Mens Grooming Products Market Growth Size, Trends, Industry Analysis, Overview, Share and Forecast, 2033
Introduction:
The men’s grooming products market generated revenue of US$ 63,140.3 Mn in 2022. The demand for men’s grooming products is expected to accelerate, with top market players holding a prominent share in the market in 2022.
The global market for men’s grooming products market is projected to reach US$ 139,588.4 Mn by 2033, growing at a ~7.5% Compound Annual Growth Rate (CAGR) from 2023 to 2033. Men’s grooming products are gaining popularity worldwide, driven by the desire to maintain a favorable self-image in society, encompassing all body parts.
Personal grooming, which includes a variety of products such as those for shaving, skin care, and hair care (including hair spray, fragrances, and beard wax), has experienced rapid development and innovation, offering significant growth potential to the market. The development of this industry is primarily attributed to the increasing beauty consciousness among men.
The study by Persistence Market Research highlights various unique growth factors and thoroughly examines significant challenges in the men’s grooming products market. Additionally, the research includes a detailed regional analysis, revealing that North America dominates the men’s grooming products market. The study incorporates a comprehensive COVID-19 impact analysis, aiding readers in making well-informed business decisions for both the present and future.
Key Market Growth Factors and Dynamics Mens Grooming Products Market:
Increasing Beauty Consciousness among Men: A significant driver is the rising awareness and consciousness among men regarding personal appearance and grooming.
Changing Societal Norms: Evolving societal norms and an increased emphasis on personal grooming for men have led to a growing acceptance and demand for a diverse range of grooming products.
Product Innovation and Development: Continuous innovation and the development of new grooming products, such as specialized skin care and hair care items, contribute to market growth.
Expanding Product Portfolio: Companies are expanding their product portfolios to cater to a wide range of grooming needs, including shaving products, fragrances, hair care, and skincare.
Social Media Influence: The influence of social media and the desire to emulate grooming trends promoted by influencers contribute to the adoption of grooming products among men.
Rise in Disposable Income: Increasing disposable income allows consumers to spend more on personal care and grooming products, positively impacting market growth.
Growing E-Commerce: The surge in e-commerce platforms provides easy access to a variety of grooming products, contributing to market expansion.
Health and Wellness Trends: The growing focus on health and wellness has led to an increased demand for grooming products with natural and organic ingredients.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2032 – By Product Type, Application, End-user, and Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa): https://www.persistencemarketresearch.com/market-research/mens-grooming-products-market.asp
Market Restraints and Challenges Mens Grooming Products Market:
Social Stigmas: Traditional societal norms and stigmas surrounding mens grooming may hinder market growth as some men may be reluctant to openly embrace and use grooming products.
Price Sensitivity: Price sensitivity among consumers, especially in emerging markets, can limit the adoption of premium grooming products, affecting overall market growth.
Allergies and Skin Sensitivities: The use of certain ingredients in grooming products may lead to allergies or skin sensitivities, creating concerns among consumers and impacting product acceptance.
Competition from Unisex Products: Unisex or general-purpose personal care products may compete with mens grooming products, affecting the market share for gender-specific items.
Limited Product Awareness: Limited awareness about the benefits of various grooming products and their appropriate use may hinder market growth, particularly in regions where grooming practices are not well-established.
Environmental Concerns: Increasing awareness of environmental issues may lead consumers to seek sustainable and eco-friendly grooming products, posing a challenge for brands that do not align with such preferences.
Economic Uncertainty: Economic downturns or uncertainties may result in reduced consumer spending on non-essential items, affecting the sales of grooming products.
Distribution Challenges: Challenges in distribution channels, particularly in reaching remote or less urbanized areas, may limit the accessibility of grooming products to a broader consumer base.
Market Mergers & Acquisitions:
Market Consolidation: Larger companies in the mens grooming industry may acquire smaller competitors to consolidate their market share and strengthen their position in the industry.
Diversification of Product Portfolios: Mergers and acquisitions can facilitate the diversification of product portfolios. A company specializing in one aspect of mens grooming, such as shaving products, may acquire a company with expertise in skincare or hair care to offer a comprehensive range of products.
Global Expansion: M&A activities can be driven by the desire to expand globally. Companies may acquire businesses with a strong presence in different regions to enter new markets and reach a broader customer base.
