The global men’s grooming products market was valued at US$ 54.7 billion in 2016 and is projected to reach US$ 116.7 billion by 2025, exhibiting a CAGR of 8.91% during the forecast period, according to a Global Men’s Grooming Products Market Report, by Product Type (Toiletries, Fragrances, Shaving Products, and Makeup Products), by Distribution Channel (Hypermarket, Supermarket, Salon/Grooming Clubs, Online, Drug Stores, and Others) Growing urban population in emerging economies such as India, China, and ASEAN coupled with increasing beauty consciousness among men has resulted in growth of the men’s grooming products market. Among distribution channel, the online segment has allowed consumers increased convenience for product procurement.
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Key Trends and Analysis of the Men’s Grooming Products Market:
- Among product type, the shaving product segment held a dominant position in the market in 2016. The segment is expected to retain its dominance over the forecast period
- Among distribution channel, the online segment accounted for the highest market share of 20.5% in 2016. The segment is expected to register significant market growth for men’s grooming products over the forecast period. Among distribution channel, the supermarket segment held a market share of 18.6% in 2016 and is expected to be a drive lucrative growth throughout the forecast period.
Key Takeaways of the Market
- According to ’ study, Europe accounted for the largest market share in terms of revenue and volume in the global men’s grooming products market in 2016. The region is expected to retain its dominance throughout the forecast period due to growing use of men’s grooming products in Western European countries such as France, Germany, and U.K.
- The Middle East has witnessed growth of halal grooming products i.e. products not tested on animals and free of alcohol. Among product type, the sub-segment of the toiletries –- the skin care sub-segment is projected to gain lucrative growth, owing to the adverse temperature conditions in the region. UAE, Qatar, and Saudi Arabia are major countries in the market due to high disposable incomes of the population in these countries. Foreign companies have stepped up investment in the region. For instance, popular Korean companies such as LG Household & Healthcare and AmorePacific have agreements with local retailers for distribution of their grooming products.
- Latin America has witnessed an increase in the middle class population due to steady economic growth over several years. The advent of male vanity and social media trends have augmented growth in the grooming products market. Brazil was the largest market in the region in 2014. However, it is expected to shrink due to a slowdown in the economy. The Brazilian economy declined by 3.6% and 3.8% in 2016 and 2015, respectively. According to the International Monetary Fund, the Brazil economy is expected to bounce back and grow by 1% in 2017.
- Asia Pacific is projected to be the fastest growing region in the global men’s grooming products market, witnessing a CAGR of 9.27% over the forecast period. In Asia Pacific, emerging economies such as China and India, are expected to experience significant growth in the men’s grooming products market in the near future.
- Major players operating the grooming products market are Beiersdorf AG, Colgate-Palmolive, Coty Inc, Energizer Holdings Inc., Johnson and Johnson, Koninklijke N.V., L’Oreal Group, and Mirato S.p.A.