Men’s Skincare Products Market

Market Overview

The global men’s skincare products market size was valued at USD 12.981 billion in 2022. It is expected to reach USD 19.278 billion, growing at a CAGR of 4.5% during the forecast period (2023–2031).

Skin care includes a variety of procedures that maintain the integrity of the skin, enhance its appearance, and treat skin diseases. These involve good nutrition, avoiding too much sun, and using emollients correctly. Cosmetics, botulinum, exfoliation, fillers, laser resurfacing, microdermabrasion, peels, retinol therapy, and ultrasonic skin treatment are procedures that improve appearance. The prevention of dermatitis and the treatment of skin injuries are just two examples of the many situations in which daily skin care is required. 

Many men believe they do not require professional skin care or daily face washing. However, men's chances of getting skin cancer, suffering from acne, and developing premature wrinkles rise without the right skin care regimen advised by a qualified specialist. Men's skincare products typically have more practical packaging, regimens, and ingredients than women's. They also tend to have lighter textures and more conventional formats, such as gels, gel creams, and lotions. Men's skin needs extra attention in the beard area because shaving can irritate the area and make it susceptible to ingrown hairs.

Highlights

• Synthetics dominate the type segment
• Shave care products dominate the product segment
• Supermarkets and hypermarkets dominate the distribution channel segment
• Europe is the highest shareholder in the global market

Market Dynamics

Global Men's Skincare Products Market Drivers

Rising Penetration of Herbal/Natural Skincare Products

Consumers' demand for natural or chemical-free goods fuels the global market for men's skincare products. Products for naturally derived men's skincare products assist in lessening the dependency on substances generated from petroleum. Therefore, sustainability has driven the demand for natural skin care products for men over the years. Due to its claimed health benefits, including its lack of side effects and raised skin friendliness, the market for herbal or natural men's skincare products is rising quickly. Herbal skincare products nourish the skin with vital minerals and nutrients, further propelling their demand.

The level of accessibility of organic products has also increased over the past few years owing to the widening distribution networks of manufacturers and suppliers. There has also been a rise in the availability of organic men's skincare products in supermarkets, malls, drugstores, and online retailers, which has contributed to their increased accessibility. Such factors are likely to bode well for the market growth.

Growing E-Commerce Retail Market

E-commerce retail sales are expected to grow significantly in the coming years as a result of rising consumer spending, a growing population, and more people having access to the Internet. The development of mobile shopping applications and the accessibility of secure and practical payment methods are also fostering the expansion of the online retail sector. Social media platforms like Pinterest and Instagram, as well as fashion blogs, have greatly influenced more and more men worldwide to try out novel skincare products.

Furthermore, the ongoing shift in consumer spending patterns, impacted by the economic recession, has driven the adoption of new retail strategies to address demand variability, margin pressures, and increasing competition. These challenges have compelled manufacturers of men's skincare products to find supply chain solutions that accommodate customer needs without incorporating additional costs. Furthermore, with brick-and-mortar stores shut during the initial phases of the ongoing COVID-19 pandemic, customers resorted to online shopping for various products, including men's skincare. This has also helped boost the demand for men's skincare products through the online sales channel.

Global Men's Skincare Products Market Restraint

Presence of Counterfeit Products in the Market

The need for men's skincare products is threatened by counterfeiting, as with most personal care and cosmetic items. Asian markets, notably those in India and China, are where counterfeiting is most common. One of the main worries for skincare firms competing in the market is the significant prevalence of fake skincare goods in these nations, as such actions could tarnish the reputation of skincare brands. In addition, the proliferation of new distribution channels for fake goods in nations like China has been made possible by rising smartphone use and internet connectivity. The rising popularity of third-party online retailers contributes significantly to the sales of counterfeit skincare products, hampering market growth over the forecast period.

Global Men's Skincare Products Market Opportunities

Rising Awareness of Men Regarding Skincare

The surging disregard of gender binaries among Generation Z consumers is a major growth opportunity the men's skincare market offers. Men are more than willing to splurge on skincare as a form of self-care due to their growing awareness of skin care products. It will be advantageous for new firms to include more male models in picture shoots for unisex products. With the rise of male YouTube stars such as James Charles and Manny Gutierrez, who have millions of fans, many men are becoming aware of using skincare, cosmetics, and beauty products. Therefore, companies need to enter the market with products that cater to specific skin concerns faced by men. Introducing a full line of products tailored to men, such as sunscreen, eye cream, etc., will increase brand recognition and customer loyalty by providing male consumers with more options.

Regional Analysis

Based on region, the global men's skincare products market is bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW).

Europe Dominates the Global Market

Europe is the most significant global men's skincare products market shareholder and is anticipated to exhibit a CAGR of 3.71% during the forecast period. Increasing investments from outside the European Union are expected to enhance the competitiveness of the European men's skincare products market in the foreseeable future. Germany and the U.K. are among Europe's largest domestic markets for men's skincare products. In addition, internationally renowned European men's skincare companies benefit from multiple research centers that provide market research, product development, and information regarding regulatory compliance. 

According to Cosmetics Europe, the European trade association for the cosmetics and personal care sector, in 2018, Europe housed over 77 scientific innovation facilities that carry out research related to the personal care and cosmetics industry. European skincare products are typically associated with women because the European beauty and personal care industry has historically produced feminine products, just like the North American and other international markets. However, the rising importance of physical attractiveness and the increasing availability of gender-based cosmetic and personal care products have encouraged numerous brands to target male consumers within Europe.

