Men's Grooming Products Market Overview and Analysis:
As of 2022, the global market for men's grooming products has reached a substantial value of USD 57.6 billion, and projections indicate a continuous growth trajectory with an expected Compound Annual Growth Rate (CAGR) of 8.2% over the forecast period from 2023 to 2030.
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The term "men's grooming product market" encompasses a thriving industry dedicated to the production and sale of diverse personal care and grooming items tailored specifically for men. These products cover a broad spectrum, including skincare products, hair care solutions, shaving essentials, fragrances, and various grooming accessories. The market's essence lies in addressing the unique grooming needs and preferences of men, reflecting a cultural shift and evolving societal attitudes toward personal care for men. The increased acceptance of personal care products among men is a notable trend contributing to the market's growth. This shift is influenced by changing cultural norms and a transformation in societal views regarding men's grooming practices. In contemporary times, men place greater emphasis on grooming and personal appearance, leading to a surge in demand for specialized grooming products.
A pivotal factor influencing the market is the rise of the metrosexual man, characterized by a heightened interest in fashion, grooming, and overall personal care. This demographic's evolving preferences and habits have played a substantial role in shaping the market landscape. Men today are more willing to experiment with a variety of grooming products, fostering a diverse range of offerings in the market. Thus, the men's grooming product market is dynamic, reflecting the evolving priorities and preferences of the modern man. As the industry responds to this cultural shift, it continues to present opportunities for innovation and expansion, making it a pivotal segment within the broader personal care and beauty market.
Men's Grooming Products Market Trends:
A growing trend among consumers, including men, revolves around the inclination towards sustainable and environmentally friendly grooming products. This shift involves a heightened preference for items incorporating natural and organic ingredients, adhering to cruelty-free practices, and utilizing eco-friendly packaging. The surge in demand for personalized grooming experiences has prompted the creation of customizable products. Brands are responding to this demand by providing personalized skincare and haircare solutions meticulously crafted to meet individual needs, cater to specific skin types, and align with unique preferences.
Market Segmentation: The Global Men's Personal Care Products Market is Segmented by Product Type (Hair Care Products, Skin Care Products, Shave Care Products, and Other Products), Distribution Channel (Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores, Online Retail Stores, and Other Distribution Channels), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers market size and values in (USD Million) during the forecasted years for the above segments.
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Market Drivers:
Changing Societal Attitudes and Norms:
The evolution in societal attitudes and changing cultural norms has brought about a significant rise in the embrace of personal care products by men. In today's society, there is a heightened inclination among men to allocate time and resources towards grooming routines, recognizing personal care as a vital element of self-presentation and overall well-being. This shifting mindset has given rise to an expanding market, catering to the increasing demand for a diverse array of grooming products tailored specifically for men.
Innovations in Product Formulation and Technology
Continual advancements in cosmetic science and the formulation of grooming products, combined with the integration of cutting-edge technologies, have been instrumental in propelling the men's grooming product market forward. Modern products now come equipped with advanced functionalities, including anti-ageing properties, UV protection, and specialized formulations meticulously crafted to meet the distinctive needs of men's skin and hair. The infusion of technology, notably artificial intelligence and augmented reality, has taken the grooming experience to new heights, captivating consumers who are in pursuit of contemporary and highly effective solutions. This convergence of scientific innovation and technological integration has not only enhanced the efficacy of grooming products but has also catered to the evolving preferences of consumers seeking sophisticated and efficient grooming solutions.
Market Restraints:
Stigma and Traditional Gender Norms and Economic Factors and Price Sensitivity:
Despite the evolving attitudes toward grooming among men, there persists a set of societal stigmas and adherence to traditional gender norms. Some men may harbour reservations about exploring or openly embracing a comprehensive grooming routine due to societal expectations surrounding masculinity. Overcoming these deeply ingrained stereotypes poses a challenge in expanding the market, necessitating efforts to challenge and alter societal perceptions. Economic factors, such as fluctuations in disposable income and overall economic conditions, can exert an influence on consumer purchasing behaviour in the men's grooming product market. During economic downturns, when consumers tend to become more price-sensitive, challenges may arise for men's grooming products, particularly those positioned as premium or high-end. Affordability and the perceived value of grooming products may become critical factors influencing purchasing decisions, potentially impacting market growth, especially for products with higher price points.
COVID-19 Impact on the Studied Market:
The global supply chain faced disruptions due to the pandemic, causing a ripple effect on the production and distribution of grooming products. Lockdowns, factory closures, and transportation restrictions contributed to delays in the procurement of raw materials and the availability of finished goods, affecting the industry's capacity to meet consumer demand. In times of lockdowns and economic uncertainty, consumer preferences transformed. With a focus on essential goods, there was a decline in demand for specific grooming products. Consequently, sales of non-essential items, including certain men's grooming products, witnessed temporary decreases during this period.
