The global men's grooming products market is projected to register a CAGR of 5.5% during the forecast period, 2020 - 2025.
- The market is primarily driven by the increasing consciousness among male consumers on personal wellness and appearance. Moreover, due to the increasing penetration of media, there is a rising societal pressure to always look good, thereby fueling the grooming products available for men. Moreover, rapid innovations and frequent launches of various grooming solutions are offering tremendous growth potential to the market. For instance, Marico launched the Set Wet Studio X Charcoal, a charcoal-based range of male grooming products that include shampoo, body wash, peel-off face mask, face wash, and face scrub. Charcoal is considered a super ingredient, and it is increasingly being used in personal care products, both internationally and in the domestic market.
- Furthermore, factors, such as rising penetration of e-commerce and social media, are contributing to the growth of the global market. Although the online market is still at a nascent stage, it is currently experiencing a strong growth rate. This helps provide convenience and a wide variety of products for the consumers to choose from.
Key Market Trends
Rising Demand for Men's Skin Care Products
The men's skincare market is reported to have the fastest growth in the global men's grooming market. The major concerns among customers are aging, acne, and pigmentation. Thus, major players are focusing on expanding their existing product lines by introducing new products to meet the customers' demand. For instance, AVEDA, a brand of Estee Lauder Companies, launched a daily light guard defense fluid broad spectrum SPF 30, which offers multifunctional benefits to consumers, such as protection against free radical damage and strengthens the skin's natural environmental barrier. Thus, such innovations and portfolio extensions drive the growth of the market.
The United States Expected to Dominate the Global Market
In the United States, the male grooming industry is flourishing. Moreover, the market is witnessed to dominate the global market. Male consumers, especially baby boomers, are venturing into the luxury sphere, which has resulted in a faster growth rate for male-specific premium beauty products. However, in the country, the growing demand for the e-commerce segment is exponentially driving the US market. A large percentage of the young crowd is involved in the potential use of various online portals, which provide more knowledge about the variety of grooming solutions available in the market, thereby driving the demand for various products.
The global men's grooming products market is competitive and fragmented in nature owing to the presence of many regional and domestic players. The leading companies engage in mergers, expansions, acquisitions, partnerships, and new product development as strategic approaches, to boost their brand presence among consumers. Key players dominating the market include Beiersdorf AG, L’Oréal SA, Procter & Gamble Co., and Unilever PLC.
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