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Men’s Skincare Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global men’s skincare products market size was valued at USD 18.9 billion in 2022 and is expected to witness a CAGR of 6.7% from 2023 to 2030. Growing skin concerns among men, including sensitivity, aging, inflammatory conditions, acne, and dryness, are driving the demand for skincare products. Furthermore, the rising disposable incomes of consumers, coupled with the increasing availability of products, have fueled the market growth.
The growing trend of natural and organic products among men is creating a positive outlook for the market. Organic and natural ingredients are becoming increasingly popular among men, who are becoming more conscious of the ingredients used in their grooming products. For instance, in March 2021, NIVEA Men launched an organic men’s skincare line that includes natural ingredients, such as aloe vera, avocado oil, and acai berry. Furthermore, the increasing number of product launches by key participants is expected to support the market growth in the coming years. For instance, in December 2021, Clinique launched its new men’s line, Skin Supplies For Men, which includes a range of skincare products such as cleansers, moisturizers, and lip balms.
The increasing influence of social media and the rising number of male influencers and celebrities promoting skincare products among males are also driving the market growth. Furthermore, the increasing number of men’s salons and spas are creating lucrative opportunities for the market. For instance, the increasing number of unisex salons, which offer a range of services, such as facial treatments, body treatments, and skin lightening treatments, is likely to boost the demand for men’s skincare products.
Moreover, the growing awareness among men regarding their personal hygiene and appearance is expected to propel the market growth. Furthermore, the increasing demand for natural, organic, and cruelty-free products is expected to drive the market growth in the coming years. For instance, in May 2021, Brickell Men’s Products launched a new range of natural and organic skincare products that are free from harsh chemicals. The rise in the trend of premiumization in demand for men’s skincare products, with an increased impact of clean-label ingredients, has led to the high price of organic men’s skincare products.
Product Insights
The moisturizers segment held the largest market share in the men’s skincare products market in 2020. Moisturizers are essential for men’s skin care, as they help to hydrate, nourish, and protect the skin from harmful UV rays, dust, and pollution. The presence of anti-inflammatory, anti-aging, and other skin benefits in the moisturizers are making them popular among men. According to an article published by Skin Care Ox, in January 2020, men should use moisturizer more frequently than women, as their skin is naturally oilier than women’s, and they produce more sebum.
The facial cleansers segment is expected to register the highest CAGR of 6.1% during the forecast period. Facial cleansers are gaining traction among men, owing to their skin benefits such as removal of dirt, oil, and other impurities from the skin. Furthermore, rising awareness among men regarding skin care and rising disposable income are some of the other factors driving the demand for facial cleansers. According to an article published by Men’s Health, in December 2019, men should use facial cleansers two times a day to keep their skin clean and healthy.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the major share of over 43.5% in the year 2022. The segment is driven by the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase skincare products. A study by FashionNetwork.com in 2020 revealed that men are more likely to buy brands after touch and feel the experience in supermarkets & hypermarkets as only 22% of men shop frequently on their mobile devices. These establishments also provide a reasonable selection of products and assist customers in making rapid purchasing decisions for the required skincare product.
The online segment is anticipated to expand at the highest CAGR of 12.2% over the forecast period. E-commerce development in the personal care and skincare industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in December 2022, Nykaa launched NykaaMan.com dedicated to men’s skincare. The website will offer brands across categories like shaving, hair care, grooming kits, bath & body, beard care, sexual wellness, and sports nutrition. In addition, it will also offer the best brands and products for men along with expert advice and opinions on choosing the best regime.
Type Insights
The facial skin care segment accounted for the largest revenue share of 73.6% in the year 2022. The popularity of facial skin care products among men is increasing due to the rise in awareness of the importance of skincare and increasing demand for the facial care products. The growing trend of men adopting good skincare habits and the rising demand for anti-aging products are the key factors driving the growth of this segment. Furthermore, the increasing demand for natural and organic products among men is also driving market growth.
The body skin care segment is estimated to expand at the highest CAGR of 8.8% over the forecast period. The increasing number of skin-related problems among men has led to a surge in the demand for body skin care products. The increasing awareness of the importance of body care and the introduction of new products such as body wash, body lotions, and body creams are some of the factors driving the growth of this segment. Furthermore, the increasing availability of online products is also driving the growth of this segment.
