Global men's personal care market projected to reach $166 bn by 2022
According to a new report published by Allied Market Research (alliedmarketresearch.com), Men's Personal Care Market: Global Opportunity Analysis and Industry Forecast, 2014 - 2022, the global men personal care market is expected to garner $166 billion by 2022, growing at a CAGR of 5.4% from 2016 to 2022.
Constant change in lifestyle and rise in disposable income have increased the demand for the men personal care products. 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.
The global men personal care market is segmented by type and geography. The segmentation by type includes hair care (shampoos & rinses, hair gels, hair conditioners, hair sprays, hair creams, and hair dyes & hair colors), shaving (shaving soaps, shaving creams, after shave lotions, and pre-shave lotions), oral care (dental care, mouth washes, and breath fresheners), personal cleanliness (fragrances, soaps, and body powders), skin care (face & neck creams/lotions, body & hand creams/lotions, cleansers, and moisturizers), and others (facial makeup, eye makeup, bathing essentials, and nail care).
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, the men's 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.
North America is presently the largest market of men's personal care products, with a revenue of $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.
Asia-Pacific is expected 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.