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. 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.
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Key Questions Answered in this report :-
• What are the sales or revenue produced by Beard Oil products beyond all sectors during the forecast period?
• What are the key trends in the Beard Oil market?
• What are the leading drivers, limitations, and probabilities in the industry?
• Which segment will gain the highest revenue worldwide and which product segment will expand at the fastest CAGR during the forecast period?
• In which region the Beard Oil market to project lucrative CAGR during the forecast period?
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.
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.
Impact of COVID-19
Amid the COVID-19 pandemic, the beard oil market is projected to witness short-term decline in its growth. It is estimated that global beauty care market may fall by 20% to 30% in 2020. This is mostly due to the disruption in production due to lockdown across the globe. Moreover, lack of supply will be coupled with challenges faced in the delivery of non-essential product during such lockdown.
Coronavirus outbreak has adversely impacted the growth of grooming products such as beard oil, beard wash & softeners. However, this impact is expected to be for short term, once the lockdown is lifted the market is projected grow at rapid pace. Companies in market are focusing on investing in R & D activities to improve their product quality. During the lockdown, consumers prefer to buy beard oils and other haircare product from online channels to maintain social distancing norms.
Global Beard Oil Market: Key Players
Leven Rose, American Beard Company, Honest Amish, Viking Revolution, Mountaineer Brand Prophet & Tools.
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