SAN FRANCISCO, May 28, 2020 /PRNewswire/ -- The global men's skincare products market size is anticipated to reach USD 18.92 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.2% from 2020 to 2027. Rising awareness among males regarding personal grooming is driving the demand for men's skincare products globally. At a macro level, increasing disposable income has been favoring market growth over the years.
Premiumization emerged as the latest trend within the market in the recent past. With the growing demand for premium products, manufacturers are increasingly focusing on achieving green formulations under the premium category. Demand for men's skincare solutions is likely to be principally driven by the growing popularity of organic and natural products with natural extracts. Furthermore, packaging is expected to play a key role in creating their demand. In this respect, men's skincare products packaged using sustainably sourced materials are more likely to gain popularity in the foreseeable future.
Key suggestions from the report:
The shave care segment grabbed 32.7% share of the overall revenue in 2019
In terms of distribution channel, supermarkets and hypermarkets held the largest share in 2019 and are expected to maintain its lead throughout the forecast period
Product innovation is a key strategy deployed by majority of market players to stay abreast of the competition.
Male consumers around the world, most notably baby boomers, are increasingly venturing into the luxury space. This is likely to encourage manufacturers to increasingly focus on manufacturing premium skincare solutions shortly. In addition, baby boomers are considered a viable target by skincare brands that offer health-oriented solutions, such as anti-residue rinse and cleansing conditioners.
Demand for cleansers and face wash and sunscreen outpacing that of shave care essentials suggests that the trend of male grooming is moving beyond the basics of fragrance and shaving. In recent years, an increasing number of men have started paying more attention to their grooming habits and appearance, thereby encouraging manufacturers of men's skincare essentials to venture into relatively novel categories, such as facial masks and serums.
With regards to sales/distribution channels for men's skincare solutions, offline distribution channels such as supermarkets and hypermarkets and convenience stores are likely to remain the most preferred platforms throughout the forecast period. Recent years have witnessed key developments in the offline distribution space. For instance, in December 2016, Philips and L'Oréal launched a male grooming club to showcase their items to male travelers at Singapore Changi Airport. Such developments are likely to take place over the forecast timeframe, given the intensity of competition within the market.
Grand View Research has segmented the global men's skincare products market on the basis of product, distribution channel, and region:
Men's Skincare Products Outlook (Revenue, USD Million, 2016 - 2027)
Creams & Moisturizers
Cleansers & Face Wash
Men's Skincare Products Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Herbal & Organic Mascara Market– Rising demand for natural and organic cosmetics coupled with awareness about the harmful effects of chemical content in synthetic mascara is expected to fuel the growth.
Skin Lightening Products Market– Rising preference for fair skin as a matter of confidence and enhanced beauty, especially among female consumers, will boost the product demand.
Diaper Rash Cream Market– Rising awareness regarding infant health is major factor driving the industry. Furthermore, increasing prevalence of chronic diseases and bedridden patients fuels the demand for rash cream and open new avenues for the market
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.