Newark, June 16, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global men’s personal care market is expected to grow from USD 55.2 billion in 2021to USD 159.3 billion by 2030, at a CAGR of 12.5% during the forecast period 2022-2030.
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The emerging fashion trends and social media influence has gravitated the consumers towards self-grooming and self-care, disregarding the gender binaries of such products and regimes as not being for men. The expenditure incurred to maintain a good beard, good hair, healthy skin etc. has been on the rise due to the increase in disposable income of the consumers. Along with this the increase in number of men in the corporate world which demand hygiene, proper dressing and sophisticated appearance has fuelled the demand for personal care products. The increased presence of male models representing personal care brands, male make-up artists, actors promoting the use of grooming products has positively impacted the men’s personal care industry as more men are demanding these products.
Increasing awareness about personal care, inclination towards specific grooming products, demand for gender specific products, e-commerce boom, Gen Z consumers disregard for gender binaries, concerns about health, body image, hygiene, self-care, emerging fashion trends and social medial influence are driving the men’s personal care market. Also, the requirement to improve product & service quality for clients is likely to provide an impetus for personalized men’s personal care products. New product developments and strategic collaborations amongst top companies striving to expand are some of the factors that are predicted to drive global market growth in the future.
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Key players operating in the global men’s personal care market are Procter & Gamble, Unilever, Johnson & Johnson, L’Oréal, Reckitt Benckiser, Beiersdorf AG, Coty Inc., Edgewell Personal Care Company, Kao Corporation and Estee Lauder Companies, Inc. among others. To enhance their market position in the global men’s personal care market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
• The beauty brand Nykaa which caters to women’s personal care products, made an announcement in 2021 that they would be launching a new personal care category dedicated to men. This development identifies the rise the in demand for such products.
• Vedix, an Indian brand, whose products are customized and based on ayurveda, announced its entry into men’s personal care category with the launch of some products such as face wash, overnight serum, moisturizer.
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The skin care segment dominated the market with a market share of around 43% and a market value of around 23.73 billion in 2021.
The product type segment is divided into skin care, hair care, & personal grooming. The skin care segment dominated the market with a market share of around 43% and a market value of around 23.73 billion in 2021.
The supermarkets/hypermarkets segment is expected to grow at the fastest CAGR of 14.6% over the forecast period.
The distribution channel segment is divided into supermarkets/hypermarkets, pharmacy & drugstores, online, & others. Over the forecast period, the supermarkets/hypermarkets segment is expected to grow at the fastest CAGR of 14.6%. The presence of supermarkets/hypermarkets chains of Walmart and target across regions provides easy accessibility of products to consumers. Supermarkets/hypermarkets allow consumers to physically verify the products & check its packaging among other things, this adds to the credibility of the products. Offers and discounts at retail chains also attract a lot of demand.
Regional Segment Analysis of the Men’s Personal Care Market
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America region emerged as the largest market for the global men’s personal care market with a market share of around 38.6% in 2021. During the forecast period, North America is expected to be the largest market. The men’s personal care market in North America has been expanding rapidly. Men’s personal care in North America is dominated by the United States. According a survey done in the US market, it was found that a male spends around US $244 on an average per month on skin care. This significant expenditure can be attributed to the rise in disposable income of the population. The well-established and mature market of men’s personal care and presence of major market players also augments well for the growth of the market. The increased internet penetration will drive the demand for this market with the growing trend of online shopping. This was complemented by the launch of new products on online platforms by key market players. To put this into perspective, 177 new men’s grooming products dedicated to beards were launched from 2019 & 2020.
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About the report:
The global men’s personal care market is analysed based on value (USD Billion). All the segments have been analysed on global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the clients objectives of high-quality output within a short time. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. The customized solutions are tailored to meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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