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Report Overview: Men’s Skincare Products MarketThe global men’s skincare products market size was valued at USD 11.6 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2027. Increasing awareness among males regarding personal hygiene and grooming globally has been driving the demand for men’s skincare products over the years. At a macro level, factors such as increase in disposable income among consumers and mushrooming growth of distribution channels are bolstering the demand for men’s skincare products worldwide. Moreover, the rising popularity of men’s skincare solutions sourced from sustainable materials is a key factor driving the market. Prominent brands within the industry are increasingly focusing on green formulations in response to the growing demand for natural ingredients. The universal need for skincare is creating a healthy demand for men’s skincare products. The average modern ban is becoming increasingly keen on caring for his skin, thereby encouraging many skincare products’ manufacturers to enter the men’s category. With relatively tougher, oilier, and thicker skins than women, men face myriad challenges, distinct from that of women when it comes to skin health. Thus, beauty and personal care brands capitalize on the need for men to care for their skin by offering products to target males of all skin types. Various factors are challenging the men’s skincare products market. Prominent among them is the rising prevalence and availability of counterfeit/fake products. As is the case with women’s skincare products, counterfeit products are rampant within the men’s category, most notably in the Asian markets such as China and India. The circulation of fake products was observed to be more widespread through the online distribution channel. Another prominent factor restraining market growth is the problem of consumer perception. In this regard, internationally-reputed brands, whose names are typically associated with women’s beauty range, face resistance when it comes to acceptance among men. However, brands are likely to focus more on advertising and marketing activities in a bid to achieve higher brand reputation among male consumers worldwide. The increased exposure to social media has been contributing to the healthy demand for men’s skincare solutions. In this respect, men are becoming increasingly aware of the need for body image, hygiene, and self-grooming. Furthermore, skincare brands are increasingly targeting shoppers through the online platform (e-commerce) and allowing them easy accessibility to a rapidly expanding product range.
Product Insights: Men’s Skincare Products MarketIn terms of product, the market is segmented into five categories, namely shave care, creams and moisturizers, sunscreen, cleansers and face wash, and other products. The shave care segment held the largest share of 32.7% in 2019 and is likely to maintain its lead throughout the forecast period. Both pre-shave and post-shave care products are gaining traction among men worldwide. In this regard, shave gel or foam continues to remain the most popular shave care product among men. However, manufacturers of men’s skincare products are increasingly tapping into newer categories, such as facial scrubs, moisturizers, and polishes. Non-conventional men’s skincare products, such as oils and serums, are likely to gain popularity in the near future as a result of their rising sales through the e-commerce channel over the years. Distribution Channel Insights By distribution, the men’s skincare market is segmented into two five categories, namely supermarkets and hypermarkets, convenience stores, pharmacies, e-commerce, and other distribution channels. As is the case with women’s skincare products, supermarkets and hypermarkets emerged as the most dominant distribution channel for men’s skincare solutions in 2019. As men continue to evolve their grooming habits, skincare brands and retailers are likely to consider the omnichannel marketing strategy to target men of different age groups. This technique encompasses the distribution of products through both online and offline media/platforms. The e-commerce segment is expected to expand at the fastest CAGR during the forecast period owing to a considerable rise in the number of online shoppers globally. Amazon.com, Inc. continues to remain the biggest online distributor of men’s skincare solutions worldwide.
Regional Insights: Men’s Skincare Products MarketEurope emerged as the largest regional market and accounted for almost 30% share of the overall revenue in 2019. Led by countries such as Germany and U.K., manufacturers operating in this region are benefiting from a rapidly expanding customer base. Europe also houses a sizable number of conventional and natural men’s skincare brands, thereby justifying its prominence in the international market. Asia Pacific is expected to expand at the fastest CAGR over the forecast period 2021-2027. The proliferation of direct-to-consumer brands, most notably in countries such as China and India, is a key factor driving the market in this region. Manufacturers operating within Asia Pacific are expected to benefit from a growing millennial population in the near future.
Key Companies & Market Share Insights: Men’s Skincare Products MarketThe global market has been characterized by the presence of both international and domestic players. Prominent market participants compete primarily based on price and product quality. The threat of new entrants within the industry is expected to be low throughout the forecast period on account of the strong foothold of internationally reputed market players, including L’Oreal and Procter and Gamble. However, indie brands are expected to enter the men’s skincare sphere in the foreseeable future, most notably in the Asian markets. As indie brands typically operate with small budgets, these brands are likely to market their products through social media in a bid to attract prospective consumers, most notably millennials. Some of the prominent players in the men’s skincare products market include:
Key companies Profiled: Men’s Skincare Products Market Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global men’s skincare products market report based on product, distribution channel, and region:
- Procter and Gamble
- Johnson & Johnson Consumer Inc.
- Edgewell Personal Care
- Coty, Inc.
- Energizer Holdings Inc.
Product Outlook (Revenue, USD Million, 2016 - 2027)
- Shave Care
- Creams & Moisturizers
- Cleansers & Face Wash
Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Supermarkets & Hypermarkets
- Convenience Stores
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1 | read more...