Men are grooming themselves more than ever in 2018. The times where a quick comb and a halfhearted shave were enough are far behind us. Men’s routines are getting more and more elaborate, and the range of opportunities for men’s care retailers is growing wider every year.
Check out these stats – they might surprise you!
BY THE NUMBERS
- The global market for male grooming products is booming. It is projected to reach $60.7 billion by 2020, according to Euromonitor.
- Male toiletries—which includes men’s bath and shower, deodorant, skin and hair care products—is expected to outpace that of shaving products and fragrances and reach $23.9 billion by 2020, rising to 39% of total sales.
- Male fragrances are expected to reach $18.7 billion and 31% of total sales by 2020 to become the second-largest category within male grooming products, while shaving products are expected to reach $18.1 billion by 2020, and account for 30% of total sales.
- Brick-and-mortar accounts for over 80% of male grooming product sales globally. A number of retailers have designed their store layouts to meet male consumers’ needs in this category, while some have incorporated grooming services at their outlets, enhancing the customer experience and creating opportunities for cross-selling.
- Although most of the beauty giants have already created dedicated brands or sub-brands for their male grooming products, several male grooming startups have emerged in recent years, successfully tapping into the unmet needs and growing trends in this field.
KEY MARKET DRIVERS
Metrosexuality is just a way to say that a man likes to look good and cares about his grooming. The metrosexual male is the single young man with a high disposable income, living or working in the city (because that’s where all the best shops are), is perhaps the most promising consumer market of the decade.
More business opportunities will expand in this booming segment. A number of the new players that have entered the male grooming category will gain increasing shelf space at stores and salons alike. Brands will continue to explore new product categories, shifting to offerings of technologies men are becoming familiar with.
Men want to embrace effortless handsomeness to make their lives more rewarding but also easier. 51% of American men want to try a new Personal Care product but product adoption is still a challenge. To ease concern, multi-purpose products with more than one function are entering the market specifically intended to lure the male consumer.
In the last decade, there’s been a shift in the attitude of men seeking a younger appearance. This exciting trend of trying new things has lead to more men being confident and satisfied with what they see in the mirror every day.
Increasing research and development in the skin lightening products industry is creating significant revenue opportunities for the skin lightening products market across the globe.
As incomes rise, so too does the demand for consumer goods and increased spending on indulgences which has spawned a multibillion-dollar industry of various cosmetic products and services.
MALE GROOMING HAS GONE BEYOND SHAVING AND FRAGRANCES
The growth of men’s toiletries outpacing that of fragrances and shaving products indicates that the trend of male grooming has gone beyond the basics of shaving and fragrance. In recent years, more men are paying attention to their appearance, boosting the growth of male-specific skin care and hair care products.
There have also been a number of Mergers and Acquisitions in the Global Men’s Grooming Products Market:
- Estee Lauder Takes Over GlamGlow
- Unilever Takes over REN Skincare
- Unilever Acquires Zest and Camay Brands from P&G
- Harry’s Acquires Feintechnik factory
ASIA PACIFIC IS THE GROWTH ENGINE
Among the top-four male grooming markets, Asia Pacific is expected to see the largest absolute growth, expanding at a forecast CAGR of 8.1% to $11.5 billion by 2020 from $7.8 billion in 2015, according to Euromonitor.
TRADITIONAL RETAIL ACCOUNTS FOR 80% OF GLOBAL SALES
Redesigning Stores to Meet Male Grooming Needs
Some retailers such as Macy’s and Nordstrom have created dedicated sections for male grooming products, according to a report by The Wall Street Journal. Even Target is doubling down and expanding its offerings for the male consumer.
Grooming Experience at a Retail Outlet
This corresponds well with the growing experience economy, where consumers are showing a willingness to increase their spending on leisure services more than on retail categories.
Pop-Up Store aimed to Capture Male Customers
L’Oréal and Philips partnered in December 2016 to launch a Male Grooming Club at Singapore Changi Airport to give the two brands an opportunity to widen their customer base as they showcased their products to male travelers.
Online Retailers Join the Battle
The enviable double-digit growth seen by online retailers such as Dollar Shave Club, Harry’s and Bevel encouraged other small players to also venture into this arena. From 2014, companies such as Shave Mob, Wet Shave Club, Birchbox Man, Morgans and Dollar Beard Club expanded the options for consumers, challenging not only manufacturers but also retailers.
MAJOR PLAYERS IN THE MALE GROOMING CATEGORY
Most of the major beauty and personal care product companies have created dedicated brands for their male grooming products, such as Unilever’s Axe and P&G’s Gillette; or sub-brands such as Clinique for Men, L’Oréal Men Expert and Biotherm Homme.
Edgewell and Procter & Gamble launched their own subscription offers. Also, at the end of 2016, Edgewell acquired the Bulldog line of men’s skin care products to expand its presence in men’s toiletries.
The global male grooming market is booming, as more men are paying attention to their appearance and skin. Growth of the men’s toiletries category, which includes male-specific skin care and hair care products, is expected to outpace that of shaving products and fragrances. However, we believe that shaving products will remain an important category, as it is the anchor point for male grooming routines, where toiletries products are marketed as post- or pre-shaving products.
Brick-and-mortar will remain the main distribution channel for male grooming products in the near future. Some retailers have redesigned or set up stores that specifically cater to the needs of male customers, while others are delivering grooming experiences at their outlets. We believe this trend will continue with the growing importance of the male grooming market.
A number of successful startups targeting these male customers have emerged in recent years. While most international beauty brands have already established male-specific grooming brands or sub-brands, the success of these startups may inspire them in developing or enhancing their brands and products, such as identifying the unique and unmet needs of male customers—i.e., developing simple and multifunctional products, or finding ways to engage them actively.
Additional Data Points and Sources Referenced for this Article