The global male personal care market is expected to stand at $166 bn (€152 bn) by 2022, growing at a CAGR of 5.4% from 2016 to 2022, announced Allied Market Research (AMR) in a recent report.
AMR, a market research and business-consulting provider, has released the new report titled "Men's Personal Care Market: Global Opportunity Analysis and Industry Forecast, 2014 - 2022", which cites various sectors including personal care (fragrances, soaps, and body powders), hair care (shampoos and rinses, hair gels, hair conditioners, hair sprays, hair creams, and hair dyes and hair colors), skin care (face and neck creams/lotions, body & hand creams/lotions, cleansers, and moisturizers) and make-up.
Male grooming drivers
China and India are two of the most recent markets for male grooming and marketers are leveraging this growing demographic.
In fact, as brand messages focus on how males should retain a youthful appearance, the male grooming sector is the fastest growing in China.
This growth in the APAC region is thought to stem from the increasing number of brands that are implementing multifunctional properties into their product development, along with higher disposable income and shifting lifestyles.
With the number of online retail platforms also on the up, along with the rise in health and fitness awareness, more business opportunities are opening up.
"The increasing bent towards corporate life and rising awareness towards men's grooming, specifically among the youth is expected to boost the demand of personal care products,” said Yogiata Sharma, Research Analyst, and Consumer Goods at AMR. “Moreover, [the] launch of herbal products with low chemical content has witnessed remarkable growth in the men personal care market."
However, despite this positive anticipated growth, as brands invest in market analysis to understand the evolving habits of the male grooming sector, rising packaging costs could provide a difficult obstacle for both regional and global players to overcome.
Skin care set to dominate
As a result of the popularity of personal care and skin care products, in 2015, the skin care segment accounted for the maximum market share, followed by personal care and cleanliness.
The segment is again anticipated to lead the market throughout the analysis period, with a CAGR of 4.5% from 2016 - 2022.
At present, North America is the largest market of men personal care products, with a revenue of $36 bn (€33 bn) in 2015. The region is anticipated to continue its growth healthily, due to the market's health consciousness and awareness of the personal care market.
The market opportunities for male personal care products such as body powders, antiperspirants and deodorants are also expected to see significant growth during the forecast period.