Regional Insights
Asia Pacific is expected to witness the fastest growth in the coming years, owing to the increasing demand for men’s skincare products in countries such as China, Japan, and India. The booming e-commerce industry in the region is also expected to be a major factor driving the growth of the market. For instance, in April 2021, Japanese skincare brand Sachajuan launched its men’s skincare range in China through the e-commerce platform Tmall.
Europe is expected to witness significant growth over the forecast period due to the growing number of male consumers opting for skincare products from luxury brands. The region is home to prominent players such as L’Oreal and Nivea, who manufacture high-end products for men. For instance, in October 2020, L’Oreal launched its Men Expert range of skincare products in the U.K.
North America is expected to account for the third-largest revenue share. The presence of a large number of skincare companies in the region is expected to drive the growth of the market. For instance, in April 2021, Canadian skincare brand Boldface launched its men’s skincare line in the U.S.
Financial Projections
In this part of the men’s skincare 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 the men’s skincare products company. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a men’s skincare products business comes from product sales, bulk orders, and wholesale orders. Here you will find a list with a description of each of them and other possible sources of profit such as marketing campaigns, e-commerce sales, and collaborations.
Projecting Expenses
In this section, all the regular expenses related to keeping the men’s skincare products business running will be described. The list of operating expenses includes marketing expenses, packaging and shipping costs, inventory costs, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key players operating in the men’s skincare products 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 September 2022, Michael Strahan launched a skincare collection for men, the product range includes a hydrating face and beard wash, clear shave lotion, calming post-shave balm, face and neck moisturizer, and conditioning beard oil.
– In June 2022, Shiseido launched the men’s skincare line Sidekick for the Asian market.
– In August 2022, Nivea launched men’s facial cleanser.
Some of the prominent players in the men’s skincare products market include:
– Beiersdorf AG
– Procter & Gamble Co.
– L’Oréal SA
– Shiseido Co., Ltd.
– Vi-john Group
– Colgate-Palmolive Company
– Kao Corporation
– Estee Lauder Companies, Inc.
– Reckitt Benckiser
– Coty, Inc.
Global Men’s Skincare 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 skincare products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Face Wash
– Moisturizers
– Anti-Aging 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 is the Key Market Trend in Men’s Skincare Products?
[A]: The key trend in the men’s skincare products market is the increasing preference for natural and organic products. Consumers are becoming increasingly aware of the potential side effects of synthetic ingredients, and thus there is a growing demand for natural and organic skincare products. This is driving the growth of the men’s skincare products market.
[Q]: What are the Key Drivers of the Men’s Skincare Products Market?
[A]: The key drivers of the men’s skincare products market are the growing awareness of skin health and the increasing trend of male beauty and grooming. Consumers are becoming increasingly conscious about their skin health and are investing in skincare products that help maintain skin health. Additionally, the increasing trend of male beauty and grooming is driving the growth of the men’s skincare products market.
[Q]: Who are the Major Players in the Men’s Skincare Products Market?
[A]: Some of the major players in the men’s skincare products market are L’Oréal S.A, Unilever, Procter & Gamble Co., Johnson & Johnson, The Estée Lauder Companies, Beiersdorf AG, Kao Corporation, Shiseido Company, Limited, and Colgate-Palmolive Company.
[Q]: What are the Factors Restraining the Growth of the Men’s Skincare Products Market?
[A]: Factors such as the high cost of natural and organic skincare products and the lack of awareness about the benefits of skincare products are restraining the growth of the men’s skincare products market. The high cost of premium products is hampering the adoption of natural and organic skincare products, while the lack of awareness is limiting the adoption of skincare products in some regions.
[Q]: What are the Regions Expected to Offer the Largest Opportunities for Men’s Skincare Products?
[A]: Regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are expected to offer the largest opportunities for men’s skincare products. The growing trend of male beauty and grooming, increasing disposable incomes, and the rising awareness about skin health are expected to drive the market in these regions.
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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