The global aftershave lotions & creams market size is projected to reach USD 2.2 billion by 2025, according to a new report published by Million Insights. Rising demand for organic and natural ingredients products and product innovation are anticipated to be the key driving factors for the market growth. Moreover, Aftershave products reduces bleeding, irritation and redness and provides smooth and clean skin, which is projected to create a huge opportunity for the market during the forecast period, 2019 to 2025.
The demand for male grooming products has grown significantly. This growth can be attributed to the rise in awareness of male consumers towards latest fashion and trends. Thus the growth in demand for male grooming products is providing traction to the demand for aftershave lotions & creams. Moreover, manufacturers are continuously focusing on developing new products with natural constituents such as plant extract, essential oil and caffeine, which are projected to create a huge opportunity for the market in the upcoming years. Furthermore, increasing numbers of professional men’s and increasing demand for multifunctional products are anticipated to drive the market growth in forthcoming years. Multifunctional products provide various benefits in one product such as reduces the wrinkles, nourishes the skin and remove the irritation.
Lotions and balm segment held the largest market share in 2018, owing to rising penetration of products in developing nations such as China, Brazil and India. Moreover, increasing spending on personal grooming products by male consumers and increasing awareness regarding personal hygiene and grooming are anticipated aid to market growth.
The e-commerce channel is projected to see significant growth during the forecast period, due to the rising number of service providers, growing penetration of the internet and smartphones and increasing exposure to social media. Additionally, e-commerce giants such as Amazon and Flipkart provides lucrative services to consumers such as one-day delivery and 30-day return policies, which is expected to accelerate the aftershave lotions and creams market growth over forecast period, 2019 to 2025.
Asia Pacific market is expected to grow with the fastest CAGR during the forecast period, 2019 to 2025, owing to rising demand for personal grooming products in developing nations such as China, Thailand and Indonesia. Moreover, key players in the market are trying to expand their product reach in the region by implementing various strategies such as collaborating with online service providers. Additionally, rising product awareness and an increasing number of distribution channels are projected to fuel the market demand in upcoming years.
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Further key findings from the report suggest
• The lotions & balm segment has accounted for the largest market share in 2018. Rising product awareness, increasing demand for natural and organic ingredient products and changing grooming habits are the key driving factor for the segment growth.
• The convenience store segment held the largest market share in 2018, owing to rising availability and accessibility of the product. Moreover, with the rising population of men, demand for grooming and personal hygiene products are also increasing, which is anticipated to fuel the aftershave lotions & creams market growth.
• The supermarket/hypermarket segment is expected to grow with a CAGR of 4.8%, during the forecast period, 2019 to 2025, owing to rapid urbanization, rising number of retail stores and customer services such as discount offers and return policies.
• Europe held the largest market share in 2018, owing rising demand for beauty & personal care products and shifting preferences of consumers towards modernized high-quality products.
Million Insights has segmented the global aftershave lotions & creams market on the basis of product, distribution channel and region:
Product Type Outlook (Revenue, USD Million, 2015 - 2025)
• Lotions & Balm
Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Convenience Store
• Pharmacy Store
Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa