The global men’s grooming products market is projected to reach USD 78.5 billion by 2025, as per a new report by Million Insights, Inc. The market is expected to grow with a CAGR of 5.2%, during forecast years. Increasing beauty consciousness among men, growing awareness about the importance of overall body grooming and society's influence towards aesthetically appealing looks are driving the industry.
Increasing consumer spending on personal care and the growing importance of male grooming in various industries such as fashion, aviation and corporate have redefined the men’s grooming industry and thereby created huge opportunities for various companies dealing in such products. Personal grooming is done to ensure overall hygiene and proper cleanliness of the body. Introduction of innovative grooming products and several grooming solutions such as hair perfumes, beard wax and others are positively driving the men’s grooming product market growth.
Europe was the largest market in terms of market share, in 2018. Rising demand for skin and hair grooming products among men is the key reason behind the region’s growth. The United Kingdom held the largest market share in Europe with a market share of 65.4%, in 2018. The growing obsession with youthful appearance is another leading reason driving the market in the region. Further, the growing popularity of body shaving and skincare products in the Asia Pacific region is driving the overall market.
Men’s grooming products are popular in western countries. However, emerging countries in the Asia Pacific and Latin America have witnessed significant demand in the recent past. Traditionally, grooming products for men were classified into toiletries and shaving products. However, lately, the demand for men’s cosmetics has surged considerably. Moreover, the demand for oil-free creams and anti-aging creams is expected to rise in both emerging and developed regions.
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Further key findings from the report suggest:
• The skin care segment is expected to grow with a CAGR of 6.1% during the forecast period.
• E-commerce segment held 9.8% of the market share in 2018 and it is projected to grow with the significant growth rate over the forecast period.
• Europe held nearly 25% of the total market share in 2018, and the region is likely to witness significant CAGR over the forecast period.
• Apart from developed region, men’s grooming products market has witnessed significant growth from emerging countries such as Brazil, China, India and others.
Million Insights has segmented the global men’s grooming products market on the basis of product type, distribution channel, and region.
Men’s Grooming Products Type Outlook (Revenue, USD Billion, 2015 - 2025)
• Hair Care
• Skin Care
Men’s Grooming Products Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
• Convenience Stores
Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific