New York, United States, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Personal hygiene and physical appearance can be maintained with the help of grooming products. In recent years, male grooming has shifted to place a greater emphasis on personal appearance, attire, and beauty treatments. “The global men’s grooming products market size was valued at USD 74.8 billion in 2021 and is projected to reach USD 132.73 billion by 2030 at a CAGR of 6.58% from 2022 to 2030.
As a result of the rise of the metrosexual male and the increasing influence of celebrities and influencers, attitudes regarding traditional masculinity have shifted, causing men to spend more on grooming products. Aside from that, some market participants are developing new electrical products, such as shavers and razors, that incorporate new performance characteristics based on cutting-edge technology. High disposable income and the desire to climb the corporate ladder have redefined the grooming needs of men, thereby creating a lucrative market for men's product manufacturers. The market for men's grooming products is one of the consumer brands industries with the highest growth rate. Men's growing awareness of the importance of total body care and the growing influence of social trends are driving the market's expansion.
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GROWTH OPPORTUNITIES:
Growing demand for the e-commerce segment is exponentially driving the market. A large percentage of the young crowd is the potential use of various online portals, which in general provide more knowledge about the variety of grooming solutions available in the market, thereby driving the demand for various products. Considering this, an online beauty retailer, Nykaa, is looking to tap the billion-dollar men’s grooming market in India with its exclusive portal for men called Nykaa Man. The men’s category is one of the fastest-growing categories on Nykaa’s main platform, and it expects this segment to contribute 10% to the company’s total revenue. Moreover, stringent regulations regarding composition and rising consumer preference for organic products and natural ingredients are likely to have a significant impact on the market's growth in the coming years.
REGIONAL ANALYSIS:
In terms of market regions, Europe holds the top spot. High living standards and increasing demand for authentic and personalized male grooming products are driving the growth of the regional market. Europe's market is primarily driven by the growing emphasis on maintaining a youthful and presentable appearance. Increasing numbers of young consumers use deodorants, powders, perfumes, and body lotions to enhance their appearance and appeal among their peers.
Asia-Pacific is the fastest-growing regional market, expanding at a CAGR of 8.1% during the forecast period due to the thriving e-commerce industry and rising disposable income of consumers. Men are frequent users of body shaving products and skin enhancement cosmetics in the APAC region, contributing to the expansion of the regional market. Urban males in the Asia-Pacific region (particularly in China, Japan, and South Korea) are becoming increasingly appearance-conscious and concerned that an untidy, unkempt appearance will hinder their social and professional success. Indian men have become more conscious of their appearance in recent years as a result of the rise of social media platforms such as Instagram and Facebook, where they are exposed to the grooming routines of celebrities and a multitude of new products that offer targeted solutions.
COMPETITORS ANALYSIS:
This market is highly concentrated, with only a handful of companies operating, including Procter & Gamble Company, Unilever PLC/NV, Edgewell Personal Care Company, Beiersdorf AG, LVMH Mot Hennessy – Louis Vuitton SE, LO'real SA, Coty, Inc., Natura Cosmeticos SA (NATURA), PUIG, SL, Koninklijke Philips NV, and Panasonic Corporation.
RECENT DEVELOPMENTS:
- In January 2022, L'Oréal acquired the U.S. superfood skin care specialist Youth to the People, a move that is expected to strengthen the company's ethical offerings in the highly competitive male grooming product market.
- In May of 2020, Gillette introduced King C. Gillette, an extensive line of grooming and beard care products for men. Shave and edge, trim, and care were the three categories used to classify the assortment.
- In September of 2019, Gillette from Procter & Gamble introduced the most recent product innovation in shaving razors: Gillette SkinGuard, a razor that shaves while barely touching the skin. SkinGuard is designed to revolutionise the shaving experience for men by incorporating two lubra strips that leave the skin feeling soft and smooth.
MARKET SEGMENTATION:
By Product Type:
- Hair Care
- Skin Care
- Fragrances
- Others
By Distribution Channel:
- Supermarket/Hypermarket
- Convenience Stores
- Pharmacy
- E-commerce
- Others
By Region:
- Europe
- Asia Pacific
- North America
- LAMEA
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