North America is estimated to exhibit a CAGR of 3.5% over the forecast period. The rapidly increasing number of fashion-conscious men and the growing popularity of skin care products among middle- and high-income individuals support the sales of men's skincare products within the region. This market is anticipated to increase in the region because of the presence of well-known producers like Procter & Gamble and Unilever and the expanding infrastructure facilities for retailers. The regional market is also expanding due to rising consumer knowledge of the advantages of skincare products, including face washes and moisturizers for cleansing, absorbing excess oil from the face, and removing impurities. Moreover, men's skincare products help prevent skin problems like acne and pimples.

Asia-Pacific is growing significantly in the men's skincare market owing to high spending on skincare products in countries like China, South Korea, Japan, and India. The increase in working men, especially in the corporate and fashion sectors, has driven the demand for skincare and grooming products among men in developing economies, including China and India. According to the National Sample Survey Organisation (NSSO) report analysis, India reported nearly 286 million employed men in 2018. The growing number of men joining the workforce has significantly boosted the region's per-capita expenditure on skin care products. 

In addition, increasing consumption of skincare and cosmetic products for personal grooming owing to rising concerns regarding aging, UV effects, and skin conditions is likely to impact the market expansion in the region positively. Natural men's skincare companies are reaching consumers through concept stores and salons such as those established by Aveda and Forest Essentials. Growing awareness regarding the benefits of skin care products for daily grooming is also expected to influence the market over the forecast period. 

The rest of the world includes regions like the Middle East, Africa, and Central and South America. Brazil, Dubai, Kuwait, Saudi Arabia, Guatemala, and Costa Rica are developing and developed countries in these regions, which are lucrative markets for men's skincare product manufacturers and brands. The rising consciousness about appearance among men, especially the younger generation that is more into experimenting with new skincare products, is mainly driving this market. Millennial men regularly use skincare and other grooming products to look more presentable in the office. 

In addition, the rising per capita expenditure on personal appearance is estimated to propel the demand for men's skincare products worldwide. The rising number of high-net-worth individuals (HNWI) and rising brand loyalty among customers are anticipated to fuel the market development throughout the forecast period in the rest of the world.

Segmental Analysis

The global men's skincare products market is segmented by type, product, and distribution channel.

Based on type, the global market is segmented into synthetic, natural/organic/herbal, and others. 

The synthetic segment owns the highest market share and is anticipated to grow a CAGR of 4.4% over the forecast period. Synthetic skin care cosmetics are mainly designed to cleanse, exfoliate, moisturize, or protect the skin and have become a crucial part of the grooming routine for men. Another factor driving the segment growth is the price associated with synthetic skincare products. On average, natural or herbal beauty products are more expensive than synthetic alternatives. Therefore, most consumers mainly prefer synthetic skincare products. In addition, the men's skincare products market predominantly consists of synthetic cosmetic products owing to the historical presence of these products, high industrial production, and a deep and established distribution network set-up that makes them available to consumers across the globe.

The general notion of natural products being better is one of the key factors driving segment growth. Skincare products and cosmetics are considered natural when all the ingredients used in the production come from natural, non-chemically processed substances. These natural substances mainly come from vegetable, animal, or mineral sources. However, if any chemical procedure has been applied to the ingredients, they are no longer considered natural. Men's product demand is anticipated to be driven by increased environmental concerns and growing awareness of the advantages of natural goods.

Based on product, the global market is divided into shave care products, creams and moisturizers, sunscreen products, cleansers and face wash, and others. 

The shave care products segment is the most significant contributor to the market and is predicted to exhibit a CAGR of 4.01% over the forecast period. Men's shave care products are driven by continuous innovations by manufacturers operating in the market. Several manufacturers have invested heavily in research and development, which has led to the invention of new products that can be employed across the market. For instance, in 2019, Gillette, a brand owned by the Procter & Gamble Company, introduced the Gillette Heated Razor. This heated razor features warming technology that heats up within a second and provides the comfort of a hot towel during shaving. 

Creams and moisturizers for men's skin are the most popular because they are frequently used. In addition to providing immediate hydration, reducing breakouts, and refreshing the skin, moisturizers are a simple, hassle-free, and quick way to deal with excessively dry skin. Moisturizers are generally available in creams and lotions and can even be spritzed onto the skin via a sprayer or an atomizer. Some of the most popular men's skincare moisturizers from popular brands, including Nivea, Cetaphil, and CeraVe, have hydrating and soothing ingredients such as humectants, which draw water from the environment and keep the skin hydrated for a long time.

Based on distribution channels, the global market is bifurcated into supermarkets and hypermarkets, convenience stores, pharmacies, e-commerce, and other distribution channels.

The supermarkets and hypermarkets segment dominates the global market and is predicted to exhibit a CAGR of 4.6% over the forecast period. Supermarkets and hypermarkets are self-service superstores that offer various products, ranging from household items, food, and general merchandise to cosmetic products. The purpose of a supermarket is to cater to all customers' requirements under one roof. Natural or conventional men's skincare and beauty care products by various local and international brands are among the most popular goods sold in supermarkets and hypermarkets.

Convenience stores are small-to-large-sized marketplace that offers a variety of products like beverages, dairy, bakery, confectionery, snack foods, grocery, skincare, and beauty products. Operation hours in these stores are extended compared to average retailers, with most convenience stores remaining open 24 hours a day. Such stores accommodate more cosmetic and beauty products due to the growing consumer preference.

Recent Developments

• May 2023- Outback Organics by Essential Beauty Supplies Ltd introduced a new line of men's hygiene products. The company claims its products are "suitable for all skin types." In addition, they have "clinically proven natural actives that hydrate, clarify, tone, and soften the skin" and contain organic oils such as cedarwood and black seed.
• January 2023- Bulldog Skincare introduced a virtual skin analysis tool to assist males in developing an efficient skincare regimen. Developed in collaboration with Revieve, a beauty and wellness technology provider, the new online utility employs artificial intelligence to determine which products a user needs based on skin type.