Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Mens Skincare Products market.
Trusted Business Insights presents an updated and Latest Study on Mens Skincare Products Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Mens Skincare Products market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Mens Skincare Products Market
The global mens 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 mens 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 mens skincare products worldwide.
Moreover, the rising popularity of mens 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 mens skincare products. The average modern ban is becoming increasingly keen on caring for his skin, thereby encouraging many skincare products manufacturers to enter the mens 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 mens skincare products market. Prominent among them is the rising prevalence and availability of counterfeit/fake products. As is the case with womens skincare products, counterfeit products are rampant within the mens 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 womens 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 mens 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: Mens Skincare Products Market
In 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 mens skincare products are increasingly tapping into newer categories, such as facial scrubs, moisturizers, and polishes. Non-conventional mens 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 mens 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 womens skincare products, supermarkets and hypermarkets emerged as the most dominant distribution channel for mens 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 mens skincare solutions worldwide.
Regional Insights: Mens Skincare Products Market
Europe 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 mens 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: Mens Skincare Products Market
The 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 LOreal and Procter and Gamble. However, indie brands are expected to enter the mens 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 mens skincare products market include:
Key companies Profiled: Mens Skincare Products Market Report
- Procter and Gamble
- Johnson & Johnson Consumer Inc.
- Edgewell Personal Care
- Coty, Inc.
- Energizer Holdings Inc.
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 mens skincare products market report based on product, distribution channel, and region:
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
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