NEWARK, Del, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The global men's grooming product market size to hit US$ 5,805.20 million by 2023. The men's grooming product sales between 2023 and 2033 are expected to escalate at a CAGR of 8.2%. A valuation of US$ 12,796.30 million is projected for the men's grooming product demand by 2033.
Increasing awareness of personal appearance and well-being and the expanding impact of societal trends are the major driving forces behind the market expansion for men's grooming products.
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Market Dynamics in Men's Grooming Products:
- Men are less ignorant of the value of personal hygiene and grooming and are more aware of their grooming habits. This awareness has fueled market expansion for men's grooming products.
- Direct-to-consumer (DTC) sales and Internet shopping have substantially increased in popularity. Numerous men's grooming product manufacturers have embraced E-commerce platforms to expand their customer base.
- Many consumers regard sustainability and environmental friendliness to be crucial factors. In the men's grooming product market, packaging designs that are eco-friendly and minimalist are becoming increasingly popular.
- The men's grooming product market has seen increased personalization and customization. To meet each customer's demands, brands provide customized solutions like skincare regimens and subscription boxes.
Challenges Faced by the Men's Grooming Product Sector:
- Customer tastes are constantly changing. Products for grooming that were popular a few years ago might not be so trendy today. Adjusting product lines and keeping up with the changes can be challenging.
- Economic downturns may cause consumers to spend less on grooming products and other non-essentials. Men might make fewer purchases of this kind during uncertain economic times, inhibiting the men's grooming product market growth.
- The men's grooming product market has grown in popularity, which has increased competition. In the market share competition, well-known brands and recent arrivals may engage in price wars, leading to a shrink in their profit margins.
Regional Outlook:
In North America, Europe, and Asia Pacific, the men's grooming products market is growing at a promising rate. Men's grooming product sales in North America benefit from changing grooming patterns and a growing focus on self-care.
Europe is steadily expanding due to increased awareness of personal hygiene practices. Growing disposable money and shifting ideas of being a male have created strong men's grooming product demand in the Asia Pacific. Each region exhibits distinct consumer behaviors and tastes, which support the global market expansion for men's grooming products.
“The men's grooming product market is expanding steadily due to changing consumer tastes and an increasing focus on personal grooming. The developing market is shaped by increased consumer awareness and demand for grooming basics, which presents an opportunity for product offerings and market participants.” - says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).
Key Takeaways from the Men's Grooming Product Market Report:
- The shave care segment in the product type category grabbed a share of 41.6% from 2023 to 2033.
- In the price range category, the mid-segment to acquire a market share of 51.5% between 2023 and 2033.
- The Canada market is anticipated to accelerate at a CAGR of 8.8% from 2023 to 2033.
- The United States men's grooming product sales are anticipated to surge at a CAGR of 6.2% by 2023.
- The men's grooming product demand in the United Kingdom is to witness growth at a CAGR of 3.9% from 2023 to 2033.
- The France men's grooming product industry is expected to develop a CAGR of 4.6% between 2023 and 2033.
- The Italy market is expected to continue to spur at a CAGR of 5.6% through 2023.
- The Spain men's grooming product market expects growth from 2023 to 2033 at a CAGR of 7.7%.
- Germany market forecasts a CAGR of 3.6% through 2023.
- India men's grooming product industry is anticipated to rise at a CAGR of 8.8% by 2023.
- China men's grooming product sales are expected to climb at a CAGR of 9.4% until 2033.
- Japan market may exhibit a CAGR of 12.3% by 2023.
- Singapore men's grooming product sales to record a CAGR of 11.6% between 2023 and 2033.
- Australia men's grooming product industry to register a CAGR of 6.6% through 2023.
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Competitive Landscape:
With many regional competitors, SME firms, and significant multinational players, the men's grooming product sector is quite competitive. Due to the growing consumer demand for natural and organic products, regional and international businesses are concentrating on using organic ingredients. The primary tactics used by the leading market participants for men's grooming products are new product innovations and expansions.
Leading Key Players:
- Procter and Gamble Co
- ITC Limited
- Johnson and Johnson Private Limited
- Unilever PLC
- Coty, Inc.
- L'Oréal S.A
- Edgewell Personal Care Co
- Beiersdorf AG
- Colgate-Palmolive Company
- Kao Corporation
- Estee Lauder Companies, Inc.
- Reckitt Benckiser
- Others
Innovations on the Horizon:
- To expand its ethical product offerings in the very competitive male grooming product industry, L'Oréal purchased the superfood skincare expert Youth to the People in the United States in January 2022.
- Edgewell Personal Care Company introduced new Schick Xtreme Men's Bamboo Hybrid Razors in April 2022. The product has flexible blades composed of 75% recycled steel and packaging that is 100% recyclable.
Men's Grooming Product Market Segmentation:
By Product Type:
- Shave Care
- Skin care
- Hair Care
- Toiletries
- Fragrances
- Others
By Price Range:
- Premium
- Mid
- Low
By Distribution Channel:
- Hypermarkets/Supermarkets
- Salon/Grooming Clubs
- Drug Stores
- E-commerce/Online
- Retail Stores
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East Asia
Authored By:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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