Men’s Grooming Products – Insights
Men’s grooming products have gained significant traction over the recent past due to the advent of male vanity in the 21st century. Although conventionally, shaving products were the most lucrative in the men’s grooming products market, men’s beauty products have gained significant traction in the market. Also, customer interest has piqued in toiletries pertaining to skin, hair, and teeth care.
Among distribution channel, the online segment is the fastest growing due to the increased convenience offered to the consumers. Customers are increasingly utilizing the internet for grooming tips, which has further resulted in an increase in the number of grooming websites and blogs. Also, websites dedicated to men’s grooming products have gained impetus as a result of increasing demand for such products. Among product type, the toiletries segment is projected to be a major segment, followed by the shaving products and make up products segments. Grooming products constitute for medicinal products as well. For example, shampoo is intended to cleanse hair, however, also acts as a treatment for dandruff.
Europe, followed by North America and Asia Pacific, respectively, accounted for major share in the global men’s grooming market, in terms of revenue in 2016. This trend is estimated to remain the same over the forecast period (2017 – 2025). In 2016, North America held a share of 30.12% in terms of revenue, followed by Asia Pacific (14.66 %). Growing demand for personal grooming and busy lifestyles in Asia Pacific due to rising consumer awareness coupled with growing retail sector is expected to drive growth of the global men’s grooming products market over the forecast period. For instance, according to India Brand Equity Foundation (IBEF)—a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—the retail market in India is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, due to income growth, urbanization, and attitudinal shifts. Asia Pacific is expected to exhibit a CAGR of 9.27% over the forecast period and is expected to reach US$ 17.6 billion by 2025.
Europe the largest region, in terms of value, was valued at US$ 23.1 billion in 2016. North America and Europe hold lucrative grooming products markets with millennials driving growth. Increased spending by the youth to keep up with global fashion trends has been a major driver. Western European countries of U.K., France, Germany, and Spain are highly lucrative markets for men’s grooming products.
The global men’s grooming products market was valued at US$ 54.7 billion in 2016 and is expected to exhibit a CAGR of 8.91%, in terms of revenue, during 2017 – 2025.
Figure 1. Global Men’s Grooming Products Market Share in 2016, by Region
Source: Coherent Market Insights 2017
North America and Europe accounted for major shares in the global men’s grooming products market, in terms of revenue, in 2016 and this trend is projected to sustain throughout the forecast period. However, lack of awareness among populace in rural areas of emerging economies and premium pricing of grooming products are major restraints for market growth, especially in Asia Pacific.
Major Players in the Global Men’s Grooming Products Market
Major players operating in the grooming products market are Unilever, Beiersdorf AG, Colgate-Palmolive, Procter & Gamble, Energizer Holdings Inc., Johnson and Johnson, Koninklijke N.V., L’Oreal Group, and Mirato S.p.A. Companies are adopting various inorganic strategies to gain market share. For instance, Unilever in 2016 acquired Dollar Shave Club to boost its product portfolio in the male shaving products market segment. The company also acquired Murad and Dermalogica to expand its footprint into the skin care segment.
Snapdeal, a popular Indian online marketplace, revealed increased use of grooming products by men in its sales report in 2016. Face care, body care, and hair care were more popular among men than women, according to the company study.