The Global Market for Men’s Grooming Products is Projected to Reach US$43.6 Billion by 2020
The
Rise of the Metrosexual Man Spurs Growth in the Global Men’s Grooming Products
Market, According to a New Report by Global
Industry Analysts, Inc.
GIA announces the release of a comprehensive global
report on Men’s Grooming Products. The global market for Men’s Grooming
Products is projected to reach US$43.6 billion by 2020, buoyed by the rise
of the new metrosexual male and changing perceptions of masculinity beauty.
Men
across the world are becoming increasingly beauty and image conscious, and
therefore are paying more attention to their looks. Millennial-generation men
and young-adult males are questioning gender boundaries as a result of which
social taboos associated with the use of male grooming products are slowly
disappearing. Given the increasing association of good grooming with personal
confidence, both young males and baby boomers are willing to spend more money
and time on elaborate grooming routines. Male grooming products are therefore
expanding from traditional shaving products, deodorants and basic bath and hair
care products to sophisticated makeup cosmetics such as concealers, skin
whitening solutions, and sunscreens, among others. The frequency of purchase in
the men’s skincare market is steadily increasing, with moisturizers, anti-aging
creams, and skin-whitening formulations witnessing robust growth in demand.
The
size of the men’s toiletries market is poised to surpass men’s shaving products
market. From a small niche, the men's grooming market is emerging as one of the
fastest growing segments of the cosmetics industry, unlocking new opportunities
for manufacturers operating in the relatively saturated and fiercely
competitive female cosmetics market.
The
market will continue to witness product innovation and new product launches. Leading manufacturers are introducing
exclusive male product lines as well as male variants of their popular brands.
Strong advertisement and promotional campaigns backed by celebrity
endorsements, and the growing influence of print, audiovisual and digital media
are driving home the persona of the metrosexual man who takes pride in his
appearance and spends on finer and sophisticated things in life. Metrosexual
and ubersexual grooming fads are quickly transcending the boundaries of age,
economic and social class, and geographic regions. Particularly the mancession and manscaping
trends, the Movember movement, and retrosexual fashion fads considerably
influenced the men’s shaving products market in recent years.
As
stated by the new market research report on Men’s Grooming Products, Europe represents the largest market worldwide.
Developed economies dominate the global market for men’s grooming products by
virtue of being early adopters, and high per-capita spenders on beauty and
personal care products. Developing economies, spearheaded by Latin America, are
poised to register the fastest growth during the analysis period, bolstered by
positive macroeconomic factors and changing lifestyles. Men’s toiletries
represent the largest as well as the fastest-growing product group.
Major
players in the market include Avon Products Inc., Beiersdorf AG,
Colgate-Palmolive Company, Coty Inc., Energizer Holdings Inc., The Estée Lauder
Companies Inc., Johnson & Johnson, Koninklijke Philips N.V., L'Oréal Group,
Mirato S.p.A., Procter & Gamble Company, PZ Cussons Plc, and The Unilever
Group, among others.
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