Men’s Grooming Products Market to Garner US$ 55.5 Bn, globally, by 2032 at 4.5% CAGR: Future Market Insight
The men’s grooming products market is projected to witness a CAGR of 4.5% during the forecast period. Revenue from the sales of men’s grooming products across the world is likely to become twice by 2032 from the present valuation of US$ 55.5 Bn.
|Men’s Grooming Products Market (CAGR)||4.5%|
|Men’s Grooming Products Market (2021)||US$ 55.5 Bn|
What is the Impact of COVID-19 on Men’s Grooming Products Market?
The men’s grooming products market has been moderately affected by the COVID-19 pandemic since many social arrangement facilities and offices were closed.
Consequently, these factors have reduced the demand for men’s grooming products, particularly shaving products. Another consequential trend in the men’s grooming products market is the rise of do-it-yourself (DIY) grooming.
Many beauty salons have closed, and even in places where they have not, consumers are forgoing services because of concerns about close physical contact.
As a result, men are experimenting with their looks during the lockdown regime, which has marginally increased the sales of men’s grooming products.
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Which Factors are Driving Sales of Men’s Grooming Products?
The demand for natural, clean-label and organic goods in the men’s grooming products market has surged as public awareness of the detrimental effects of chemical compounds often used in grooming items, such as shaving creams, has grown.
Males increasingly prefer natural grooming products to chemical-based grooming products. This has led to a rise in demand for men’s grooming products and sales of products that are safe, natural, organic, and cruelty-free in recent years.
The rise in the trend of premiumization in demand for men’s grooming products, with an increased impact of clean-label ingredients, has led to the high price of organic men’s grooming products which may affect the sales of men’s grooming products.
Furthermore, a rising number of primary producers in the men’s grooming products market are hiring various celebrities from the domains of sports and entertainment to advocate their goods to persuade consumers to use these endorsed items and increase demand for men’s grooming products as well as sales of men’s grooming products.
P&G’s Gillette, for example, used a variety of promotional techniques, including celebrity endorsement arrangements with Ashton Eaton, Neymar Jr., David Beckham, Roger Federer, and Ryan Lochte.
What is the Regional Outlook of the Men’s Grooming Products Market?
Men in the Asia-Pacific area are growing more mindful of their appearance and anxious that an untidy, ungroomed look may harm their prospects of social and career success, resulting in increased demand for men’s grooming goods and increased sales of men’s grooming products.
The men’s grooming products market, ranging from essential personal grooming items to skincare and cosmetics, has continued to witness a significant rise in demand for men’s grooming products in China over the last several years.
Chinese millennials and the younger generation mainly drive the men’s grooming products market; thus, the market is expected to increase significantly throughout the projection period.
In recent years, demand for men’s grooming products has grown as Indian men have become more conscious of their appearance as a result of the rise of social media platforms such as Instagram and Facebook, where they are exposed to celebrity grooming routines and a plethora of new products that offer targeted solutions for escalated demand for men’s grooming products as well as sales of men’s grooming products.
The retail men’s grooming products market has benefited from the growth in disposable income in the hands of the youth. Furthermore, due to the vast range in men’s grooming products market available in various online retail shops such as Amazon, Flipkart (by Walmart), Nykaa, JioMart, and others, E-commerce helped raise sales of men’s grooming products in India throughout 2020.
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Which Region Offers the Largest Opportunity for Sales of Men’s Grooming Products?
North America is predicted to be the most attractive men’s grooming products market producer, with an absolute dollar opportunity of roughly US$ 14,097.4 Mn.
The region’s men’s grooming products market has moved from a traditional concentration on shaving to a broader view of personal care in recent years.
As a consequence of the rising demand for a trimmed beard over a shaven look, consumers are adopting a variety of shaving practices, increasing sales of men’s grooming products across the area.
What is the Competitive Landscape of Men’s Grooming Products Market?
The men’s grooming products market is highly competitive, with numerous regional players, small- and medium-scale players, and key international players such as Procter & Gamble Co., Beiersdorf AG, and L’Oréal SA.
The emergence of small-scale, private-label brands resulted from men having envisaged a connection with grooming products and having become more health-conscious than before. New product innovations and expansions are the key strategies the prominent men’s grooming products market players adopt.
In January 2022, L’Oréal acquired the United States superfood skincare specialist Youth to the People in a move set to deepen ethical offerings in a very competitive men’s grooming products market offerings.
In May 2020, Gillette launched King C. Gillette, a complete range of grooming and beard care products for men. The range was categorized into three sections such as shave and edge, trim, and care.