued at USD 1,465.95 Million by 2030 from USD 992.25 Million in 2022.

Beard Oil Definition & Overview :

Beard oil is a cosmetic product that is used for grooming and maintaining beard styles. A beard oil is a combination of carrier and essential oils that helps to nourish, hydrate, and maintain the overall beard health. This is essential to reduce beard-growing maladies troubles and keep the beard healthy. Beard oil helps the skin and hair follicles to retain their proper moisture levels needed to grow.

Beard oils provide various benefits such as providing nourishment and hydration to the skin, preventing itching and dandruff in the beard, strengthening the beard, giving it a fuller look, and preventing acne and irritation. The most common ingredients in beard oil are vitamins A, D, and E which help to promote beard growth. The growing popularity among the millennial population regarding healthy and full-grown beard is increasing the demand for beard oil globally.

Beard Oil Market Insights :

Beard Oil Market

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Beard Oil Market Dynamics - (DRO) :

Beard Oil Market Dynamics

Key Drivers :

  • Significant growth in the beauty and personal care industry

    Beard oil is an essential product used for beauty and personal care applications. Beard oil provides the required nourishment to your beard and helps soften the facial hair to make it more manageable. There is a growing awareness among the male population across the globe regarding personal grooming, due to which these consumers are spending heavily on beauty and personal care products such as beard oil. Therefore, the significant growth in the overall beauty and personal care industry is driving the growth of the beard oil market worldwide. For instance, according to the report by the International Trade Organization in March 2021, the beauty and personal care market in Indonesia reached USD 7.5 billion in 2021 with a compound annual growth rate of 6.5% through 2025. The personal care segment held the largest revenue of USD 3.2 billion, whereas the cosmetics and skin care segment accounted for USD 3.8 billion in the same year. Hence, the increasing beauty and personal care market is improving the demand for beard oil among consumers worldwide. This prominent factor is boosting the market growth.

  • Increasing trend of men's beard look

    There is a growing trend of embracing beards as a fashion statement that has boosted the demand for grooming products that maintain and style beards. Various factors such as the rising influence of social media, celebrity endorsements, growing marketing, and advertising activities, and the rise in the number of men sporting beard looks are eventually leading to the adoption of men's grooming products, especially beard oil. Furthermore, the increasing influence of social media, cricketers, and celebrities in driving the beard trend is improving the growth in the demand for beard oils as a grooming product. Therefore, the growing trend of men's beard looks is fuelling the demand for beard oils, which, in turn, is driving the market growth.

Key Restraint :

  • The high risk of side effects of beard oil is restraining the market growth.

    Beard oil is useful in maintaining the overall health and looks of a beard by nourishing and improving beard growth. Beard oil is available in the market in two basic forms such as natural or organic and synthetic beard oil. Reputed brand available in the beard oil segment put their products through proper cosmetic testing. However, the combination of essential oils and harsh synthetic oils can be harsh on the skin and can cause side effects. People using beard oil can experience allergic reactions, due to the presence of synthetic fragrance oils and chemicals in beard oils. Consumers can also experience itching or contact dermatitis, inflammation, eye irritation, phototoxicity, and other allergic reactions. Hence, owing to the high risk of beard oil on the skin and the prevalence of various side effects are the factors hindering the growth of the beard oil market across the globe.

Future Opportunities :

  • Increasing focus on the development of new products

    Beard oil is a facial hair and skin conditioning oil. It is made up of a blend of different carrier oils such as almond oil, jojoba oil, and castor, among others. Beard oil is commercialized in a variety of colors, sizes, scents, and ingredients. Beard oil is getting popular among consumers worldwide, owing to the growing trend of healthy and full-grown beards. Various companies across the globe are focusing on the development of new beard oil products to expand their product portfolio. For instance, in January 2023, Grizzly Adam, a provider of premium beard care products, announced the launch of its new product Seduction beard oil. Furthermore, in March 2022, Denver, an Indian fragrance, and grooming products manufacturing company announced the launch of their new product portfolio consisting of beard oil and other products. Manufacturers are also engaged in the manufacturing of natural oil and vitamins based beards oil. Henceforth, the launch of new products with upgraded formulas will create a potential opportunity for the expansion of the global beard oil market in the forecast years.

 

Beard Oil Market Report Insights :

Report Attributes Report Details
Study Timeline 2017-2030
Market Size in 2030 USD 1,465.95 Million
CAGR (2023-2030) 5.1%
By Source Organic and Conventional
By End User Individual and Commercial
By Distribution Channel Online (Company-Owned Website and E-commerce) and Offline (Hypermarket/Supermarket, Specialty Stores, Departmental Stores, and Others)
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Players Bombay Shaving Co., Beardo, Ustraa, Cremo Company, LLC., Grizzly Adams, American Beard Company, Beardbrand, Klapp Cosmetics GmbH, The Gentleman's, and Viking Revolution

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Beard Oil Market Segmental Analysis :

Based on the 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.

Based on the 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.

Based on the 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.

Global Beard Oil Market, By Distribution Channel, 2022

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Based on the Region :

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

 
North America Beard Oil Market, 2022 (USD Million)

Regional Growth Insights

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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.

North America Beard Oil Market, By Countries (2022)

Details Countries Growth Insights

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Top Key Players & Market Share Insights :

The beard oil market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-

  • Bombay Shaving Co.
  • Beardo
  • Ustraa
  • Cremo Company, LLC.
  • Grizzly Adams
  • American Beard Company
  • Beardbrand
  • Klapp Cosmetics GmbH
  • The Gentleman's
  • Viking Revolution

KEY INDUSTRY DEVELOPMENTS :

  • In October 2022, Reuzel, a men's grooming products manufacturing company announced its new beard care product ‘Reuzel Clean & Fresh Beard Serum' contain FMCG major Marico has acquired an additional 55% stake in Beardo, a men's grooming brand that sells beard oils, beard waxes, soaps, and other products for men's facial hair containing argan oil and other ingredients for beard grooming.
  • In June 2022, Marico, a global FMCG company announced the acquisition of a 55% stake in Beardo, a men's grooming brand that sells beard oils, beard waxes, soaps, and other products for men's facial hair.
 

Frequently Asked Question

What was the market size of the beard oil industry in 2022?+

In 2022, the market size of beard oil was USD 992.25 million.

What will be the potential market valuation for the beard oil industry by 2030?+

In 2030, the market size of beard oil will be expected to reach USD 1,465.95 million.

What are the key factors driving the growth of the beard oil market?+

Significant growth in the beauty and personal care industry is fueling market growth at the global level.

What is the dominating segment in the beard oil market by distribution channel?+

In 2022, the offline segment accounted for the highest market share of 55.78% in the overall beard oil market.

Based on current market trends and future predictions, which geographical region is the dominating region in the beard oil market?+

North America accounted for the highest market share in the overall beard oil market.