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Aftershave Lotions & Creams Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global aftershave lotions & creams products market was valued at USD 4.1 billion in 2021 and is projected to expand at a CAGR of 5.5% from 2022 to 2030. The growth of the market is attributed to the rising awareness among people regarding personal hygiene, the increasing demand for quality aftershave products, and the rising trend of premiumization. Furthermore, the increasing disposable income and the growing demand for natural and organic aftershave products are driving the market growth.
The growing use of aftershave products among men for improving the look, feel, and smell of their skin is driving the demand for aftershave lotions and creams products. Moreover, the increasing demand for quality shaving products to reduce skin irritation is also expected to fuel the market growth. Furthermore, the introduction of new product variants with added features, such as moisturizing, hydrating, and anti-aging ingredients, is expected to further boost the market growth in the coming years.
The increasing use of aftershave products among teenagers and young adults is driving the market growth. Moreover, improving economic conditions and rising disposable incomes are playing a significant role in increasing the sales of aftershave lotions and creams. Furthermore, the growing trend of using natural, organic, and cruelty-free products is also driving the market growth. Market participants are launching new products to cater to the rising demand for these products. For instance, in March 2021, Bulldog launched a range of men’s grooming products, such as aftershave balms, moisturizers, and cleansers.
The increasing demand for these products in the professional sector and men’s salons is also driving the market growth. Furthermore, the growing trend of online shopping is augmenting the demand for these products. The availability of these products online at competitive prices is attracting more and more customers. Moreover, the availability of various offers and discounts is proving beneficial for the market. Additionally, the increasing number of product launches is expected to further drive the market growth in the coming years.
Product Insights
The aftershave lotions & creams segment dominated the market and accounted for a share of around 33.5% in 2022. Increasing awareness regarding personal grooming and hygiene among men has been driving the demand for aftershave lotions & creams among consumers. According to a survey conducted by Gillette, in November 2019, 75% of men aged between 18-34 agreed that aftershave is an essential part of their grooming routine. Furthermore, macro-level factors such as rising disposable income, increasing consumer spending, and the emergence of various distribution channels are contributing to the growth of the aftershave lotions & creams market globally.
The shaving gels segment is anticipated to expand at the fastest CAGR of 8.1% over the forecast period. Growing demand for shaving gels due to its ability to provide a smoother and closer shave is a key factor driving the market growth revenue. According to an article published by the University of Halmstad, in November 2019, 43% of men said they use shaving gel regularly. In addition, rising awareness regarding skin care and increasing fashion and beauty trends among individuals are some of the other factors driving the growth of the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the major share of over 38.3% in 2022. The segment is expected to witness a considerable growth throughout the forecast period. The growth is attributed to the increasing disposable income of consumers which is further boosting the sales of aftershave lotions & creams products through supermarkets & hypermarkets. In addition, the availability of a wide range of aftershave lotions & creams products, attractive offers, discounts, and convenient payment options at these outlets has further augmented the sales of aftershave lotions & creams products through supermarkets & hypermarkets.
The online segment is expected to witness the highest CAGR of 13.9% over the forecast period. The growth of the segment is attributed to the changing consumer preferences towards the use of social media platforms and the availability of a wide range of aftershave lotions & creams products at discounted rates on e-commerce platforms. In addition, the presence of a large number of online retailers offering aftershave lotions & creams products is also boosting the segment’s growth. The rising popularity of online retailing and the increasing availability of aftershave lotions & creams products on e-commerce platforms are the major factors driving the growth of the online segment.
Type Insights
The aftershave lotions segment accounted for the largest revenue share of 60.3% in the year 2022. Consumers increasingly prefer aftershave lotions to other products due to their convenience and affordability. The availability of a wide range of aftershave lotions in the cosmetic stores, online retail stores, and supermarkets is also encouraging the adoption of this product. Moreover, manufacturers are introducing new variants with added benefits such as anti-aging, moisturizing, and anti-bacterial properties. These properties are further boosting the demand for aftershave lotions.
