MEN’S GROOMING PRODUCTS MARKET ANALYSIS

The high costs of premium men's grooming products are significantly restraining the growth of the global men's grooming market. Many male consumers, especially in developing regions, find the premium products to be too expensive for regular purchase and use. This price sensitivity is causing them to either avoid or decrease spending on such higher-priced grooming items. Unlike women's grooming market where cosmetic products are considered more of a necessity, men generally perceive costly grooming items as luxuries. They are reluctant to spend significant amounts frequently on shaving creams, deodorants, hair serums, and facial cleansers. Even among men with higher disposable incomes, there is a perception that premium brands offer marginal benefits over regular mass-market products. This makes them less inclined to pay premium prices. The COVID-19 pandemic has further impacted budgets and purchase priorities of many consumers.

Market Opportunities: Emerging markets in Asia Pacific and Middle East & Africa

The emerging markets in Asia Pacific and Middle East & Africa regions hold huge potential for growth in the global men's grooming products industry. These regions are expected to see substantial rise in disposable incomes and spending power of the consumers in the coming years. More number of consumers in the urban areas will be adopting western lifestyles and will become aware of personal grooming products. The youth population in countries like India, Vietnam, Indonesia, Nigeria, Saudi Arabia etc is rising rapidly which is a big opportunity for men's grooming brands.  Evolving social and cultural norms are driving greater acceptance of male grooming behaviors in these regions. Taking care of skin, hair, face and overall appearance is no more considered a vain act. Rising aspirations to look handsome, presentable and confident are prompting more males to use products like face cleansers, moisturizers, stylers, trimmers etc on a regular basis. Even the small towns are opening up to premium men's grooming offerings driven by increasing exposure through social media and e-commerce platforms. Sports and entertainment celebrities are also playing a crucial role in changing mindsets about personal care routines among young men in these developing nations.