As per the recent report published by Future Market Insights (FMI), the beard oil market is expected demonstrate a stable growth at a CAGR of 5.6% during the forecast period, 2019-2029. Market gains remain driven by increasing requirement for personal care products among male customers, rising indie brands, and aggressive marketing by companies.
Key Takeaways of the Beard Oil Market Study
- Europe is anticipated to lead the global beard oil market, owing to higher concentration of skincare & beauty manufacturers in the region.
- The East Asia regional market is anticipated to expand at maximum CAGR during the assessment period.
- Higher requirement for organic products is regarded as foremost growth contributor to the global beard oil market.
- FMI keyed out online retail as the most remunerative sales channel and will continue to influence growth strategies over the forecast period.
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Preferential Move towards Organic & Natural Products to Upsurge Market Growth
Key manufacturers are centering on the development of new products that depend upon on the new wave of customer preference towards organic and natural skincare products. These manufacturers have additionally increased their focus on improved packaging and product ingredients. Growing awareness regarding related side effects concerning beard oil, for instance, burns, itching, and skin reactions, are aspects projected to hinder the beard oil market. On the other hand, rising customer awareness as well as online product accessibility are set to boost sales of beard oil all over the world.
In order to capitalize on millennial demographic who are tech-savvy, companies will need to connect with customers via social media and different digital avenues to promote their products as well as boost market share through online sales channel.
Beard Oil Market: Competitive Landscape
A few of the foremost participants functioning in the beard oil market are Leven Rose, Brickell men’s Product, The American Beard Company, Prophet and Tools, Mountaineer Brand, Viking Revolution, The Gentleman’s, ArtNaturals, Honest Amish, DapperGanger,Macho Bread Company, Rosdon Group Ltd, Fullight Tech, Evolution GMBH, Alpha Vikings, Vetyon, Klapp Cosmetics GMBH, Rapid Beard, Hongkong Guan Wei International, Texas Beard Company, etc. As a consequence of expanding competition, companies are centering on growing their product portfolio with latest innovations.
Key manufacturers of beard oil are at present assigning priority to R&D and novel product launches to come across with the booming utilization of natural ingredients in East Asia, Europe, and North America. M&A are in addition identified as major developmental strategies accepted by makers of beard oil.
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Deeper apprehension of preferential shifts and market trends of product source from conventional to organic categories across diverse regions are projected to build a tailback for major players, looking forward to untapped prospects in the beard oil market. In addition, celebrity endorsement, expansion in online sales and desire for pleasant appearance principally impel the market.
Europe accounts for maximum value share in the global beard oil market, while East Asia’s market is anticipated to register maximum CAGR during the forecast period. During April 2019, a US located company BUSCH had presented beard oil inculcated with the rugged essence of BUSCH.
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