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Men’s Grooming Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global men’s grooming products market was valued at USD 202.6 billion in 2022 and is projected to expand at a CAGR of 8.0% from 2023 to 2030. Men are increasingly spending heavily on grooming goods as attitudes about conventional masculinity have shifted due to the rise of the metrosexual male and the growing influence of celebrities and influencers. In addition, increasing demand for toiletries and shaving products, as well as an awareness of cleanliness and personal hygiene, has propelled the growth of the market.
Furthermore, some market participants are developing new electrical items, such as shavers and razors, by incorporating new performance characteristics based on cutting-edge technology. For instance, in November 2021, Philips launched Norelco Shaver Series 9000 with artificial intelligence for a smarter shaving experience, targeting the urban population.
Growing skin concern among men such as sensitivity, aging, inflammatory conditions, acne, and dryness is expected to drive the demand for the skincare segment. Hence, key players are launching products to cater to the demand of consumers with serious skin conditions. For instance, in March 2022, Denver stepped into the advanced men’s grooming segment with the launch of a new product range backed by science. The new and improved catalog consists of body wash, beard oil, and a beard comb.
Males increasingly prefer natural grooming brands to chemical-based grooming brands. This has led to a rise in demand for brands that are safe, natural, organic, and cruelty-free in recent years. For instance, in July 2021, IDAM House of Brands, the parent company of Bella Vita Organic announced the launch of a new direct-to-consumer (D2C) skincare and grooming brand BRAVE Essentials, with products formulated using natural ingredients and no harsh chemicals.
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. Furthermore, the increasing number of innovative brand launches to cater to the growing product demand from customers is expected to further support the growth of the market. For instance, in September 2021, CavinKare entered the men’s grooming market with the launch of a new personal care brand Biker’s. The brand’s product line includes 2-in-1 shampoo-conditioners, beard oil, beard cream, and shower gel to meet the needs of the urban male. The increasing availability of these products online has also accelerated the demand, as e-commerce platforms often provide various offers on these products.
Product Insights
The shaving segment is anticipated to dominate the market during the forecast period. Increasing demand for shaving products such as razors, blades, shaving creams, and aftershave lotions has been driving the market. According to an article published by Statista, in October 2019, men’s shaving products accounted for a share of around 24.1% in the global men’s grooming industry. Furthermore, growing demand for electric shavers and beard trimmers is expected to support the growth of the market in the near future.
The body care segment is expected to witness significant growth during the forecast period. Rising demand for body lotions, shower gels, and body washes among males in order to maintain their personal hygiene is driving the segment’s growth. According to an article published by Statista, in October 2019, the body care segment accounted for a share of around 8.9% in the global men’s grooming industry. Additionally, increasing awareness among consumers regarding body care products and rising disposable income are some of the key factors driving the segment’s growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 41.3% in 2022. This can be attributed to the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase beauty and personal care products. In addition, the availability of a wide variety of products and helpful shopping assistants in supermarkets & hypermarkets enable customers to make informed and quick purchasing decisions.
The online segment is anticipated to expand at the highest CAGR of 12.6% over the forecast period. This is due to the increasing popularity of e-commerce websites and apps dedicated to men’s grooming products. For example, in December 2022, Nykaa launched NykaaMan.com dedicated to men’s grooming. This website offers a wide selection of products from different categories such as shaving, hair care, grooming kits, bath & body, beard care, sexual wellness, and sports nutrition. In addition, it also provides customers with expert advice and opinions on choosing the best regime.
Type Insights
The shaving products segment accounted for the largest revenue share of 24.4% in the year 2022. Increasing demand for electric razors, shaving creams, gels, and foams, among other products in the segment, is fueling the growth of the market. Also, rising awareness about male grooming and the launch of innovative products by leading market players are some of the other factors driving the market. For instance, in May 2021, Philips, a brand of Koninklijke Philips N.V., launched a new series of electric razors called Series 5000 and Series 7000. This product launch is expected to drive the growth of the segment.
The hair care products segment is anticipated to expand at the highest CAGR of 8.1% over the forecast period. Increasing demand for hair styling products and hair oils, among other products in the segment, is driving the growth of the market. Also, the growing trend of male grooming in developing regions is contributing to the growth of the market. For instance, in June 2021, AXE, a brand of Unilever, launched a new range of hair styling products called AXE Shine Booster. This product launch is expected to drive the growth of the segment.
Regional Insights
Europe was the second-largest market and accounted for a share of around 28.2% in 2022. The presence of a large number of cosmetic and personal care product manufacturers in the region is expected to drive the market growth. For instance, in October 2021, L’Oréal launched its new men’s grooming line called L’Homme Essentiel, targeting men of all ages.
The Middle East & Africa is expected to register the fastest growth in the coming years owing to the increasing urbanization, which is resulting in improved disposable incomes and consumer spending in the region. Moreover, the presence of several prominent players in the region is expected to further drive the market. For instance, in April 2022, Unilever launched its new grooming range of products, including antiperspirant deodorants, body washes, and shower gels, targeting men in the Middle East.
Financial Projections
In this part of the men’s grooming 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 business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenues for a men’s grooming products business come from the sale of products, subscription services, and advertising. Here you will find a list with a description of each of them and other possible sources of profit such as e-commerce, partnerships, and affiliate programs.
Projecting Expenses
In this section, all the regular expenses related to keeping the men’s grooming products business running will be described. The list of operating expenses includes research and development, marketing, inventory management, distribution, and other costs associated with running the business.
key companies & market share insights
Some of the major companies operating in the 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 October 2022, L’Oréal launched Men Expert, a new range of grooming products aimed at men. The product range includes face wash, shaving gel, moisturizers, and anti-aging creams.
– In June 2022, Gillette launched the ProShield collection of razors, which feature a lubrication strip to help reduce irritation during shaving.
– In August 2022, Jäger launched the Alpha Wolf range of products, which includes a beard oil, beard balm, and shaving cream.
Some of the prominent players in the men’s grooming products market include:
– L’Oréal SA
– Procter & Gamble Co.
– Beiersdorf AG
– Gillette
– Jäger
– Vi-john Group
– Colgate-Palmolive Company
– Shiseido Co., Ltd.
– Kao Corporation
– Estee Lauder Companies, Inc.
– Reckitt Benckiser
– Coty, Inc.
Global Men’s Grooming 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 men’s grooming products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Skin Care
– Hair Care
– Shave/Beard Care
– Body Care
– Fragrances
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Specialty Stores
– 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 Top Segments in the Global Men’s Grooming Products Market?
[A]: The top segments in the global men’s grooming products market include hair care, body care, and skincare.
[Q]: What are the Growth Opportunities for Men’s Grooming Products?
[A]: The growing demand for organic and natural products, along with the increasing awareness about hygiene and personal grooming, is expected to create growth opportunities for the men’s grooming products market.
[Q]: What are the Factors Restraining the Growth of the Men’s Grooming Products Market?
[A]: Factors such as the high cost associated with men’s grooming products and the growing presence of counterfeit products are some of the factors restraining the growth of the men’s grooming products market.
[Q]: What are the Latest Trends in the Men’s Grooming Products Market?
[A]: Recent trends in the men’s grooming products market include the introduction of multi-functional products, the increasing demand for organic and natural products, and the growth of the men’s health and wellness sector.
[Q]: What are the Major Challenges Facing the Men’s Grooming Products Market?
[A]: Major challenges faced by the men’s grooming products market include the lack of awareness regarding the importance of male grooming, the presence of counterfeit products, and the increasing cost of premium products.
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 mode
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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