Segmental Analysis:
Hair Care Products Segment is Expected to Witness Significant Growth over the Forecast Period
The men's hair care product market has undergone a notable expansion, with a proliferation of diverse offerings to meet the varied needs of consumers. This comprehensive array now includes an assortment of grooming products such as shampoos, conditioners, styling gels, hair creams, pomades, and hair waxes. These products are specifically designed to cater to a wide spectrum of styling preferences and accommodate the unique characteristics of different hair types. Within the realm of men's hair care, an emerging and significant subset is beard care. This category has witnessed a surge in popularity as men increasingly prioritize grooming and maintaining their facial hair. Beard care products, including beard oils, beard balms, and beard shampoos, have gained traction. Men are now placing greater emphasis on the health and appearance of their beards, contributing to the diversified landscape of the men's hair care market. This evolution reflects a shift in grooming habits and preferences, highlighting the industry's adaptability to changing consumer needs and trends.
Speciality Stores Segment is Expected to Witness Significant Growth Over the Forecast Period
Speciality establishments in the men's grooming market can manifest as either grooming boutiques or exclusive sections within larger retail establishments. These boutiques meticulously assemble a range of premium grooming products, providing a bespoke and refined shopping atmosphere. Typically, these stores enlist knowledgeable staff equipped with product expertise, facilitating personalized recommendations and guidance for customers. This level of proficiency enhances the overall shopping experience, assisting customers in discovering products tailored to their individual grooming requirements.
North America Region is Expected to Witness Significant Growth Over the Forecast Period
There has been a significant increase in awareness and acceptance of grooming products among men in North America. Men are increasingly incorporating grooming routines into their daily lives, contributing to the growth of the market. The skincare segment for men has experienced notable growth in North America. Men are showing interest in skincare products beyond traditional shaving items, including cleansers, moisturizers, and anti-ageing formulations.
Moreover, the impact extends beyond product offerings to the overall shopping experience. Speciality stores in the men's grooming sector often employ staff with specialized product knowledge, providing customers with personalized recommendations and guidance. This not only enhances the consumer experience but also contributes to a more informed and educated consumer base. The influence of the men's grooming industry in North America is also evident in the digital realm, with the rise of online platforms and influencers dedicated to male grooming and skincare. Social media and e-commerce channels play a crucial role in disseminating information, trends, and product reviews, further contributing to the industry's growth. Thus, the men's grooming industry has made a significant impact in the North American region, reflecting changing cultural attitudes and an increased emphasis on male self-care. The proliferation of speciality stores, innovative product offerings, and a more informed consumer base are indicative of a dynamic and evolving market poised for continued growth in the foreseeable future.
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Men's Grooming Products Market Competitive Landscape:
The market under examination is characterized by intense competition, featuring a multitude of regional participants, as well as small- and medium-sized enterprises. The surge in the desire for organic and natural products has prompted both local and international contenders to prioritize the integration of organic ingredients into their offerings. The primary strategies embraced by major market players revolve around introducing new product innovations and expanding their operations. Additionally, mergers and acquisitions are playing a pivotal role in augmenting market growth. Some of the prominent players in the men’s grooming products market include:
- Beiersdorf AG
- Procter & Gamble Co.
- L'Oréal SA
- Shiseido Co., Ltd.
- Vi-john Group
- Colgate-Palmolive Company
- Kao Corporation
- Estee Lauder Companies, Inc.
- Reckitt Benckiser
- Coty, Inc.
Recent Development:
1) January 2022: L'Oréal acquired United States superfood skin care specialist Youth to the People in a move set to deepen ethical offerings in a very competitive market in male grooming product offerings.
2) April 2022: Edgewell Personal Care Company launched new Schick Xtreme Men's Bamboo Hybrid Razors. The product is made with 100% recyclable packaging and flexible blades made with 75 per cent recycled steel. • April 2022: Beiersdorf AG's brand Nivea Men launched a skin-care moisturizer from recycled carbon dioxide. The product was obtained by the carbon capture and utilization (CCU) process. The climate care moisturizer has a soothing effect on the skin and adds a refreshing moisture boost.
Frequently Asked Questions (FAQ) :
Q1. What was the Men's Grooming Products Market size in 2022?
As per Data Library Research the global market for men's grooming products has reached a value of USD 57.6 billion in 2022.
Q2. At what CAGR is the men's grooming products market projected to grow within the forecast period?
Men's Grooming Products is to reach expected Compound Annual Growth Rate (CAGR) of 8.2% over the forecast period.
Q3. What are the factors driving the Men's Grooming Products market?
Key factors that are driving the growth include the Changing Societal Attitudes and Norms and Innovations in Product Formulation and Technology.
Q4. Who are the key players in Men's Grooming Products market?
Some key players operating in the market include
- Beiersdorf AG
- Procter & Gamble Co.
- L'Oréal SA
- Shiseido Co., Ltd.
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Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
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