The men’s grooming products market is expected to experience steady growth with a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period. Projections indicate that by 2032, the market's current valuation of US$ 55.5 billion will double in revenue.
The COVID-19 pandemic has had a moderate impact on the men's grooming products market, as various social gathering places and offices were forced to shut down. Consequently, there was a decline in the demand for men's grooming products, especially shaving products. A significant trend observed during this period is the rise of do-it-yourself (DIY) grooming among men.
Due to concerns about close physical contact, many beauty salons have closed down, and even in areas where they remain open, customers are opting to skip services. As a result, men have been experimenting with their appearance and grooming routines at home, leading to a slight increase in the sales of men's grooming products during the lockdown period.
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Which Factors are Driving Sales of Men’s Grooming Products?
The men's grooming products market has witnessed a surge in demand for natural, clean-label, and organic goods, driven by growing public awareness of the harmful effects of chemical compounds commonly found in grooming items, such as shaving creams.
Increasingly, men are opting for natural grooming products over chemical-based alternatives, leading to a significant rise in demand for safe, organic, and cruelty-free men's grooming products in recent years.
The premiumization trend in the men's grooming products market, coupled with the emphasis on clean-label ingredients, has resulted in higher prices for organic men's grooming products. This price increase may impact the overall sales of men's grooming products.
Moreover, many primary producers in the men's grooming products market are enlisting the support of celebrities from the worlds of sports and entertainment to endorse their products. This strategy aims to persuade consumers to use these endorsed items, consequently boosting the demand and sales of men's grooming products.
For instance, P&G's Gillette has employed various promotional techniques, including celebrity endorsement deals with well-known figures such as Ashton Eaton, Neymar Jr., David Beckham, Roger Federer, and Ryan Lochte.
What is the Regional Outlook of the Men’s Grooming Products Market?
Men in the Asia-Pacific area are growing more mindful of their appearance and anxious that an untidy, ungroomed look may harm their prospects of social and career success, resulting in increased demand for men’s grooming goods and increased sales of men’s grooming products.
The men’s grooming products market, ranging from essential personal grooming items to skincare and cosmetics, has continued to witness a significant rise in demand for men’s grooming products in China over the last several years.
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Chinese millennials and the younger generation mainly drive the men’s grooming products market; thus, the market is expected to increase significantly throughout the projection period.
In recent years, demand for men’s grooming products has grown as Indian men have become more conscious of their appearance as a result of the rise of social media platforms such as Instagram and Facebook, where they are exposed to celebrity grooming routines and a plethora of new products that offer targeted solutions for escalated demand for men’s grooming products as well as sales of men’s grooming products.
The retail men’s grooming products market has benefited from the growth in disposable income in the hands of the youth. Furthermore, due to the vast range in men’s grooming products market available in various online retail shops such as Amazon, Flipkart (by Walmart), Nykaa, JioMart, and others, E-commerce helped raise sales of men’s grooming products in India throughout 2020.
