TAGS: Sustainability / Natural Cosmetics Skin Care Hair Care Toiletries
According to Grand View Research, the global men’s personal care market size was valued at USD 30.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.1% from 2022 to 2030.
Major Factors & their Contribution
The growing demand for gender-specific products such as shampoos, conditioners, shaving creams, and face masks and peels by men is expected to positively impact the market. Moreover, the flourishing e-commerce sector is anticipated to boost market growth further.
The COVID-19 pandemic is likely to slow down the growth of the market in the near term. Since most of the brick-and-mortar stores were shut down for many weeks, there was rising popularity of home remedies for skincare among consumers. Since many consumers could not have access to products of their choice, these home remedies comprising all-natural household ingredients gained popularity.
Personalized products have been gaining traction among consumers in the U.S. With growing consumer inclination for specific grooming products is expected to witness significant demand over the forecast period.
Increasing investments in the research and development of products, coupled with the rising trend of
natural ingredient-based products, have encouraged manufacturers to launch new products. For instance, Bulldog Skincare, a men’s grooming products manufacturer in the U.K., launched a sustainable bamboo-made razor for sensitive skin.
There has been escalating demand for products performing numerous functions along with their traditional ones, such as shaving creams or lotions that have a moisturizing effect, and moisturizers with sun protection. This is likely to contribute to the growth of the men’s personal care products market during the forecast period. For instance, Dr. Rashel Active Energy All in One face cream can be used for aftershave, sunscreen, and moisturizer.
The rising disregard for gender binaries among Generation Z consumers is one of the major growth opportunities offered by the market. With increasing awareness among men regarding personal grooming products, men are now more than willing to indulge in personal grooming as a part of self-care. For new brands entering the market, introducing more male models as part of the photoshoot for unisex products is proving to be beneficial.
Releated Read: Men’s Skin care: Formulate Better Products via Customized Ingredients Selection
Product Insights
The skin care products segment dominated the market for men’s personal care and held the largest revenue share of 45.6% in 2021. The segment is expected to maintain its dominance over the forecast period. The growing use of products such as creams, face wash, and serums has resulted from an increase in product launches in the men's skin care segment. For example, Vivalui launched skin cleansers for men with skin concerns such as oily skin, dull dry skin, redness, and irritation.
The average male spends approximately USD 244 per month on skin care products, with facial moisturizers accounting for the majority of the money spent. The growing awareness of men's skincare products is predicted to increase demand in the upcoming years.
However, the personal grooming segment is projected to register the fastest CAGR of 11.0% in the market for men’s personal care from 2022 to 2030. Shaving products are commonly utilized by teenagers and office workers to keep their beard styles as desired. Increased spending on personal grooming is likely to drive the market for men’s personal care.
Consumers are changing their shaving habits as a result of their growing desire for a trimmed beard over a clean shave. Around 75% of Americans feel more confident with facial hair and dedicatedly spend on maintaining the desired beard. This scenario is expected to bring a positive impact on the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment dominated the market for men’s personal care and accounted for the largest revenue share of over 51.1% in 2021. These stores have been focusing on offering a detailed demo of products in person and offering them a facility to choose from numerous brands before making a purchase. Moreover, an increasing number of manufacturers have been offering men’s personal care products, such as shaving products, by keeping a dedicated section for men.
The e-commerce segment is projected to register a CAGR of 9.9% from 2022 to 2030. Rising internet penetration amongst consumers and target marketing done by companies to reach all customer touchpoints are likely to fuel the growth of this segment.
The increasing visibility across various platforms is expected to bring a positive impact. The pharmacy and drugstores segment is projected to register a CAGR of 9.2% from 2022 to 2030. A majority of the consumers rely on pharmacists and drugstore attendants to help them navigate through the multitude of products available and at times, to enquire about the application of such products. Numerous market players prefer to sell their moisturizers, face washes, etc., through these stores as they offer more accountability concerning overall customer service.
Regional Insights
North America dominated the market for men’s personal care and accounted for the largest revenue share of over 34.0% in 2021. The presence of manufacturers such as Procter & Gamble and Unilever, along with the growing infrastructure facilities for retailers, is expected to support this market’s growth in the region. The increasing awareness about the benefits of using men’s personal care products like face washes and moisturizers, for cleansing the face and eliminating dirt, is also aiding this market’s growth.
Asia Pacific is expected to witness a CAGR of 9.4% from 2022 to 2030. The high spending on personal care products in countries such as South Korea, China, Japan, and India owing to the increase in the number of working men, especially in the corporate sector and fashion industry, has driven the demand for personal care and grooming products among men in developing economies, including China and India.
In Europe, the market for men’s personal care is expected to witness a CAGR of 9.2% from 2022 to 2030. Countries with a strong farm-based manufacturing history, such as Germany and France, have an international reputation for sustainable and organic men’s personal care brands. Such sustainable trends in Europe are projected to witness sustained value growth during the forecast period.
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Source: Grand View Research
