The global market for men’s grooming products is expected to expand by 6.4 percent in 2021, according to a research by Persistence Market Research [1]. Over the decade 2021-2031, this growth is anticipated to rise at a robust 8% Compound Annual Growth Rate (CAGR), considerably above the 3.5 percent CAGR seen from 2016 to 2020.
Thus, by 2031, global income from the sale of men’s grooming goods will have nearly doubled from its present value of US$ 55.5 billion.
North America continues to be the most important worldwide market.
Geographically, the most profitable market for men’s grooming product firms is projected to be North America, with an absolute cash opportunity of about US$ 14.0 billion.
Men’s grooming in the region has changed recently from a traditional concentration on shaving to a broader view of personal care. For example, as a consequence of a rising demand for a trimmed beard over a totally shaven look, consumers are adopting a variety of shaving practices, which is boosting sales of beard wax/beard fixers and beard trimmers across the area.
South Asia is also expected to be a significant market for manufacturers, with a 12.6 percent compound annual growth rate (CAGR) and a 9.4 percent share of the world market.
India accounted for 32.1 percent of the South Asian market for men’s grooming goods in 2020, and it is anticipated to continue to develop rapidly.
In terms of East Asia, China will continue to be a major market. Between 2016 and 2031, sales of men’s grooming goods increased by 9.2 percent in the United States. The ordinary Chinese guy, according to the research, grooming is strongly linked to keeping clean and looking their best in their natural condition. This demonstrates that expertise and product endorsement may help you improve your position in the Chinese market.
Shave care is still the most popular category.
Shave care presently holds a substantial market share of about 42.3 percent in terms of goods.
According to Persistence Market Research, items in the mid-price category that are affordable to male consumers now have the largest market share globally and are anticipated to hold approximately 53.3 percent in 2031.
Over the period 2021-2031, internet commerce is anticipated to be the fastest-growing distribution channel, with a CAGR of 8.4 percent.
As a result of the COVID-19 pandemic, consumer tastes have altered. Other important reasons driving online sales development include the availability of a broader selection of items and discounts.
Another important trend is the rise in demand for natural and organic goods, as well as alcohol-free perfumes.
Which price ranges provide lucrative opportunities for suppliers of men’s grooming products?
Men’s grooming products in the mid-price category are now the most popular, with a market share of about 53.3 percent expected in 2031. Market companies are producing medium-range grooming items that are inexpensive to male consumers in order to attract clients.
Will online retailing overtake brick-and-mortar stores as the primary sales channel for men’s grooming products?
According to industry research, internet retailing is anticipated to grow at a high CAGR of 8.4% over the forecast year.
As a result of the COVID-19 epidemic, consumer tastes have altered, and instead of shopping offline, they are moving to online retailing, forcing players to grow their online presence in the market.
The availability of a broad selection of men’s grooming goods with steep discounts, such as anti-ageing creams, face wash, moisturizers, and so on, is one of the key factors driving online sales growth.
What effect would COVID-19 have on sales of men’s grooming products?
The continuing COVID-19 epidemic has had a variety of effects on the global economy. The recession has hampered the expansion of the men’s personal care industry. Global lockdowns and supply chain limitations have resulted from an increase in the number of cases throughout the world. Consumer discretionary spending has declined, and firms have observed a shift in consumer behavior toward safer, more reliable products.
In addition, raw material scarcity, labor shortages, and component scarcity have all had a significant influence on market growth. Aside from that, the COVID-19 epidemic has caused a significant shift in consumer purchasing habits. In the early stages of the outbreak, a shift in consumer purchasing from non-essential to necessary items had an influence on sales, creating several problems on the sales front.
Personal grooming companies are emphasizing their e-Commerce channels, as well as providing at-home personal care products and customer involvement through engagement programs on their websites.
Market analysis
Players in the business are devising innovative strategies for distributing their items across borders. Due to increased competitiveness, these precautions and efforts are being implemented. Well-known companies are rethinking their marketing strategies and putting them into action in partnership with sports teams, celebrities, and other influencers.
In this sector, forming new strategic relationships with key companies or suppliers in order to acquire significant market presence will be a continuing trend.
