857% growth in 5 years: Zerodha’s Nikhil Kamath says industry will explode next

The men’s grooming industry is no longer a niche industry, but rather a revolution in the making. Nikhil Kamath, co-founder of Zerodha, believes the market is on the verge of a massive boom. His logic is simple but compelling: The rise of social media has amplified the need for validation, pushing men toward grooming habits previously limited to women.

“As gender norms evolve, this market, in my opinion as a man who applies peppermint foot cream before bed, is poised to explode,” Kamath noted in a recent LinkedIn post. He also suggested that trends that suit women could be adapted for men, pointing to potential growth in sectors such as jewellery.

The numbers support his predictions. The global men’s grooming market, worth $202 billion in 2022, is expected to grow at a compound annual growth rate of 8% by 2030, according to Grandview Research. In India, the market generated INR 13,007 million last year and is expected to double to INR 25,893 million by 2030, growing at 9% annually. Since the country represents 18% of the world’s male population, it contributes 6.4% of global revenues, indicating huge untapped potential.

Kamath highlighted the shift in consumer behaviour. A study conducted by Indian Retailer, IPSOS and others revealed that 56% of youth now follow a daily skincare routine, while 35% are concerned about dark circles and dull skin. Nearly half of Gen Z men are influenced by dating apps, social media, and celebrity culture. Searches for “men’s skincare routine” alone have increased by 857% in the past five years.

The industry focus is also shifting towards premium products, with this segment expected to grow at a CAGR of 10.5%. While mass market products still dominate, demand for high-end grooming solutions is on the rise, driven by younger consumers seeking attractiveness and older men aiming to look younger.

Kamath’s advice for businesses? “Take what works for women and make it for men, and maybe jewelry after that.” And since the personal care sector is already making waves, his ideas may point to the next frontier in redefining masculinity.