Yes, there is a difference and in this video, The Beard Baron discusses the pros/cons of beard oil and beard balm.
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According to The Beard Baron, beard oil is made primarily of oils and provides a more natural shine. He recommends using beard oil during the first 2-3 weeks. Beard balm, which is made of waxes and butters, should be used to control or hold the beard hairs after the first 2-3 months, depending on the rate of hair growth.
The two can be used together. If that is the preference, use the beard oil at night and the beard balm in the morning.
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