The global men’s grooming products market is estimated at US$52.547 billion for the year 2019.
The global men’s grooming products market is anticipated to surge throughout the forecast period on account of the rising consciousness among the male population regarding personal grooming across the male population throughout the globe. Rising disposable income coupled with the improving standards of living is also driving the demand for personal care products and adding up to the growth of the market significantly.
In addition, the burgeoning consumer needs are leading to increased investments by key players of the market to increase their investments in the R&D and develop new products and expansion of the product portfolio to cater to the growing consumer requirements also shows the potential of the market to grow in the coming years. For instance, in March 2018, Marico, India’s one of the leading consumer goods company announced the launch of a new range of premium male grooming products under its leading male grooming brand, Studio X.
Furthermore, the burgeoning requirements of males for uplifting their social image at various gatherings on account of the rising societal pressure for looking well-groomed are also fuelling the men’s grooming products market growth during the next five years. The growing penetration of the e-commerce industry along with the rising usage of social media platforms is leading to wide adoption of grooming products. Additionally, the continuously changing male fashion trends are also leading to the development of various products along with the growth in their adoption. For instance, beard oils for beard growth, beard wax and beard creams are examples of such products.
Rapid urbanization is a key factor driving the demand
Urbanization plays a crucial role in driving the demand for male grooming products. Urbanization leads to better access to the number of distribution channels which is positively impacting the market growth during the coming years. Especially, in developing economies, there is an increase in the urban population in countries such as India, China, and Indonesia. The growing disposable income along with the rising standards of the urban population is leading to an increase in the consciousness regarding raising the personal standards also. This, in turn, is driving the demand for personal grooming to maintain personal hygiene as well as to look good in society. According, to the World Bank Group, the percentage of the urban population in China increased from 46.539% in 2008 to 59.152% by 2018. Similarly in Indonesia, it reached 55.325% by 2018 from 48.335% in 2008. Also, according to the report by the UN Department of Economic and Social Affairs,it is projected that the global urban population is projected to reach to 68% by 2050, with the major growth in Asia and Africa. All these factors are anticipated to propel the demand for male grooming products in the near future and propel the growth opportunities for the market to surge throughout the forecast period and beyond.
Skin Care segment to show robust growth
On the basis of product, the global men’s grooming products market has been segmented into skincare (creams, facewash, others), haircare (oils, shampoos, others), shave care (shaving cream, pre-shave lotion, after-shave lotion), and others. The skincare segment is expected to show a notable growth over the forecast period on account of growing concerns among the males regarding the proper care of their skin. Furthermore, the rising adoption of anti-aging creams is also bolstering the growth of this segment throughout the forecast period. The hair care segment is anticipated to hold a noteworthy share in the market due to the fact that there is wide adoption of hair products by men throughout the globe which includes gels, sprays oils and creams among others. In addition, the growing modeling industry is also anticipated to bolster the significant share of this segment during the next five years. The shave care segment is also projected to show substantial growth during the coming years as the growing adoption of products such as beard oils, beard wax and beard wash is the prime factor for the growth of this segment throughout the forecast period.
Offline segment to rule the market
On the basis of the distribution channel, the global men’s grooming products market has been classified into online and offline. The offline segment is projected to hold a noteworthy share in the global market owing to the high purchase of these products through offline channels such as supermarkets, hypermarkets, and other retail stores. However, the growing e-retail business is leading to the wide adoption of online distribution channels in both developing and developed economies of the world.
North America to hold a substantial share
On the basis of geography, the global men’s grooming products market has been segmented on the basis of North America, South America, Europe, Middle East and Africa, and Asia Pacific. The North American region is projected to hold a notable share throughout the forecast period on account of the high use of numerous male grooming products due to the concerns regarding personal care and grooming in countries like the United States and Canada. The market in the Asia Pacific region is anticipated to surge at a decent growth during the next five years on account of the growing concerns regarding personal hygiene and personal care. Also, the increasing urban population along with the expansion of distribution channels are also some of the key factors supplementing the market growth in the APAC region during the next five years.
Prominent key market players in the global men’s grooming products market include Procter & Gamble, Unilever, Beiersdorf, Reckitt Benckiser Group plc, ITC Limited, L'Oréal S.A., Marico, Estée Lauder Companies, O'Douds, and Brickell Men's Products®. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global men’s grooming products market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.