During the forecast period, the market for men’s grooming products is expected to grow at a 4.5 percent CAGR. From its current value of US$ 55.5 billion, revenue from sales of men’s grooming goods is expected to double by 2032.
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 men’s grooming goods business, as numerous social arrangement facilities and offices have closed. As a result of these circumstances, demand for men’s grooming goods, notably shaving products, has decreased. The rise of do-it-yourself (DIY) grooming is another significant trend in the men’s grooming goods market. Many beauty salons have closed, and even in those that haven’t, customers are opting out of services due to worries about direct physical contact. As a result, during the lockdown, guys are experimenting with their appearances, which has resulted in a little boost in sales of men’s grooming goods.
Which Factors are Driving Sales of Men’s Grooming Products?
As public knowledge of the harmful effects of chemical compounds commonly used in grooming items, such as shaving creams, has developed, demand for natural, clean-label, and organic goods in the men’s grooming products industry has risen. Natural grooming products are becoming increasingly popular among men, as opposed to chemical-based grooming products. In recent years, this has increased demand for men’s grooming products as well as sales of goods that are safe, natural, organic, and cruelty-free. The rise in the trend of premiumization in men’s grooming product demand, combined with the rising impact of clean-label components, has resulted in a high price for organic men’s grooming products, which may hinder sales.
Which Region Offers the Largest Opportunity for Sales of Men’s Grooming Products?
With an absolute monetary opportunity of around US$ 14,097.4 million, North America is expected to be the most attractive men’s grooming goods market manufacturer. In recent years, the men’s grooming goods market in the region has shifted from a traditional focus on shaving to a broader approach to personal care. Consumers are adopting a range of shaving procedures as a result of the rising demand for a trimmed beard over a shaved look, resulting in increased sales of men’s grooming goods throughout the area.
What is the Competitive Landscape of Men’s Grooming Products Market?
Procter & Gamble Co., Beiersdorf AG, and L’Oréal SA are among the many regional players, small- and medium-scale firms, and important multinational players in the men’s grooming products market. Small-scale, private-label brands arose as a result of males imagining a connection with grooming goods and being more health-conscious than before. The primary strategies adopted by the leading men’s grooming products market players are new product innovations and expansions. In January 2022, L’Oréal announced the acquisition of Youth to the People, a superfood skincare company based in the United States, to expand its ethical options in the highly competitive men’s grooming goods sector.