Global Men’s Grooming Products Market is estimated to be valued at US$ 42.82 Billion in 2021, according to the Global Men’s Grooming Products Market, by Product Type (Shave Care, Skin Care, Hair Care, Toiletries, Fragrances, Others), by Price Range (Premium, Mid, Low), by Distribution Channel (Supermarket/Hypermarket, Salon/Grooming Clubs, Drug Stores, E-Commerce / Online, Independent Retail Outlets), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa), published by Coherent Market Insights.
Global men’s grooming products market was valued at US$42.82 Billion in 2021and is expected to register a CAGR of 6.4% over the forecast period (2022–2030). The Asia Pacific region is expected to dominate market over the forecast period and is projected to be the largest and fastest-growing region.
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Key Trends and Analysis of the Global Men’s Grooming Products Market:
- Growing demand for facial hair creams due to the rising trend of beard maintenance is expected to serve lucrative growth opportunities to the market of the men's grooming product. For instance, in September 2019, India, Gillette subsidiary of Procter and Gamble introduced the latest product safety Razors i.e. Gillette SkinGuard, the razor that shaves while barely touching the skin. SkinGuard has two lubra strips that leave a soft and smooth feeling on the skin and is aimed at revolutionizing the shaving experience for men.
- It was the first Gillette razor in India with two lubra strips that leaves a soft and smooth feeling on skin. SkinGuard is aimed at revolutionizing the shaving experience for men, with the razor removing hair smoothly, without touching the skin.
- For instance, May 2020, E-commerce such as Flipkart, Paytm Mall, Big basket also helped boost sales of men’s grooming appliances in India during 2020, owing to the large variety of these products sold in various online retail stores such as Amazon, Flipkart (by Walmart), Nykaa, JioMart, and others. Interest in men’s grooming has evolved in recent years as Indian men have become more conscious about their looks due to the rise of social media platforms such as Instagram and Facebook, where they are exposed to the grooming routines of celebrities and a plethora of new products that offer targeted solutions. The increase in disposable incomes in the hands of the youth has also contributed to the retail men’s grooming products business.
Key Takeaways of the Global Men’s Grooming Products Market:
- Among distribution channel, Hypermarket/Supermarket dominated the global men’s grooming products market in 2021. Hypermarket/Supermarket segment was followed by Drug stores and E-commerce in terms of revenue share, respectively.
- Among region, Asia Pacific dominated the global men’s grooming products market in 2022, reporting 42% market share in terms of revenue, followed by Europe and North America, respectively.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global men’s grooming products market.