According to a revised report by Persistence Market Research, the men’s grooming products market is estimated to register a healthy CAGR of around 8% over the forecast period of 2021-2031. Consumer quest for ‘something more’ and a chain of technological advancements providing exquisite functionality have streamlined the current drive for devices in the beauty industry. The trend is advancing due to a highly efficient integration of technologically-enabled devices and diagnostics into already existing chemistry-based beauty brands. Device technology is actively functioning within the overall beauty industry, skin care being the forerunner.
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Increasing focus on a customer-centric approach and rapid advancements in personal care products are factors expected to influence companies to develop novel products and adopt of unique marketing strategies, which, in turn, will fuel growth of the men’s grooming products industry in the near future.
Key Takeaways from Market Study
- Consumption of personal hygiene products is increasing significantly, coupled with increasing disposable income across the globe.
- In terms of product, shave care dominates the market with revenue share of 43.5%.
- Increasing demand for natural & organic products along with alcohol-free fragrances, and rising consumer preferences for specific products, are factors expected to contribute significantly to growing demand for men’s grooming products.
- The mid-price range segment is expected to remain the largest, registering a moderate CAGR of 8.3% in terms of value.
- Over 2021 to 2031, the fastest-growing distribution channel is predicted to be online retailing.
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Key Market Players
The report underlines groundbreaking insights into the competitive scenario of the men’s grooming products market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include Procter & Gamble Co, ITC Limited, Johnson & Johnson Private Limited, Unilever PLC, Coty, Inc., L’Oréal S.A, Edgewell Personal Care Co, Beiersdorf AG, Colgate-Palmolive Company, Kao Corporation, Estee Lauder Companies, Inc., and Reckitt Benckiser, among others.
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