The global men’s grooming products market size was valued at USD 74.8 billion in 2021 and is projected to reach USD 132.73 billion by 2030 at a CAGR of 6.58% from 2022 to 2030. Personal hygiene and physical appearance can be maintained with the help of grooming products. In recent years, male grooming has shifted to place a greater emphasis on personal appearance, attire, and beauty treatments. Shaving creams, deodorants, aftershave colognes, and shampoos were the only products previously available for male grooming. Nonetheless, as men are becoming increasingly individualistic in terms of fashion development, numerous products have been developed for them.
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As a result of the rise of the metrosexual male and the increasing influence of celebrities and influencers, attitudes regarding traditional masculinity have shifted, causing men to spend more on grooming products. In addition, the global demand for male toiletries is being fueled by the increase in the number of men's salons. Aside from that, some market participants are developing new electrical products, such as shavers and razors that incorporate new performance characteristics based on cutting-edge technology. Their expanded product line, which now includes basic blades, body groomers, and electric shavers, has stimulated market expansion. In addition to investing in marketing efforts and product promotion on social media platforms such as Facebook and Twitter, the most successful businesses are also spending money on these activities.
In recent years, the global market for men's grooming products has shifted from a traditional emphasis on shaving to a broader perspective on personal care. For instance, consumers are adopting a variety of shaving techniques due to a growing preference for a trimmed beard over a clean-shaven appearance, which is driving the sales of beard wax/beard fixers and shaving creams at a rapid rate.
High disposable income and the desire to climb the corporate ladder have redefined the grooming needs of men, thereby creating a lucrative market for men's product manufacturers. The market for men's grooming products is one of the consumer brands industries with the highest growth rate. Men's growing awareness of the importance of total body care and the growing influence of social trends are driving the market's expansion.
BRAND LOYALTY AND BRAND MONOPOLY ACT AS THE MAJOR RESTRAINTS FOR THE MARKET:
Despite the obvious demand for such grooming solutions, private equity firms and venture capitalists have historically not invested heavily in this sector due to brand monopoly in various product categories, such as the shaving product category, in which Gillet has a market share of approximately 50 per cent. Brand loyalty is also one of the most significant obstacles in this market, as customers rely heavily on the products they have already tried and are unwilling to try new brands. Moreover, stringent regulations made for the chemicals and other ingredients used in the products are also restraining the growth of the market.
Growing demand for the e-commerce segment is exponentially driving the market. A large percentage of the young crowd is the potential use of various online portals, which in general provide more knowledge about the variety of grooming solutions available in the market, thereby driving the demand for various products. Considering this, an online beauty retailer, Nykaa, is looking to tap the billion-dollar men’s grooming market in India with its exclusive portal for men called Nykaa Man. The men’s category is one of the fastest-growing categories on Nykaa’s main platform, and it expects this segment to contribute 10% to the company’s total revenue. Moreover, stringent regulations regarding composition and rising consumer preference for organic products and natural ingredients are likely to have a significant impact on the market's growth in the coming years.
The men’s grooming products market share s segmented on the basis of product, distribution channel, competitors and regions. Men's deodorants and fragrances are included in the category of fragrances. Other personal care products are formulated with a variety of aromatic substances. Fragrances and aromas stimulate the human senses, which is why people prefer various fragrances in beauty products to attract others.
The skin care segment is expected to expand at a CAGR of around 6% over the forecast period, making it the segment with the highest growth rate in the market. This category includes moisturisers, face washes, and soaps. One of the reasons for the increased growth of the skin care segment is men's increasing desire to look good and make a good impression on others.
On the basis of distribution channels, the market has been divided into supermarkets and hypermarkets, convenience stores, pharmacies, and online retailers. In 2021, the convenience stores market segment held the highest market share. Due to rising internet penetration, it is anticipated that e-commerce will experience significant growth over the forecast period. The booming e-commerce sector, which can be attributed to rapid urbanisation, is likely to provide substantial benefits to developing regions, including Asia-Pacific.
Despite the fact that e-commerce has gained a great deal of importance in the retail industry, it accounts for only a small proportion of global retail sales. This can be attributed to the increasing desire of consumers to try products before making a purchase, which has led to an increase in demand for hypermarkets and retail chains. Store-based retailers have created specific store layouts to meet the shopping needs of men in the category. Countries such as India, China, and others in Southeast Asia exhibit robust industrial growth and rapid urbanisation. A rise in internet and internet of things (IoT) penetration is anticipated to contribute to the expansion of the market.
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In terms of men’s grooming products market regions, Europe holds the top spot. High living standards and increasing demand for authentic and personalised male grooming products are driving the growth of the regional market. The expansion of Europe's market for men's grooming products is a result of men's increasing demand for skin and hair care products. Europe's market is primarily driven by the growing emphasis on maintaining a youthful and presentable appearance. Increasing numbers of young consumers use deodorants, powders, perfumes, and body lotions to enhance their appearance and appeal among their peers.
Asia-Pacific is the fastest-growing regional market, expanding at a CAGR of 8.1% during the forecast period due to the thriving e-commerce industry and rising disposable income of consumers. Men are frequent users of body shaving products and skin enhancement cosmetics in the APAC region, contributing to the expansion of the regional market. Urban males in the Asia-Pacific region (particularly in China, Japan, and South Korea) are becoming increasingly appearance-conscious and concerned that an untidy, unkempt appearance will hinder their social and professional success.