Mens Grooming Products Market Will Expand At A CAGR Of 8.4% Through 2024
For decades, the beauty and grooming market has been dominated by products and services for women, creating quit a lather for male grooming. But today, men present a huge opportunity for the beauty industry and companies are seizing this opportunity to grow their business.
When talking about grooming service for men, basic haircut and having product comes to everyone's mind, but metrosexual men have become more conscious of grooming and are now seeking for a broader range of products and services.
An analysis by PGA Labs states:
India's men grooming market was $1.28 billion in 2016, expected to have crossed $2.6 billion in 2018, recording a CAGR of 36 per cent.
The market is projected to soar to $5.5 billion by 2021.
Between MAT March 2018 and MAT March 2019, 177 new male grooming brands and variants were launched in the country.
Men’s grooming industry is big business. Just from beard oil to facial cleansers, most men now have more than one male grooming product in the bathroom, and most likely from a different brand. Every brand from Gillette to after-shave major Old Spice has developed and released an ever-expanding roster of products to help men primp and pamper themselves.
Companies launching different campaign to break stereotypes. Gillette India challenges why men are taught to not show their vulnerability by launching a campaign on #ShavingStereotypes, where it asks "Why don't men show their tears?"
With this growing demand, it has led to M&As with FMCG majors picking up their game with new startups. In 2018, Colgate-Palmolive bought a 14% stake in Bombay Shaving Company, while Kolkata-based Emami inked two rounds of investment in The Man Company.
According to source, in the upcoming years, Europe will continue to remain the most attractive place for men's grooming goods. Countries like Germany, France and UK will remain the top three markets by account for over half of the revenue share of the European market shares in men's grooming. In terms of market value, the US$ 54 billion global market for men’s grooming products will expand at a CAGR of 8.4% through 2024. The market in Asia Pacific will continue to post steady gains on account of rapidly growing sales in China, while in North America, shave care products and fragrances will be leading as the top-selling men’s grooming products.
Tailor-made shopping via e-commerce outlets has been identified as a key driving factor men’s grooming products globally.
Ease of access and low cost are the two driving factors for the rising men’s grooming products sales through e-commerce and online retail websites. Over the forecast period, online distribution channels will give rise to an absolute increment of more than US$ 12 billion.
Nevertheless, sales for men’s grooming products through supermarkets and independent retail outlets remain key for companies looking to improve their sales potential by catering to impulsive buying and focusing on customer rapport.
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