The driving forces behind this expansion are the increasing awareness of personal care among men and the emergence of new fashion trends, which are bolstering the demand for men’s personal care products.
Men Embrace Beauty and Grooming Products
In recent years, the notion that men should not use beauty and grooming products has waned, and the market has become awash with promises. Social networking initiatives, digitally native start-ups, and global brands that cater to the men’s personal care segment augur well for the market’s growth.
Moreover, increasing awareness about personal care, inclination toward specific grooming products, demand for gender-specific products, e-commerce boom, Gen Z consumers’ disregard for gender binaries, concerns about health, body image, hygiene, self-care, emerging fashion trends, and the influence of social media is driving the men’s personal care market.
In addition, the need to enhance product and service quality for customers is likely to encourage the development of personalized men’s personal care products.
Due to an increase in consumer disposable income, the costs associated with maintaining a healthy beard, healthy hair, healthy skin, etc., have increased. In addition, the increase in the number of men in the corporate world, who value cleanliness, proper attire, and a refined appearance, has fueled the demand for personal care products. The increased presence of male models representing personal care brands, male make-up artists, and actors promoting the use of grooming products has had a positive effect on the men’s personal care industry, as more men demand these products.
In 2021, sales of men’s personal care products dominated the North American market. A high concentration of lead producers in the region, such as in the U.S., Canada, and Mexico, who prioritize research and growth, product innovation, development, and new product launches in the men’s segment, is the primary factor driving the region’s demand. The North American region’s developed economy has led to an increase in spending on personal care products.
Over the forecast period, Asia-Pacific is anticipated to be the fastest-growing regional market for men’s personal care. The inclination of men toward corporate lifestyles and the rise in the number of educated customers, particularly in emerging economies such as China and India, are the primary factors driving the market in this region.
In the years to come, market participants may view online shopping and e-commerce as an opportunity. Online shopping has many benefits, including faster access to a wider selection of goods and services. Due to the availability of a vast selection of products, consumers are attracted to online shopping. Payment convenience is another factor that encourages consumers to adopt online shopping. There is also no danger of money being stolen.
The primary driver of online shopping growth is the expanding use of the internet and mobile devices. In addition to outlets, e-commerce has become a necessity for the players in order to expand their global sales and customer base.
According to Technavio, the personal care market size is estimated to grow by $169.7 billion from 2022 to 2027 at a CAGR of 6.4%.