Access to Innovation: Acquiring innovative startups or companies with unique technologies can help established players stay ahead of the competition by incorporating new and advanced features into their product offerings.
Brand Strengthening: M&A can be a strategic move to strengthen a brands image. Acquiring a well-known brand or merging with a company with a strong brand reputation can enhance market visibility and consumer trust.
Cost Synergies: Companies may pursue M&A activities to achieve cost synergies. Consolidating operations, supply chains, and distribution networks can result in cost savings and operational efficiency.
Entry into New Product Categories: Mergers and acquisitions provide an opportunity for companies to enter new product categories. For example, a company specializing in skincare may acquire a brand known for its hair care products, allowing for diversification without starting from scratch.
E-commerce Integration: With the growing importance of e-commerce, companies may acquire online platforms or retailers to strengthen their digital presence and reach consumers directly.
Market Exit: Some companies may choose to exit the market or a particular segment by selling their business to another player. This can be driven by strategic decisions, financial considerations, or a shift in business focus.
Supply Chain Optimization: Mergers and acquisitions can lead to the optimization of supply chains, reducing costs and improving overall efficiency in manufacturing and distribution processes.
Future outlook Development:
Rising Consumer Awareness and Consciousness: The increasing awareness among men regarding personal grooming and the importance of grooming routines is expected to drive sustained growth. As societal attitudes continue to evolve, more men are likely to embrace a wider range of grooming products.
Innovation in Product Formulations: Ongoing innovation in product formulations, with a focus on natural and sustainable ingredients, is expected. Brands that emphasize clean and eco-friendly grooming products are likely to gain traction as consumers prioritize health and environmental sustainability.
Digital and E-commerce Trends: The digitalization of retail and the growing influence of e-commerce are expected to play a significant role. Brands are likely to invest in online platforms, direct-to-consumer models, and digital marketing to reach a wider audience and enhance customer engagement.
Customization and Personalization: The trend towards personalized grooming experiences may intensify. Companies may offer customized solutions tailored to individual preferences, skin types, and specific grooming needs, providing a more personalized consumer experience.
Technological Advancements: Continued advancements in grooming technology, such as smart grooming devices and formulations with advanced features, may emerge. Technology-driven innovations could enhance the effectiveness and user experience of grooming products.
Wellness and Self-care Emphasis: The broader wellness trend is likely to influence mens grooming preferences. Products that promote not only aesthetic improvements but also overall skin and hair health are anticipated to gain popularity.
Cultural Influences and Diversity: Catering to diverse cultural preferences and grooming practices will be crucial. Brands that understand and embrace cultural nuances in different regions are likely to succeed in the global market.
Health and Hygiene Awareness: The heightened awareness of health and hygiene, accentuated by global events such as the COVID-19 pandemic, may lead to increased demand for grooming products that offer hygiene benefits.
Inclusive Marketing Strategies: Inclusive marketing campaigns that challenge traditional stereotypes and promote diversity are expected to resonate with consumers. Brands that embrace inclusivity in their marketing and product offerings may gain a competitive edge.
Key Players: Procter & Gamble Co, ITC Limited, Johnson & Johnson Private Limited, Unilever PLC, Coty, Inc., LOreal S.A, Edgewell Personal Care Co, Beiersdorf AG, Colgate-Palmolive Company, Kao Corporation, Estee Lauder Companies, Inc.,Reckitt Benckiser
Key Segments Covered in Men’s grooming:
By Product Type
Shave Care
Shaving Cream
Shaving Gel
Razors & Blades
After Shave Care
By Price Range
Premium
Mid
Low
By Distribution Channel
Hypermarkets/Supermarkets
Salon/Grooming Clubs
Drug Stores
E-commerce/Online
Retail Stores
By Region
North America
Latin America
Europe
East Asia
South Asia
Oceania
FAQ’s Answered In our Report:
What is the current market size of the mens grooming products industry, and what is the projected growth rate in the coming years?
Which factors are driving the increasing demand for mens grooming products globally?
What are the key product segments within the mens grooming market, and how is each segment expected to perform in the near future?
How does the competitive landscape look, and which companies hold a significant market share in the mens grooming products sector?
What are the latest trends in product innovation and development within the mens grooming industry?
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
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Web: https://www.persistencemarketresearch.com
This press release first seen on Brilad
COMTEX_444578637/2840/2023-12-07T02:55:55
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No News Postbox journalist was involved in the writing and production of this article.
