Mens Grooming Products Market Projected to Reach $139,588.4 Million Globally by 2033, with a CAGR of 7.5%, According to Persistence Market Research
Persistence Market Research
8 min read
Traditional notions of masculinity are evolving, with men becoming more comfortable expressing themselves through their appearance. This is leading to increased demand for grooming products that help men look and feel their best
New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Snapshot of the Men’s Grooming Products Market:
In 2022, the men's grooming products market raked in a revenue of $63,140.3 million, as reported by Persistence Market Research. The demand for these products is set to rise, with key players dominating the market in 2022. Predictions indicate that the global market for men’s grooming products will hit $139,588.4 million by 2033, growing at a steady 7.5% CAGR from 2023 to 2033.
Men's grooming products are gaining popularity worldwide. Personal grooming, which involves taking care of one's appearance, is crucial for creating a positive self-image in society. It reflects a person's intelligence, maturity, and professionalism. Businesses are focusing on providing unique personal care products to meet these needs.
The range of men's grooming products includes items for shaving, skincare, and hair care. Products like hair spray, cologne, and beard wax are experiencing rapid development, indicating significant growth potential in the market.
Moreover, personal grooming is vital for maintaining basic hygiene. The growth of this industry is driven by an increasing awareness of men's beauty.
Persistence Market Research's comprehensive study not only explores various growth factors but also addresses significant challenges in the men's grooming products market. The study includes a detailed regional analysis, highlighting North America as the dominant market. Additionally, it provides a thorough COVID-19 impact analysis to assist readers in making informed business decisions.
By Product Type, Price Range, Distribution Channel, Region
Regions Covered
North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa
Key Companies Profiled
Procter & Gamble Co
ITC Limited
Johnson & Johnson Private Limited
Unilever PLC
Coty, Inc.
L'Oréal S.A
Edgewell Personal Care Co
Beiersdorf AG
Colgate-Palmolive Company
Analysing the Men’s Grooming Products Market: 2017-2022 vs. Outlook for 2023-2033
Between 2017 and 2022, the demand for men’s grooming products saw a 5.7% increase. This growth is attributed to a rising population of working men who prioritize skincare, influenced by changing global lifestyles. The demand for products simplifying daily personal care routines is on the rise, with multifunctional products gaining popularity. These products offer benefits like UV protection, moisturizing, and cleansing.
Studies indicate that a majority of U.S. consumers prefer multifunctional personal care products with anti-aging and sun protection benefits. Environmental factors such as pollution and ozone layer depletion contribute to uneven skin tone, aging effects, and skin cancer. Dermatologists recommend using oil-free moisturizers to keep the skin hydrated. Consequently, manufacturers are developing innovative moisturizing skincare products with diverse ingredients to cater to specific audience needs.
Current Market Trends
Growing Use of Premium and Enhanced Products to Boost Industry Expansion
The increasing popularity of high-quality personal hygiene and fragrance products, enriched with natural ingredients like sandalwood, essential oils, aloe vera, and others, is opening up new opportunities for market growth. Additionally, consumers' shift towards value-added skincare products such as anti-aging serums, skin brightening creams, lotions, and more for their regular skincare needs is driving global product demand. For instance, International Flavors & Fragrances, Inc., a premium fragrances manufacturer in the U.S., experienced a 7% growth in net revenues, reaching $12.44 billion in the fiscal year 2022.
The consistent release of upgraded razors, shaving care creams, and gels by industry players, providing a luxurious grooming experience for male consumers, is propelling market growth. An example of this is GilletteLabs, a premium innovation division owned by Procter & Gamble, collaborating with Bugatti, a global hypersports car manufacturer, to introduce the Bugatti Special Edition Heated Razor to the global market in September 2021. Additionally, the increasing preference of male consumers for innovative and upgraded versions of shave care products at barber shops is contributing to the demand for these products.
