The global men’s grooming products market size is expected to reach USD 78.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.2% over the forecast period. Increasing rate of population, rising beauty consciousness among males, awareness about basic hygiene and cleanliness of body parts, growing influence of social trends, and rapid innovations and development in various grooming solutions are the key factors responsible for industry growth.
High disposable income and the hunger to climb the corporate ladder have redefined the needs of male grooming, and in the process, created an attractive market for companies dealing in men’s products. Rising awareness regarding the overall body care among males and growing influence of social trends are supporting the market growth. The idea behind personal grooming is to maintain the basic hygiene and cleanliness of body parts. A major factor fueling the growth of this market is rising beauty consciousness among males. Rapid innovations and development in various grooming solutions like hair spray, hair perfumes, and beard wax are offering tremendous growth potential to the market.
Europe emerged as the largest regional market in the year 2018 owing to growing demand for skin and hair care products among males. Increasing focus on the maintenance of a youthful and presentable appearance is a key factor driving the market in Europe. Men are regular users of body shaving products and skin enhancement cosmetics in the APAC region, thereby boosting the regional market growth.
Men’s grooming items have become quite popular among western developed countries in the last decade but the trend is now shifting towards Asia Pacific and Latin America. Conventionally, men’s grooming solutions were categorized into male toiletries and shaving products but recently demand for men’s cosmetics has also increased. U.K. dominated the market in terms of revenue in 2018, acquiring 65.4% share in Europe. Demand for anti-aging, oil-free cream, and face wash is gradually increasing in North America, Western Europe, and Japan. The skin care segment is likely to witness the fastest growth in the forecast period as compared to the hair care segment.
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Further key findings from the study suggest:
- The skin care segment is projected to expand at a CAGR of 6.1% over the forecast period
- Based on the distribution channel, the e-commerce platform held an overall revenue share of 9.8% in 2018
- The men’s grooming products market in U.K., U.S., China, Germany, and Brazil has also expanded to a great extent in the last few years.