New York, United States, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The perception of beauty standards for men is changing. Decades-long gender stereotypes have begun to break down, and men's and women's beauty products are now being created.
According to a report by Straits Research, “The Global Men's Personal Care Market is expected to achieve a market size of USD 68.89 billion by 2030. This growth is anticipated to occur at a Compound Annual Growth Rate (CAGR) of 9.2% from 2022 to 2030. The driving forces behind this expansion are the increasing awareness of personal care among men and the emergence of new fashion trends, which are bolstering the demand for men's personal care products.”
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In recent years, the notion that men should not use beauty and grooming products has waned, and the market has become awash with promises. Social networking initiatives, digitally native start-ups, and global brands that cater to the men's personal care segment augur well for the market's growth. Moreover, increasing awareness about personal care, inclination toward 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 the influence of social media is driving the men's personal care market. In addition, the need to enhance product and service quality for customers is likely to encourage the development of personalised men's personal care products.
Emerging fashion trends and the influence of social media have gravitated consumers toward self-grooming and self-care, ignoring the gender binaries of such products and regimens as not being for men. Due to an increase in consumer disposable income, the costs associated with maintaining a healthy beard, healthy hair, healthy skin, etc., have increased. In addition, the increase in the number of men in the corporate world, who value cleanliness, proper attire, and a refined appearance, has fueled the demand for personal care products. The increased presence of male models representing personal care brands, male make-up artists, and actors promoting the use of grooming products has had a positive effect on the men's personal care industry, as more men demand these products.
REGIONAL ANALYSIS
In 2021, sales of men's personal care products dominated the North American market. A high concentration of lead producers in the region, such as in the U.S., Canada, and Mexico, who prioritize research and growth, product innovation, development, and new product launches in the men's segment, is the primary factor driving the region's demand. The North American region's developed economy has led to an increase in spending on personal care products. Over the forecast period, Asia-Pacific is anticipated to be the fastest-growing regional market for men's personal care. The inclination of men toward corporate lifestyles and the rise in the number of educated customers, particularly in emerging economies such as China and India, are the primary factors driving the market in this region.
GROWTH OPPORTUNITIES
In the years to come, market participants may view online shopping and e-commerce as an opportunity. Online shopping has many benefits, including faster access to a wider selection of goods and services. Due to the availability of a vast selection of products, consumers are attracted to online shopping. Payment convenience is another factor that encourages consumers to adopt online shopping. There is also no danger of money being stolen. The primary driver of online shopping growth is the expanding use of the internet and mobile devices. In addition to outlets, e-commerce has become a necessity for the players in order to expand their global sales and customer base.
COMPETITORS ANALYSIS
Major players working 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.
RECENT DEVELOPMENTS
- The beauty brand Nykaa, which specializes in women's personal care products, announced in 2021 that it would launch a new men's personal care category. This occurrence illustrates the increase in demand for these products.
- Vedix, an Indian brand whose products are customized and based on Ayurveda, has announced its entry into the category of men's personal care with the launch of face wash, overnight serum, and moisturizer.
MEN’S PERSONAL CARE MARKET SEGMENTATIONS
By Product
- Skincare
- Haircare
- Personal Grooming
- Others
By Distribution Channel
- Hypermarket & Supermarket
- Pharmacy & Drug Stores
- E-Commerce
- Others
By Regions
- North America
- Europe
- APAC
- Middle East and Africa
- LATAM
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