According to a revised report by Persistence Market Research, the men’s grooming products market is estimated to register a healthy CAGR of around 8% over the forecast period of 2021-2031.
Consumer quest for ‘something more’ and a chain of technological advancements providing exquisite functionality have streamlined the current drive for devices in the beauty industry. The trend is advancing due to a highly efficient integration of technologically-enabled devices and diagnostics into already existing chemistry-based beauty brands. Device technology is actively functioning within the overall beauty industry, skin care being the forerunner.
Increasing focus on a customer-centric approach and rapid advancements in personal care products are factors expected to influence companies to develop novel products and adopt of unique marketing strategies, which, in turn, will fuel growth of the men’s grooming products industry in the near future.
Read More: SalesTechStar Interview With Ran Oelgiesser, Co-Founder And CEO Of RightBound
Key Takeaways from Market Study
- Consumption of personal hygiene products is increasing significantly, coupled with increasing disposable income across the globe.
- In terms of product, shave care dominates the market with revenue share of 43.5%.
- Increasing demand for natural & organic products along with alcohol-free fragrances, and rising consumer preferences for specific products, are factors expected to contribute significantly to growing demand for men’s grooming products.
- The mid-price range segment is expected to remain the largest, registering a moderate CAGR of 8.3% in terms of value.
- Over 2021 to 2031, the fastest-growing distribution channel is predicted to be online retailing.
Read More: CE Brands Raises US$8M From Choco Up To Fuel Growth And R&D
“Key Players in this market are focusing on providing natural, clean-label, and organic products with rising consumer awareness, and men’s grooming products are being redefined by social ideals of attractiveness,” says an analyst at Persistence Market Research.
Key Market Players
The report underlines ground-breaking insights into the competitive scenario of the men’s grooming products market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include Procter & Gamble Co, ITC Limited, Johnson & Johnson Private Limited, Unilever PLC, Coty, Inc., L’Oréal S.A, Edgewell Personal Care Co, Beiersdorf AG, Colgate-Palmolive Company, Kao Corporation, Estee Lauder Companies, Inc., and Reckitt Benckiser, among others.
Know More about Report Inclusions
Persistence Market Research published a new market report on the men’s grooming products market, covering global industry analysis of 2016-2020 and forecasts for 2021 to 2031. This research report provides compelling insights on the basis of product, price range, and distribution channel, across all major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in this space.
Read More: SalesTechStar Interview With Will Dean, Co-Founder And CEO At Electric Gamebox