Men's Grooming Products Market is Estimated to Witness High Growth Owing to Rising Disposable Incomes and Influence of Social Media
The Men's Grooming Products Market is estimated to be valued at USD 236.75 Billion in 2024, exhibiting a CAGR of 8.1% over the forecast period (2024-2031). Furthermore, the rising influence of social media highlighting the importance of personal care and grooming among millennial men is boosting the market growth.
The growth of the men's grooming products market is driven by factors such as rising disposable incomes and changing lifestyle of men. Firstly, increasing disposable incomes especially in developing regions of Asia Pacific and Latin America have empowered men to spend more on personal grooming products rather than basic toiletries. This has boosted the sales of premium bath and shower products, deodorants, and fragrances. Secondly, greater influence of social media highlighting the trend of well-groomed men among peers has motivated many to adopt personal care routines and invest in suitable grooming range. Brands promoting the idea that grooming is an important aspect of personality and professional success has struck a chord with young consumers.
Increased Focus on Self-Care and Wellness is Driving Growth in the Men's Grooming Products Market
One of the major drivers for the men's grooming products market is the increasing focus on self-care and wellness across all demographics. More men are realizing the importance of caring for their appearance and hygiene. They are also focusing on reducing stress and maintaining overall health. As a result, there is more willingness to spend on personal care items like facial creams, hair styling products, deodorants, fragrances and lotions. Brands are able to market their grooming offerings as enhancements to one's lifestyle rather than just basic hygiene products. They emphasis the relaxing and rejuvenating aspects of using these items. This change in attitudes has opened up immense opportunities for new product launches and line extensions catering to specific personal care and wellness needs.
Rise of Social Media Influencing Fresh Product Launches and Category Expansions
The proliferation of social media platforms has also contributed significantly to the growth of the men's grooming market. Popular influencers regularly feature self-care routines, product reviews and 'haul' videos that spark curiosity and trial among younger audiences. Brands leverage influencer marketing heavily to introduce trend-led categories like beard oils, facial masks and exfoliators. They also come up with limited editions frequently to sustain consumer excitement. The immediate feedback on these platforms helps identify gaps and white spaces for further innovations. Competitors then rush to match or better such offerings, accelerating the overall category development process. Social currency derived from flaunting personal style and new purchases prompts ongoing purchases over the long term.
Price Sensitivity Remains a Big Restraint in Developing Markets
One major restraint faced by players in the men's grooming market is price sensitivity, especially in developing and cost-conscious regions. While premium offerings have their takers globally, the volumes stem from mass market affordable products. In countries with lower disposable incomes, consumers hesitate spending much on personal care when basic necessities take priority. Local brands dominate with low unit pricing. Multinationals have to balance quality with costs to successfully compete. Private labels from retailers also threaten margins by undercutting prices of established brands. This makes expanding range and frequent innovations difficult without diluting commercial viability.
Ethical and Sustainability Concerns Limit Certain Ingredients and Packaging
Another restraint that limits market opportunities is the impact of growing ethical and sustainability concerns. While body positivity has increased grooming product use, awareness about ingredients' side effects and packaging waste pressures companies to reformulate and repackage. Certain chemical-based preservatives, colors or fragrances face scrutiny and regulations. Plastic packaging receives flak due to environmental damage risks. Alternatives come at a price premium as of now. Brands have to spend additionally on R&D and communication of 'clean' formulations involving natural extracts. This transitions time needs investment weighing near-term sales against long-term goodwill impact. Compliance further burdens budgets and delays launches.
Growing Prestige Segment Offers Scope for Premium Pricing
One key opportunity lies in the rising 'prestige' positioning of certain grooming categories like facial skincare for men. Unlike mass brands, prestige entails indulgence through superlative formulation standards and exotic natural ingredients. Elevated branding spurs 'luxury' purchases by those with high disposable income seeking more than functional usage alone. It allows premium pricing justified by perceived superior efficacy and experience. Early investment in prestige brand-building through exclusive retail listing, digital advertising, and celebrity endorsements promise high future returns. Multinationals are strengthening derma-cosmeceutical ranges to tap this lucrative space.
Clean and Eco-friendly Niche Emerges as a Major Trend
Lastly, the burgeoning preference for clean, natural, vegan, and cruelty-free labels represents a massive market potential. 'Green grooming' aligns with millennial ethics and Gen Z activism regarding environment and animal welfare. Transparency of supply chains reassures them while gifting complements wellness lifestyles. No-nasties positioning wins them over discerning, rules-based buyers always researching formulations. Startups and indie brands thrive by pioneering eco-conscious packaging like recyclable cardboard or refill pouch models. Incumbents expand existing lines or acquire such labels to meet this fast-evolving and distinct demand base.
Link - https://www.coherentmarketinsights.com/market-insight/mens-grooming-products-market-953
Key Developments
- In April 2024, Piramal Pharma Limited launches Bohem, forays into men’s grooming market in India
- In April 2024, L'Oréal, the global cosmetics giant, announced the acquisition of the U.S.-based superfood skincare brand, 'Youth to the People.' This strategic move is set to deepen L'Oréal's ethical offerings in the highly competitive male grooming product market.
- In May 2020, Gillette, a subsidiary of Procter and Gamble, launched a new range of grooming and beard care products for men called King C. Gillette.
- In 2023, Bravado, Men’s Grooming Makes a Launch in India
Key Players
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., Lotus Herbals Pvt. Ltd., Natura & Co., Moroccanoil, Perse Beauty Inc., John Master’s Organic, Vogue International LLC (OGX), Real Purity Inc., Essential Care (Organics) Ltd., Rahua Classics, and Natulique
