The global Men’s Grooming Products Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global men’s grooming products market is projected to reach USD 78.5 billion by 2025, as per a new report by Million Insights. The market is expected to grow with a CAGR of 5.2%, during forecast years. Increasing beauty consciousness among men, growing awareness about the importance of overall body grooming and society's influence towards aesthetically appealing looks are driving the industry.
Key Players:
- Procter and Gamble
- Unilever
- L’Oreal
- Johnson & Johnson Consumer Inc.
- ITC Ltd.
- Edgewell Personal Care Co.
- Coty, Inc.
- Philips
- Energizer Holdings Inc.
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Growth Drivers:
Men’s grooming products are meant for different body parts that include hair care, shave care and skincare. The latest developments and innovations in several grooming techniques such as hair spray and beard wax are bolstering the demand for grooming products. Well-groomed individuals are preferred right from the corporate world to the modeling industry. The quest to redefine an individual’s career have changed the male’s grooming process. The men’s grooming market is among the fastest increasing consumer businesses. Further, increasing awareness about overall body care and quest to improve social reach have further supplemented the market growth.
Increasing e-commerce industry is positively affecting industry growth. Millennials account for a major share in online sales and their contribution will continue to increase during the forecast period. Online purchasing provides a detailed description of products along with price comparison, making it easier for the consumer to make a decision about purchasing. Owing to the rising popularity of the online segment, companies are focusing on strengthening their online presence.
Products Type Outlook:
- Hair Care
- Skin Care
- Fragrances
Distribution Channel Outlook:
- Supermarket/Hypermarket
- Convenience Stores
- Pharmacy
- E-commerce
Based on the distribution channel, the market is classified into supermarket/hypermarket, pharmacy, convenience store and e-commerce. The convenience store held the largest market, in 2018. Online sales of men’s grooming products are expected to exhibit significant growth rate owing to multi-channel retailing and celebrity endorsement. Emerging markets such as India, China, Indonesia and others, where rapid urbanization is taking place, are expected to contribute significantly in the e-commerce segment.
Despite rapidly growing e-commerce platforms, the segment still accounts for comparatively lower sales. This is because consumers tend to try the products before making purchasing decisions. Store-based vendors often have a specific section for such customers.
Regional Outlook:
Europe held the largest market share, in 2018 because of growing number of skin and hair grooming products in the region. The rising trend of maintaining a youthful appearance to make oneself presentable is the primary factor attributing to the growth of the market in the region. Millennials are increasingly using products such as powders, body lotion, perfumes and deodorants to attract their peers.
The Asia Pacific is expected to be the fastest-growing region owing to increasing consumers’ purchasing power and rapidly increasing the e-commerce industry in the region. Regular use of body lotions and skin care products are positively affecting the market in this region.
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