During the forecast period, the market for men’s grooming products is anticipated to grow at a CAGR of 4.5 percent. By 2032, the current US$ 55.5 billion market for men’s grooming products is projected to generate double that much in revenue.
What is the Impact of COVID-19 on the Men’s Grooming Products Market?
The COVID-19 epidemic has had a moderate impact on the market for men’s grooming goods because so many social gathering places and offices were shut down.
These factors have consequently decreased the demand for men’s grooming products, especially shaving products. The increase in do-it-yourself (DIY) grooming is a significant trend in the market for men’s grooming goods.
Because of worries about direct physical contact, several beauty salons have closed, and even in areas where they haven’t, customers are skipping services.
Men are experimenting with their appearance as a result, which has somewhat raised sales of men’s grooming goods during the lockdown period.
Which Factors are Driving Sales of Men’s Grooming Products?
As public knowledge of the negative effects of chemical compounds frequently used in grooming products, such as shaving creams, has grown, so has the desire for natural, clean-label, and organic products in the men’s grooming products industry.
Males are choosing natural grooming products over those made of chemicals in greater numbers. The desire for safe, natural, organic, and cruelty-free products for males has increased as a result, driving up sales in recent years.
The premiumization of men’s grooming product demand and the rising importance of clean-label components have resulted in expensive organic men’s grooming products, which may have an impact on the sales of men’s grooming goods.
To convince consumers to use the products they are endorsing and boost demand for men’s grooming products as well as sales of men’s grooming products, an increasing number of primary producers in the market for men’s grooming products are hiring various celebrities from the sports and entertainment industries.
For instance, P&G’s Gillette employed a range of marketing strategies, including endorsement deals with athletes including Ashton Eaton, Neymar Jr., David Beckham, Roger Federer, and Ryan Lochte.
What is the Regional Outlook of the Men’s Grooming Products Market?
Men in the Asia-Pacific region are becoming increasingly conscious of their appearance and are concerned that an untidy, ungroomed appearance may hinder their chances of social and professional success. As a result, there is an increased demand for men’s grooming products and an increase in their sales.
The market for men’s grooming products, which includes everything from basic personal care items to skincare and cosmetics, has seen a steady increase in demand in China over the past few years.
The market for men’s grooming products is primarily driven by Chinese millennials and the younger generation; as a result, the industry is anticipated to grow significantly throughout the projected period.
Due to the rise of social media platforms like Instagram and Facebook, where men are exposed to celebrity grooming routines and a plethora of new products that offer targeted solutions for escalated demand for men’s grooming products as well as sales of men’s grooming products, the demand for men’s grooming products has increased in recent years as Indian men have become more conscious of their appearance.
The rise in youth-held disposable income has boosted the retail sector for men’s grooming items. E-commerce also assisted in increasing sales of men’s grooming products in India due to the wide variety of men’s grooming products available in numerous online retail stores like Amazon, Flipkart (by Walmart), Nykaa, JioMart, and others.
Which Region Offers the Largest Opportunity for Sales of Men’s Grooming Products?
According to predictions, North America will manufacture the most desirable men’s grooming goods, with an absolute dollar opportunity of about US$ 14,097.4 Mn.
In recent years, the market for men’s grooming goods in the area has shifted from a conventional focus on shaving to a broader approach to personal care.
Consumers are adopting a range of shaving techniques as a result of the expanding preference for a trim beard over a clean-shaven appearance, driving up sales of men’s grooming goods locally.
What is the Competitive Landscape of Men’s Grooming Products Market?
The market for men’s grooming products is extremely competitive, with a large number of small- and medium-sized businesses, regional competitors, and major worldwide brands like Procter & Gamble Co., Beiersdorf AG, and L’Oréal SA.
Men’s increased health consciousness and vision of a relationship with grooming products led to the creation of small-scale, private-label brands. The main strategies used by the major players in the men’s grooming products market are new product innovations and expansions.
L’Oréal purchased the American superfood skincare expert Youth to the People in January 2022 as part of a strategy to expand its ethical product options in the very competitive men’s grooming products industry.
King C. Gillette, a full line of male grooming and beard care products, was introduced by Gillette in May 2020. The product line was divided into three categories: shave and edge, trim, and care.