AHMEDABAD: Even though demand for international FMCG brands in India declined in the first quarter of 2014, industry insiders say the outlook for men's grooming products remains positive and domestic brands are seeking to enter the market.
The Himalaya Drug Company, the Bangalore-based healthcare group which already markets its Himalaya Purifying Neem Face Wash for men, has announced plans to launch hair care and skin whitening products for men within a year.
Himalaya CEO Philipe Haydon told a press conference in Ahmedabad that the personal care segment has been growing at a rate of 30% over the last few years.
He said the company expects this segment to overtake its pharmaceutical division in terms of revenue within the next few years, Hindu Business Line reported.
And the initiative comes on the back of estimates that the men's face wash market in India is currently worth about Rs 200 crore.
Meanwhile, Euromonitor has estimated the overall men's grooming market, which includes shaving products, will grow to over Rs 5,000 crore by 2016, the Economic Times reported while noting that more advertisers are building their campaigns around "macho" themes to appeal to Indian men.
Traditionally, Indian men, faced with few products exclusively designed for them had to use women's products, but brands over the last few years have been making a specific appeal to their "manliness" as the number of men's products increases.
Mohan Goenka, director of Indian FMCG group Emami, said he didn't expect men to be using women's products in 15 years' time.
Data sourced from Hindu Business Line, Economic Times; additional content by Warc staff