The men’s grooming products market is anticipated to grow at a 4.5% CAGR during the predicted period. By 2032, the current US$ 55.5 billion market for men’s grooming products is projected to generate double that much in revenue.
The COVID-19 pandemic has had a moderate impact on the market for men’s grooming products because so many social gathering places and offices were shut down.
These factors have consequently decreased the demand for men’s grooming products, especially shaving products. The rise of do-it-yourself (DIY) grooming is a significant trend in the market for men’s grooming products.
Because of worries about close physical contact, many beauty salons have closed, and even in areas where they haven’t, customers are skipping services.
Men are experimenting with their appearance as a result, which has slightly increased sales of men’s grooming products during the lockdown period.
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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.
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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.
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.
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