The global men’s personal care market size was valued at USD 47.5 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 6.0
Additionally, companies have been seeking the market for men’s personal care as an opportunity to chase men’s spending on personal care products. Big players such as P&G, Reckitt Benckiser have expanded their product portfolio to cater to the market. For instance, in November 2019 Reckitt Benckiser owned women’s brand Veet expanded its product offering to male grooming products with the launch of hair removal cream for men and soon would be launching more products catering to men’s personal care.
In recent years, the notion that men cannot use beauty and grooming products has receded and the market is becoming a hotbed of promises. Social media campaigns, digitally native startups, and international brands catering to the men’s personal care segment bode well with the market growth. For instance, in May 2017 Procter and Gamble owned men’s grooming brand Gillette launched customized subscription model-direct to consumer model “Gillette on Demand” in which men’s grooming products such as disposable Sensor 3 razors, tri-blade Mach3 turbo, and Gillette fusion Proshield was offered and subscribers were offered free loyalty points in exchange on their orders.
The market has also witnessed notable mergers and acquisitions activity in the past five years. For instance, In September 2019, men’s skincare start-up Oars + Alps was acquired by SC Johnson, and Walker and Co., manufacturer of Bevel, a shaving range for men, and was further acquired by Procter and Gamble in 2018. The brand then launched a collection of skin and body care products in 2019.
The recent Covid-19 outbreak has impacted the growth of the market for men’s personal care. An increase in the number of cases worldwide has led to a global lockdown and restricted supply chains. Consumer’s discretionary spending has reduced, and companies have been witnessing a behavioral shift towards safe and reliable products. Moreover, personal grooming brands are focusing on strengthening their e-commerce channel along with offering at-home personal care products, and consumer engagement on their websites by hosting engagement campaigns.
Product Insights
In terms of product, the skin care segment led the market for men’s personal care and accounted for 44.2
Additionally, premium and high-end brands such as Chanel, Armani, and Louis Vuitton have also been investing in this segment to expand their product portfolio and offerings in the men’s segment. For instance, in June 2019, Giorgio Armani entered into the men’s personal care segment with the launch of a 3-piece skincare line for men. The three-part range includes face wash, toner, and moisturizer.
The personal grooming segment is anticipated to expand at the fastest CAGR of 6.3
Distribution Channel Insights
The hypermarket and supermarket distribution channel dominated the market for men’s personal care and accounted for 45.7
E-commerce distribution channel is expected to witness the fastest growth over the forecast period. Rising internet penetration amongst consumers and target marketing done by companies to reach all customer touch-points are likely to fuel the growth of this segment. Moreover, customization and personalization in personal care products for men are trending options given by companies on their online platforms. For instance, in July 2018 Nykaa-online retailer launched Nykaa Man-exclusively for men keeping in mind the booming men’s personal care market. The platform would include a detailed description of products offered by brands and also has a try-on option for different skin tones in the skincare category.
Regional Insights
North America dominated the market for men’s personal care and accounted for a 29.2
Asia Pacific is expected to be the fastest-growing regional market for men’s personal care over the forecast period. The inclination of men towards corporate lifestyle and rise in the number of educated customers especially in emerging economies such as China and India is the key factor driving the market in the region. Factors such as pricing, quality of products, and a number of mid-range brands catering to men’s category continue to be a decisive factor in influencing consumer choices.
Key Companies & Market Share Insights
The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches in retails pertaining to natural products to enhance their portfolio offering in the market. For instance, in August 2018, the Chanel luxury brand announced its launch of a new line of makeup exclusively for men. The product line called Boy de Chanel included the tinted fluid foundation in four shades, lip balm, and eyebrow pencil in four shades. Some of the prominent players in the men’s personal care market include:
- Procter & Gamble
- Reckitt Benckiser
- Unilever
- Loreal
- Beiersdorf AG
- Johnson & Johnson
- Coty Inc.
- Estee Lauder Companies, Inc.
- Edgewell Personal Care Company
- Kao Corporation
