How to Capitalize on the Men's Grooming Market Trend, Projected to reach $91.412 billion by 2032—here’s why

How to Capitalize on the Men's Grooming Market Trend, Projected to reach $91.412 billion by 2032—here’s why

The Men’s grooming products industry is poised to maintain its growth trajectory, with an estimated compound annual growth rate (CAGR) of 4.50% from 2024 to 2032. Projected to rise from approximately USD 61.512 billion in 2023 to USD 91.412 billion by 2032, the market reflects an upward trend driven by various factors.

Read: Report 2024

The market is experiencing favorable growth due to an increase in disposable income and an elevation in living standards among consumers. Moreover, the demand for male grooming products is being propelled by a heightened awareness of personal well-being and appearance among men.

This trend, coupled with the rapid expansion of male and unisex salon establishments nationwide, is driving the escalating need for grooming products. Additionally, the pervasive influence of network connectivity and the growing reliance on digital devices such as tablets, laptops, and smartphones are serving as catalysts for market expansion.

Furthermore, the rising prevalence of fitness content production and the influential role of social media platforms are augmenting consumer demand for grooming products, as they are increasingly endorsed by influencers and celebrities within these digital spaces.

Men's Grooming Product segmentation:

The global men’s grooming products market exhibits a diverse segmentation across product type, packaging, distribution channels, price range, and region.

  • Product Types: Skincare, haircare, shaving, beard care, and fragrances.
  • Packaging Types: Bottles, tubes, jars, pump dispensers, sprays, and roll-ons.
  • Distribution Channels: Mass merchandisers, specialty stores, online retailers, barber shops, and direct sales.
  • Price Range: Mass market, premium, and luxury products.

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Furthermore, the expansion of organized retail channels such as hypermarkets, supermarkets, and convenience stores, along with the rapid growth of e-commerce platforms, contributes significantly to market expansion. These platforms offer attractive promotions, secure payment options, and convenient doorstep delivery, further stimulating consumer interest and driving market growth.

Know more on Segmentation : HERE

Regional Dynamics in the Men’s Grooming Products Market

Europe takes the lead in the men’s grooming products industry, with its market expanding steadily driven by rising living standards and a growing demand for personalized grooming solutions tailored to male consumers. Meanwhile, North America is expected to secure the second position in market size. Procter & Gamble Company's grooming division, for instance, reported significant sales growth driven by strong demand for disposable blades, razors, and pre- and post-shave care products. Moreover, the region's market growth is further supported by increasing consumer preferences for sustainable cosmetic options, presenting ample opportunities for market expansion.

In the Asia Pacific region, the men’s grooming products market is poised for rapid growth by the increasing adoption of online shopping for cosmetic and personal care products, particularly in populous countries such as China, India, and Southeast Asia. Hong Kong, for example, witnessed substantial online sales of beauty products, reflecting the growing consumer inclination towards digital platforms for purchasing grooming essentials.

Market Challenges and Opportunities in Men's Grooming Products Industry

  1. Skin Problems Caused by Chemical-Based Cosmetics: Many chemical-based cosmetics contain harsh ingredients like fragrances, preservatives, and colorants that can irritate the skin and cause sensitivity issues. This can lead to redness, itching, and inflammation, similar to the reactions seen in women. Some individuals may also have allergies to specific chemicals present in these products, resulting in symptoms ranging from minor irritations to more severe reactions like breathing difficulties and swelling. Such adverse reactions may deter men from using chemically formulated grooming products.
  2. Concerns About Hormonal Disruption: Certain chemicals found in cosmetics, such as parabens and phthalates, have been linked to hormonal disruption. Men may be hesitant to use products containing these chemicals due to concerns about upsetting their hormonal balance, potentially leading to issues with reproductive systems and other hormone-related problems.

Opportunities:

  1. New Regulations and E-Commerce Growth: The men’s grooming products market is experiencing rapid expansion, fueled by the growing popularity of the e-commerce sector. A significant portion of the younger population prefers to shop online, leading to increased awareness of grooming product options and driving demand. Companies like Nykaa are capitalizing on this trend by entering the billion-dollar Indian men’s grooming market through dedicated online portals like Nykaa Man. Additionally, stricter regulations regarding product compositions and the rising consumer demand for natural and organic ingredients are expected to fuel market expansion in the coming years.

Competitive Landscape and Strategic Initiatives in the Men's Grooming Products Market

Key Players:

  1. Procter And Gamble Company: Known for its wide range of grooming products including razors, shaving creams, and skincare items.
  2. Unilever PLC Or NV: Offers popular brands like Dove Men+Care and Axe, catering to various grooming needs.
  3. Edgewell Personal Care Company: Owns brands like Schick and Bulldog Skincare, focusing on shaving and skincare products for men.

Recent Developments:

  • In October 2023, Hammer & Nails initiated the expansion of its barbershop business with 70 new franchise locations in Texas, USA, aiming to promote the use of skincare and beard care products.
  • In May 2023, Scent Beauty Inc. extended its collaboration with Stetson to introduce the brand's grooming products in the Western Hemisphere, leveraging its global e-commerce platform.
  • In June 2022, InnovaDerma PLC. and Brand Architekts Group PLC. signed a merger agreement to strengthen their presence in the men’s grooming product market, offering brands like Super Facialist for Men and Charles + Lee.

Strategic Focus: These key players prioritize product innovation, distribution channel expansion, and strategic partnerships to stay ahead in the competitive market. Additionally, mergers and acquisitions are common strategies to enhance market share and diversify product offerings. With a focus on meeting evolving consumer preferences and increasing demand for natural and sustainable grooming solutions, these companies are committed to maintaining their competitive edge in the dynamic men's grooming products industry.

Future Outlook:

The men’s grooming products industry is poised for substantial growth, particularly in Europe, with a promising outlook globally. The increasing demand for professional grooming services is a key driver propelling the expansion of the global market for men’s grooming products. However, amidst this growth, intense rivalry among competitors poses a significant challenge, potentially leading to market saturation. To navigate this competitive landscape and sustain growth, key enterprises must focus on continuous innovation, expanding their market reach, and maintaining competitive pricing strategies. By staying ahead of the competition through strategic initiatives, the men’s grooming products market is primed to capitalize on evolving consumer trends and secure a strong foothold in the future.

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