Constant change in lifestyle and rise in disposable income have increased the demand for men’s personal care products , finds Allied Market Research (AMR) in a recent report . Moreover, increase in the number of product offerings to tap the fluctuating grooming habits of men and organized retail further fuel the market growth. In addition, the global upsurge in online retail platforms, and the escalation in health, and fitness consciousness among men is anticipated to offer more business opportunities. However, rise in packaging costs could prove to be a major challenge for the players.
"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. Moreover, launch of herbal products with low chemical content has witnessed remarkable growth in the men personal care market", states Yogiata Sharma, Research Analyst, and Consumer Goods at AMR.
Skin care leads the market
According to AMR, the men’s skin care segment accounted for the maximum market share in 2015, due to wide-spread popularity of face creams and moisturizers among the consumers. The segment is anticipated to lead the market throughout the analysis period, with a CAGR of 4.5% from 2016 - 2022.
From a growth perspective, men oral care product category would witness the highest CAGR, owing to the increasing penetration of advanced toothpaste, to tackle dental problems, among customers of all age groups. The demand of this category would be also be supplemented by the increasing demand of mouth and breath fresheners.
Asia drives growth
North America is presently the largest market of men personal care products, with a revenue of US$36 billion in 2015. The region is anticipated to continue its growth at a notable pace, owing to health consciousness and awareness towards men’s grooming. Market penetration of oral care products is relatively much higher in the U.S. due to extensive usage of mouth washes and breath fresheners among smokers and drinkers. Personal cleanliness products such as antiperspirants & deodorants are also popular in Canada owing to their regular usage among youth.
In parallel, AMR expects Asia-Pacific to account for the highest growth rate in the overall market throughout the forecast period, owing to the upsurge in demand from countries such as China and India. The growth would be driven by the increased adoption of the different product categories, supported by the increasing disposable income. Furthermore, it is anticipated that demand for shaving products would experience maximum growth in the developing countries such as China and India.