The aftershave creams segment is expected to witness the highest growth rate of 9.3% during the forecast period. Aftershave creams are gaining traction among consumers due to their ability to provide relief from skin irritation caused by shaving. Moreover, the increasing demand for creams with organic and natural ingredients is also driving the demand for aftershave creams. The shift in consumer preference from chemical-based products to organic products is also providing an impetus to the market. Furthermore, the introduction of new products such as aftershave balms with natural ingredients is also driving market growth.
Regional Insights
Europe is expected to be the largest regional market due to the presence of a large customer base and the presence of a large number of players in the region. The increasing demand for natural and organic products is a major factor driving the growth of the aftershave lotions & creams market in the region. For instance, in December 2021, Bulldog Skincare launched its new collection of aftershave balms and creams in the U.K.
Asia Pacific is expected to be the fastest-growing regional market due to the increasing disposable income and the rising awareness about personal grooming. Furthermore, the rising trend of online shopping and the increasing number of e-commerce platforms are expected to fuel the growth of the market in the region. For instance, in October 2021, Panasonic launched its men’s grooming products in India, which includes aftershave lotions & creams.
Financial Projections
In this part of the aftershave lotions and creams products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your aftershave lotions and creams products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for an aftershave lotions and creams products business comes from sales of the product. Here you will find a list with a description of other possible sources of profit such as discounts and promotions, the sale of gift sets, and online sales.
Projecting Expenses
In this section, all the regular expenses related to keeping the aftershave lotions and creams products business running will be described. The list of operating expenses includes product sourcing costs, manufacturing costs, packaging costs, freight costs, wages, advertising, marketing and promotion costs, and others.
Key companies & market share insights
Some of the key companies operating in the aftershave lotions & creams market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, L’Oréal S.A. launched the Hydra Energetic Ice Cool face gel, an aftershave lotion that is designed to keep the skin cool and refreshed.
– In August 2022, Shiseido Co., Ltd. launched the Multi-Defence aftershave cream designed to provide skin protection from the sun and other environmental pollutants.
– In October 2022, The Estée Lauder Companies Inc. launched the Ultimate Aftershave Lotion containing natural ingredients that help soothe and nourish the skin.
Some of the prominent players in the aftershave lotions & creams market include:
– L’Oréal S.A.
– Shiseido Co., Ltd.
– The Estée Lauder Companies Inc.
– Beiersdorf AG
– Procter & Gamble Co.
– Vi-John Group
– Kao Corporation
– Unilever
– Avon Products, Inc.
– Colgate-Palmolive Company
Global Aftershave Lotions & Creams Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global aftershave lotions & creams products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Aftershave Lotions
– Aftershave Creams
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the key players in the Aftershave Lotions & Creams Products Market?
[A]: Key players in the Aftershave Lotions & Creams Products Market include Unilever, Beiersdorf AG, L’Oréal S.A., Johnson & Johnson Consumer Inc., Edgewell Personal Care Co, The Estée Lauder Companies Inc., The Kroger Co, Coty, Inc., and Koninklijke Philips N.V.
[Q]: What is driving the growth of the Aftershave Lotions & Creams Products Market?
[A]: The growth of the Aftershave Lotions & Creams Products Market is driven by the increasing demand from consumers for products that offer convenience, ease of use, and enhanced product performance. The increasing number of men’s salons and the growing popularity of natural and organic ingredients in aftershave lotions and creams are also contributing to the growth of the market.
[Q]: What are the product innovations in the Aftershave Lotions & Creams Products Market?
[A]: Product innovations in the Aftershave Lotions & Creams Products Market include improved texture and composition of the lotions and creams, improved packaging and design, introduction of new scents and fragrances, and product differentiation through the incorporation of natural and organic ingredients.
[Q]: Which region offers the largest potential for sales of Aftershave Lotions & Creams Products?
[A]: The largest potential for sales of Aftershave Lotions & Creams Products is in North America, with an absolute dollar opportunity of $20 B (USD).
[Q]: What are the key trends in the Aftershave Lotions & Creams Products Market?
[A]: Key trends in the Aftershave Lotions & Creams Products Market include the increasing demand for natural and organic ingredients, the focus on product differentiation, new product launches and advancements, and the focus on technology-driven product improvements.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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