Promises Fulfilled

No matter what side of The Pond you're on, the men's grooming category is soaring. More specifically, the $54 billion segment will expand at a CAGR of 8.4% through 2024, according to Persistence Market Research (PMR). With nearly 40% revenue share, Europe will continue to remain the most attractive market for men's grooming products. Germany, France, and the UK remain the top three markets, collectively accounting for over half of the revenue share of the Europe men's grooming products market, says PMR. Meanwhile, North America, the second largest market globally, will rake in $29 billion in revenues by 2024.


In North America, shave care products and fragrances will be the top-selling men's grooming products, predicts PMR. Elsewhere, the market in Asia Pacific will continue to post steady gains on account of rapidly growing sales in China. Personalized shopping through e-commerce outlets has been identified as a key driving factor men's grooming products globally. Increasing FDI in e-tailing businesses is driving manufacturers of men's grooming products to intensify their distribution operations through online retail channels. Easy accessibility and low costs are key factors for the rising men's grooming products sales through e-commerce and online retail websites. Over the forecast period, online distribution channels will give rise to an absolute increment of more than $12 billion, according to PMR. Nevertheless, sales of men's grooming products through supermarkets and independent retail outlets remain key for companies looking to improve their sales potential by catering to impulsive buying and focusing on customer rapport.


Globally, the sales of men's shave care products such as trimmers will be much higher than any other types of grooming products. Being the highest-selling products in the global market, consumption of men's shave care products will be valued at over $40 billion by the end of 2024, predicts PMR. Subsequently, men's grooming products sales under fragrances will account for nearly 35% of the global market over the projected period. Hair care products sales will register a market value share of about 10%, while the demand for men's toiletries will be pared down as compared to the above types of grooming products.


However, higher disposable incomes don't necessarily instrument higher sales of men's grooming products in the premium price range, according to PMR. Half of the global men's grooming products revenues are concentrated in the mid-price range, with over 7,000 million expected to be sold globally over the forecast period. Procter & Gamble Co. will retain its competitive position as the global leader in shave care products. Independently, the company will also be dominant in the overall global men's grooming products market by accounting for more than 10% market share. However, local manufacturers of men's grooming products will collectively dominate the global market by accounting for nearly one-third of its market value. Accordingly, acquisition of such native players will be a strategic measure of expanding market presence for global leaders in consumer goods. Johnson & Johnson Private Limited, Koninklijke Philips N.V., ITC Limited, Coty Inc., Unilever PLC, Colgate-Palmolive Company, and Edgewell Personal Care Co., among others, are some leading manufacturers of men's grooming products that intend to expand their businesses through acquisitions. Furthermore, L'Oréal SA and Beiersdorf AG are also some of the recognized players participating in the growth of the global men's grooming products market.