Men’s personal care market size worth $75.8 billion by 2027
The global men’s personal care market size is anticipated to reach USD 75.8 billion by 2027 according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.0% from 2020 to 2027. Growing popularity among men for daily skincare routine coupled with rising awareness in respect to personal grooming and hygiene is the key factor driving the market. Availability of a wide range of skincare routine products by key players and guidance by industry experts is driving the market.
Millennial men nowadays are becoming more conscious of their physical appearance and looks and are willing to experience innovative products that are proven to work for skin nourishment. Prominent players in the beauty and cosmetics market have been collaborating and launching innovative products specifically designed for men. For instance, in September 2018 Loreal China partnered with Tmall to gain traction of millennial men. This partnership is bound to provide insights from Alibaba’s 600 million users for the product development process and further launching innovative products in the men’s personal care category.
Key suggestions from the report:
- The personal grooming segment is expected to emerge as the fastest-growing product segment with a CAGR of 6.3% during the forecast period. Products such as shaving cream, serum, beard grooming kits, and travel packs offered by mid-range and premium brands are likely to boost segment growth
- E-commerce distribution channel emerged as the fastest distribution channel in 2019 and is expected to retain its pole position throughout the forecast period. The increasing availability of a wide number of men’s personal care products, free delivery, and seasonal discount on the e-retailer platform are among the major reasons driving the segment
- In Asia Pacific, the market is expected to witness a CAGR of 6.4% from 2020 to 2027. Growing awareness pertaining to skin wellness and personal care routine with a shift in the lifestyle are some of the factors boosting the market in the region
Read 80 page research report with ToC on “Men’s Personal Care Market Size, Share & Trends Analysis Report By Product (Skincare, Personal Grooming), By Distribution Channel (Hypermarket & Supermarket, Pharmacy & Drug Store, E-commerce), By Region, And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/mens-personal-care-market
Most of the companies in the market have been relying on social media platforms including YouTube, Instagram, and Facebook to promote their products as one of the prominent strategies to pique consumer interest. Besides, launching the product on their official website, the companies use popular social media influencer or celebrities who usually have millions of followers as marketing media to build their brand awareness among the consumers. For instance, Loreal Paris in February 2017 changes its slogan ‘Because you’re worth it’ to ‘We are all worth it’ with respect to catering to a more diverse and inclusive audience. In the following year, the brand for the first time featured a male model- Gary Thompson blogger and makeup artist in a cosmetics campaign for its True Match Foundation campaign.
The market has witnessed a decline in the wake of the COVID-19 pandemic because of the discretionary spending and behavioral shift towards health and hygiene products. Brands have been strengthening the e-commerce platforms by improving their supply chains. Customer discount programs such as No-shave November offers have been a prominent factor to build user engagement on the company website and other e-commerce platforms amid this pandemic.
The hypermarket and supermarket distribution channel dominated the market and accounted for over 45.6% share of global revenue in 2019. Retailers such as Ulta, Sephora, Walmart, Target, and Beauty Corner are contributing to segment growth by launching men’s counter catering to men’s personal care products. For instance, in 2018 Ulta salon launched an in-store men’s boutique, which will feature products from prominent retailers such as Procter and Gamble- grooming products.
E-Commerce distribution shows fastest growth
The E-commerce distribution channel is expected to witness the fastest growth rate over the forecast period. The rising popularity of e-commerce and third-party e-retailers such as Amazon, Nykaa, and Sephora among the manufactures has been driving the sale through this channel. Increasing online shelf space in men’s personal care category and corresponding offers bode well with segment growth. For instance, in August 2017, the Nivea brand launched its website exclusive for men called Groom Room providing products for men’s personal care needs and numerous blogs describing daily care routines and personal care regimes for men.
North America dominated the market and accounted for over 29.2% share of global revenue in 2019. Growing consciousness, personal care routine, and use of natural and organically sourced products that are free from chemicals and are nontoxic in nature are the key driving factor for the growth of the market in the region. In addition, the growing adoption of business strategies such as mergers and acquisitions among the key players is propelling market growth. For instance, In November 2019, Estée Lauder Companies announced an agreement to acquire men’s grooming brand Do The Right. This deal would strengthen and help to expand The Estee Lauder Companies’ leadership position in countries such as South Korea and the U.K.