According to the report, men’s grooming will grow the fastest in emerging regions. Latin America, in particular, will become a key market for men’s beauty. Valued at USD 10 billion in 2016 and forecasted to grow over 27 percent until 2021, Latin America will lead men’s grooming sales growth in the world.
Men’s Grooming: Growth Rate per Region (2016-2021)
“Men’s grooming has presented sustained growth in Latin America, positioned as the second fastest growing segment between 2011 and 2016. Holding a ‘men’s zone’ in stores has shown to be a successful strategy as it provides men a place to go for all their beauty needs. Previously, men had to sort through shelves full of products targeting women in order to find products tailored to them,” said Elton Morimitsu, Senior Research Analyst at Euromonitor.
According to the report, while men’s grooming sales are still highly dominated by the most traditional categories, such as fragrances, deodorants, and shaving products, which together accounts for 96 percent of total men’s grooming sales, Latin American men are slowly increasing their consumption of esthetics products.
“The regional challenge lies on breaking stereotypes. Skin care, for example, is still very much associated with femininity. For this reason, men’s skin care launches are now exploring claims that focus on the product’s features, such as sunscreen or post shave. The objective is to gradually get men to experiment with multifunctional products as a first step to explore their vanity,” concludes Morimitsu.
To download an extract of the report: http://go.euromonitor.com/EV-LA2017-Incos-Latam.html