Thus, revenue from the sales of men’s grooming products across the world will nearly double by 2031 from the current value of US$ 55.5 Bn.
North America remains the main global market
Geographically speaking, North America is expected to be the most lucrative market for men’s grooming product companies, with an absolute dollar opportunity of around US$ 14.0 billion.
In recent years, men’s grooming in the region has shifted from a conventional focus on shaving to a broader perspective of personal care. For example, consumers are adopting varied shaving habits as a result of a growing desire for a trimmed beard over a completely shaved appearance, which is driving sales of beard wax/beard fixers and beard trimmers across the region.
South Asia is also set to be an important market for manufacturers, rising at an impressive 12.6% CAGR and capturing 9.4% share of the global market.
In 2020, India accounted for 32.1% share in the South Asian market for men’s grooming products, and is expected to grow at a rapid rate.
As far as East Asia is concerned, China will continue to be a key market. Sales of men’s grooming products grew 9.2% from 2016 to 2031 in the country. According to the report, grooming is closely tied to remaining clean and looking their best in the natural state for the average Chinese male. This shows that there is opportunity to get better in the Chinese market through knowledge and product endorsement.
Shave care remains the main category
In terms of products, shave care currently accounts for a significant market share of around 42.3%.
According to the Persistence Market Research report, products in the mid-price range, which are affordable to male consumers, currently hold the biggest market share globally and are expected to hold around 53.3% market share in 2031.
Eventually, online retailing is expected to be the fastest-growing distribution channel, at a high CAGR of 8.4% over the period 2021-2031.
Consumer preferences have shifted as a result of the COVID-19 pandemic. Other key factors driving the growth of online sales are the availability of a wider range choice of products and the discounts.
Other key trends include the increasing demand for natural and organic products along with alcohol-free fragrances.