Men's grooming includes a various range of products such as hair care, skincare, perfumes, shaving lotions, etc. These products are basically used for cleaning and maintaining the body in order to create positive impressions. Traditionally, men's grooming products only composed of toiletries and shaving products but now they include a range of grooming products from hair to skincare.
Global men’s grooming products market is estimated to account for around US$ 69,172.2 million in terms of value in the year 2019 and it predicted to grow at a CAGR of 8.5% during the forecast period (2020-2027)
Emerging ecommerce platform has enabled easy purchasing of products at an affordable rate. Moreover, the manufacturers are adopting the online platform for selling grooming products in order to create brand awareness and reach the target customer. According to the U.S. Department of Commerce quarterly e-commerce figures, consumers spent $601.75 billion online with U.S. merchants in 2019, up 14.9% from $523.64 billion in 2018. Thus, growing online sales is projected to bolster the market growth of the men's grooming products over the forecast timeframe.
Product innovation grooming technology is one of the major business strategies that is adopted by a manufacturer to expand its consumer base and market presence. For instance, in July 2019, Royal Philips announced the launch of the latest product in male grooming technology – the Philips OneBlade. The product combines capabilities for styling, trimming, and shaving in one hybrid tool. Thus, advancement in grooming technology will favor market growth.
Side-effects associated with the use of shaving creams and other personal care products is expected to restrict the use of grooming products. Shaving creams are not suitable for sensitive skin which can cause itching, rashes, and drier of skin. Also, due to the presence of surfactant chemicals that restrict the hydrating compounds to penetrate into the skin and leads to various allergies is further expected to hamper the market growth of the men's grooming products.
On the basis of product type, shave care segment dominated the global men’s grooming products market in 2019 with a 40.7% of market share in terms of value, followed by fragrance and hair care segment respectively.
On the basis of distribution channel, the hypermarket & supermarket segment dominated the global men’s grooming products market in 2019 with 32.5 % of market share in terms of value, followed by independent retail stores and e-commerce segment respectively.
Increasing demand for alcohol-free deodorant products due to growing awareness regarding the harmful effects of the alcohol-based products is expected to foster market growth. Such alcohol could lead to various skin problems such as dryness, irritation, and rashes on the skin. For instance, in February 2019, Unilever launched deodorant wipes and antiperspirant spray. The new deodorant wipes are available from five brands – Dove, Dove Men+Care, Degree® Women, Degree® Men, and AXE. Ideal for discreet touch-ups to freshen underarms, neck, and chest, Unilever's Deodorant Wipes are pre-moistened, alcohol-free, and come packaged with built-in lids to ensure freshness down to the last wipe.
Global Men’s Grooming Products Market - Impact of Coronavirus (Covid-19) Pandemic
Shiseido Company, Limited saw its Q1 net sales decreased by 15.8% as a result of global coronavirus pandemic. Post the lockdown demand for essential grooming products is expected to rise. The global men’s grooming products market is expected to grow at a higher CAGR of around 11% for a short term period till 2021.
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