The global men’s grooming products market size was valued at USD 54.38 billion in 2022 and is projected to grow from USD 58.46 billion in 2023 to USD 80.06 billion by 2030, exhibiting a CAGR of 4.6% during the forecast period of 2023-2030.
Men shave care and cosmetic products are increasingly being used for enhancing skin gentleness and blurring skin imperfections. The market growth is driven by the launch of numerous natural formulation-based creams, skincare gels, and oils for the treatment of various skin problems including aging.
Fortune Business Insights™ provides this information in its research report, titled “Men’s Grooming Products Market, 2023-2030”.
List of Key Players Mentioned in the Report:
- L’Oréal S.A. (France)
- Kao Corporation (Japan)
- The Procter & Gamble Company (U.S.)
- Unilever plc. (U.K.)
- Coty, Inc. (U.S.)
- Beiersdorf AG (Germany)
- The Estée Lauder Companies Inc. (U.S.)
- LVMH (France)
- Shiseido Co. Ltd. (Japan)
- Natura & Co (Brazil)
Shave/Beard Care Segment Registered Major Market Share Owing to Substantial Product Consumption
On the basis of type, the market for men’s grooming products is fragmented into skincare products, shave/beard care products, haircare products, and others. The shave/beard care products segment accounted for a dominating market share in 2022. This was due to the considerable consumption of shave care cosmetics and disposable razors among men.
Hypermarkets & Supermarkets Segment to Lead the Market Driven by Availability of Numerous Products
By distribution channel, the market for men’s grooming products is subdivided into specialty stores, hypermarkets & supermarkets, online channels, and others. The hypermarkets & supermarkets segment is slated to hold a dominant market share. This can be attributed to the extensive availability of premium shaving care and skincare products at these stores.
Based on geography, the market for men’s grooming products has been studied across North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
The report provides an account of the major market trends. It further offers an insight into the pivotal factors impelling the industry expansion during the coming years. The report also provides an analysis of the pivotal strategies deployed by key industry players for strengthening their market presence.
Drivers and Restraints:
Market Size to Rise with Increasing Launch of Advanced Products by Industry Players
The men’s grooming products market growth is being driven by the consistent provision of upgraded shaving care creams, razors, and gels by industry players. The industry expansion is further driven by the growing consumer preference for innovative share care products at barber shops.
However, the market growth may be affected by incidences of facial swelling and skin darkness.
Europe Held Dominant Share in 2022 Due to Significant Product Consumption
Europe held a dominating position in the global men’s grooming products market share in 2022. This was due to the substantial consumption of premium products, shave care products, and skincare products amongst male population in Italy, Germany, and the U.K.
The North America market for men’s grooming products accounts for a considerable share in the global market. This can be attributed to the substantial demand for innovative disposable razors and blades in the region.
Market Players Offer Innovative Products to Maintain Market Position
Leading industry players are providing advanced skin care and shave care products for maintaining their positions in the market. Besides, companies are keen to launch functional skincare solutions. These products are being developed for catering the specific needs of consumers.
Key Industry Development:
- June 2023 – Skincare and beauty brand VLCC shared plans to acquire Ustraa in a share swap and secondary buyout deal. The deal would improve product innovation capabilities and new age digital commerce for VLCC.