Consumer Goods - Men’s Personal Care Market

Market Snapshot

Market Synopsis

The global men’s personal care market size was valued at USD 50.35 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2020 to 2028.

Perception around men’s beauty standards are evolving. Gender stereotypes that had been established over decades have begun to break down and beauty products are now being designed for men as well as for women. Men have been documented to be making inquiries into whether certain facemasks can be used by men as well, indicating that they are interested in using such products as face Masks and taking into serious consideration the state of their skincare routine. While shaving and face care products account for over 50 per cent of the male grooming products, new products such as Body Care and hair care are also fuelling the growth. Men’s personal care market players are also cashing in on the trend and launching new product lines. According studies, 177 new male grooming brands or new products were launched between 2018 and 2019.

Market Dynamics

The idea that men should not use beauty and grooming products has receded in recent years and the market is becoming a hotbed of promises. Social networking initiatives, digitally native start-ups, and global brands that cater to the personal care segment of men bode well with the growth of the market.

The main factor driving the market is a rise in concerns about wellness, body image, self-grooming, and hygiene among men. The growth of the market is also expected to increase understanding of the value of the overall personal care system coupled with new fashion trends and the impact of social media on aesthetically attractive looks. In recent years, studies have revealed that both men and women are equally keen on using beauty products. A study highlighted that both men and women use nearly nine beauty products on a regular basis. Appearance is becoming more important in a world obsessed with social media and men are also joining the trend thus boosting men’s personal care market growth. Ranging from male skincare, to makeup, the market offers numerous opportunities, with many new brands aiming to change the way men are marketed to, and increase usage of personal care products that will likely drive the market.

Men’s products have different composition than women’s products and since the market is still in its first phases, new products are still being designed that can achieve better results. There has also been concerns regarding the chemicals being used in men’s products and their side effects. Urbanization has been a considerable driver for the market but on the flip side, less urbanized regions are yet to catch up on the trend of men’s grooming.

Product Outlook

The skin care segment led the market for men\'s personal care in terms of product and accounted for a significant share of global sales in 2020. Increased use of products such as creams, moisturisers, face wash, and serums has contributed to a rise in product releases in the men\'s category.
In addition, luxury and high-end brands such as Chanel, Armani, and Louis Vuitton have also invested in this sector to widen their product range and men\'s segment offerings.
From 2020 to 2028, the personal grooming segment is projected to grow at the fastest CAGR. Prospective manufacturers are focused on product developments to secure a business position in the near future.

Distribution Channel Outlook

The hypermarket and retail distribution channel dominated the men’s personal care market revenue share in 2020. Before making a purchase, these stores focused on delivering a comprehensive demo of items in person and offering them a facility to choose from many brands. In addition, by keeping a separate segment for men, a growing number of producers have provided skincare and shaving products.
Over the projected period, e-commerce delivery channels are expected to see the highest growth. The growth of this segment is likely to be fueled by rising internet penetration among customers and target marketing done by businesses to hit all consumer touch points. In addition, customization and personalization of men\'s personal care items are trending options given on their online platforms by businesses.

Regional Outlook

North America dominated the men’s personal care industry sales in 2020. The main factor driving the region\'s demand is a high concentration of lead producers in the region, such as in the U.S., Canada, and Mexico, who emphasise research and growth, product innovation, development, and launches in the men\'s segment. Companies concentrate on gaining popularity with millennial men by introducing organic and natural space goods. The North America region has a mature economy which has led to the greater spending on products of personal care in this region. The personal care industry in the region not only boasts of some of the oldest and most established names but has also registered the entrance of various new players that will ultimately augment market growth.
Over the projected period, Asia Pacific is expected to be the fastest-growing regional market for men\'s personal care. The main factor driving the region\'s market is the inclination of men to corporate lifestyles and the increase in the number of educated customers, especially in emerging economies such as China and India. Factors such as pricing, product consistency, and a variety of mid-range brands that appeal to the group of men continue to be a key factor in shaping customer choices. Moreover there has been a considerable expansion in middle class population who are in possession of greater disposable income. Men are losing their inhibition of personal care products and breaking the stigma that has for long kept them away from the use of such products are face masks and hydrating lotions.

Competitive Landscape

Some of the prominent players in the men’s personal care market include:

• Procter & Gamble
• Reckitt Benckiser
• Unilever
• Loreal
• Beiersdorf AG
• Johnson & Johnson
• Coty Inc.
• Estee Lauder Companies, Inc.
• Edgewell Personal Care Company
• Kao Corporation

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2028. For the purpose of this study, Reports and Data has segmented the global men’s personal care market report on the basis of product, distribution channel, and region: