The global market for men’s grooming product is expected to experience rapid growth, with an accelerated Compound Annual Growth Rate (CAGR) of 8.2% projected from 2023 to 2033. By the year 2033, sales of men’s grooming products are forecasted to reach a value of USD 12,796.30 million. In 2023, the market is estimated to be valued at USd 5,805.20 million.
The rise of the metrosexual male and the expanding influence of celebrities and influencers have increased perceptions about conventional masculinity to change, leading to a surge in men’s spending on grooming products. The proliferation of men’s salons is driving the demand for men’s grooming products.
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Factors Hindering Growth of Men’s Grooming Product Market
- Lack of awareness about the range of grooming products available and their benefits poses a challenge to the growth of the men’s grooming product market.
- Stereotypes and traditional gender norms may discourage men from openly endorsing grooming products.
- Some men may still perceive grooming as awkward or associate it with femininity, which could hinder the expansion of the men’s grooming product market.
Challenges Faced by the Men’s Grooming Product Sector:
- Customer tastes are constantly changing. Products for grooming that were popular a few years ago might not be so trendy today. Adjusting product lines and keeping up with the changes can be challenging.
- Economic downturns may cause consumers to spend less on grooming products and other non-essentials. Men might make fewer purchases of this kind during uncertain economic times, inhibiting the men’s grooming product market growth.
- The men’s grooming product market has grown in popularity, which has increased competition. In the market share competition, well-known brands and recent arrivals may engage in price wars, leading to a shrink in their profit margins.
Regional Outlook:
In North America, Europe, and Asia Pacific, the men’s grooming products market is growing at a promising rate. Men’s grooming product sales in North America benefit from changing grooming patterns and a growing focus on self-care.
Europe is steadily expanding due to increased awareness of personal hygiene practices. Growing disposable money and shifting ideas of being a male has created strong men’s grooming product demand in the Asia Pacific. Each region exhibits distinct consumer behaviors and tastes, which support the global market expansion for men’s grooming products.
Key Takeaways from the Men’s Grooming Product Market Report:
- The shave care segment in the product type category to grab a share of 41.6% from 2023 to 2033.
- In the price range category, the mid-segment to acquire a market share of 51.5% between 2023 and 2033.
- The Canada market is anticipated to accelerate at a CAGR of 8.8% from 2023 to 2033.
- The United States men’s grooming product sales are anticipated to surge at a CAGR of 6.2% by 2023.
- The men’s grooming product demand in the United Kingdom is to witness growth at a CAGR of 3.9% from 2023 to 2033.
- The France men’s grooming product industry is expected to develop a CAGR of 4.6% between 2023 and 2033.
- The Italy market is expected to continue to spur at a CAGR of 5.6% through 2023.
- The Spain men’s grooming product market expects growth from 2023 to 2033 at a CAGR of 7.7%.
- Germany market forecasts a CAGR of 3.6% through 2023.
- India men’s grooming product industry is anticipated to rise at a CAGR of 8.8% by 2023.
- China men’s grooming product sales are expected to climb at a CAGR of 9.4% until 2033.
- Japan market may exhibit a CAGR of 12.3% by 2023.
- Singapore men’s grooming product sales to record a CAGR of 11.6% between 2023 and 2033.
- Australia men’s grooming product industry to register a CAGR of 6.6% through 2023.
Competitive Landscape:
With many regional competitors, SME firms, and significant multinational players, the men’s grooming product sector is quite competitive. Due to the growing consumer demand for natural and organic products, regional and international businesses are concentrating on using organic ingredients. The primary tactics used by the leading market participants for men’s grooming products are new product innovations and expansions.
Leading Key Players:
- Procter and Gamble Co
- ITC Limited
- Johnson and Johnson Private Limited
- Unilever PLC
- Coty, Inc.
- L’Oréal S.A
- Edgewell Personal Care Co
- Beiersdorf AG
- Colgate-Palmolive Company
- Kao Corporation
- Estee Lauder Companies, Inc.
- Reckitt Benckiser
- Others
Innovations on the Horizon:
- To expand its ethical product offerings in the very competitive male grooming product industry, L’Oréal purchased the superfood skincare expert Youth to the People in the United States in January 2022.
- Edgewell Personal Care Company introduced new Schick Xtreme Men’s Bamboo Hybrid Razors in April 2022. The product has flexible blades composed of 75% recycled steel and packaging that is 100% recyclable.
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Key Segmentation:
By Product Type:
- Shave Care
- Skin care
- Hair Care
- Toiletries
- Fragrances
- Others
By Price Range:
- Premium
- Mid
- Low
By Distribution Channel:
- Hypermarkets/Supermarkets
- Salon/Grooming Clubs
- Drug Stores
- E-commerce/Online
- Retail Stores
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East Asia
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