Rising Awareness of Personal Grooming Among Men Driving Market Growth
The growing awareness among men about personal grooming and the benefits of using skincare products is boosting the men’s grooming products market. For instance, from April 2022 to June 2022, the Chinese social media platform Xiaohongshu witnessed a 167% increase in searches related to men’s beauty, with 110,000 posts titled ‘How To Look Handsome.’ Moreover, continuous celebrity endorsements of grooming products are driving product consumption in many countries globally.
Challenges
Skin Issues Caused by Chemical-based Cosmetics Affecting Market Growth
Incidents of facial skin darkening and swelling due to the use of chemical-based skincare products are impacting global market growth. Additionally, occurrences of itching and skin cuts resulting from the use of traditional close shavers, blades, and chemical-based aftershave lotions are hindering product demand on a global scale.
Competitive Scenario:
Globally, the men’s grooming products market is moderately competitive, with numerous producers vying for the top spot. In recent years, men’s grooming manufacturers have witnessed various expansion strategies from market rivals, such as acquisitions, mergers, and partnerships.
Manufacturers are also adopting sustainability as a strategy to increase their market share. With more consumers preferring businesses that prioritize environmental considerations and charitable efforts, marketing approaches and brand practices are expected to shift in favor of eco-friendly products, leading to increased product sales.
Market Segmentation:
Product Overview
In 2022, skincare took the lead in the market, making up about 33.3% of the share. The demand for men's skincare products is rising globally due to increased awareness about personal hygiene and grooming. According to a January 2020 article by Tiege Hanley, 83% of men aged 65 and older agreed that taking care of their skin is important. Factors like growing disposable income and an expanding network of distribution channels are also boosting the demand for men's skincare brands worldwide.
Hair styling is expected to grow the fastest, with a CAGR of 8.8%. This growth is fueled by the adoption of organic hair styling products, grooming trends, and the emergence of various hair colorants and styling brands. A November 2019 article from the University of Halmstad revealed that 23% of people think hair styling is as important for men as it is for women. Additionally, increasing fashion trends and beauty awareness contribute to market growth.
Distribution Channels
In 2022, supermarkets and hypermarkets grabbed the largest share at 41.3%. Consumers prefer these establishments for buying beauty and personal care products. A study in 2020 found that men are more likely to buy after a physical shopping experience, as only 22% shop frequently on mobile devices. Supermarkets and hypermarkets offer a wide selection and assist customers in quick purchasing decisions.
The online segment is expected to grow the fastest at a CAGR of 12.6%. E-commerce development in personal care and skincare has been rapid. In December 2022, Nykaa launched NykaaMan.com, a platform dedicated to men's grooming, offering various products and expert advice.
Type Insights
In 2022, the mass segment led with a revenue share of 72.3%. Procter & Gamble and Beiersdorf's marketing efforts have increased the demand for mass personal care products. For example, Nivea launched a campaign in May 2022 to encourage men to talk about mental health, increasing brand visibility.
The premium segment is projected to grow at the highest CAGR of 10.5%. Increased social media marketing by premium brands like LVMH is creating awareness, and the use of professional brands in salons, such as L'Oreal Professionnel, is driving the demand for premium products.
Regional Outlook
In 2022, Asia Pacific dominated with a revenue share of over 38.6%. Increased awareness of personal care in the region has led to the emergence of startups catering to growing demand. For instance, in September 2021, Macscaped expanded its business into the men’s grooming market in the Asia Pacific.
Key Questions Answered in the Report:
What factors contribute to the market's growth trends?
What is the current market size, and how is it expected to change in the coming years?
What key elements are shaping the market?
How is the Industrial Lighting market segmented, considering types, fuels, applications, or other relevant factors?
Who are the main participants in the market for Men’s Grooming Products?
What strategies are these players using to gain a competitive advantage?
What factors are fueling the expansion of the Men’s Grooming Products market?
Which regions are expected to witness significant growth, and what are the reasons behind it?
What recent technological advancements are influencing the Men’s Grooming Products industry?
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
