Men's Grooming. A growing Billion Dollar industry

The male grooming industry has grown over the past few decades, and it is currently a billion dollar industry. Many consumers of male grooming products have realized the importance of self-image and presentation. This has boosted the purchase of cosmetic products across the world. There is a great deal of innovation in this industry, which has also led to the gradual growth in the demand for cosmetic products.

United States - leading Country in the Globe

In the United States, the male grooming industry is flourishing. With the aging population, consumers are demanding tropical, natural treatment for anti-aging and grooming. Consumers also desire authentic and personalized craft products.Male consumers, especially baby boomers, are venturing into the luxury sphere, which has resulted in a faster growth rate for male-specific premium beauty products.

Key Market Trends

Men Are Becoming More Image Conscious Leading To A Changed Perception Of Spending On Grooming With technological advancement, globalization, and increased purchasing power of consumers globally, consumers have become increasingly conscious about hygiene and beauty leading to a rapid increase in the men’s cosmetics industry. Men today are more dynamic, open-minded, and sophisticated than ever before. Gender roles are no longer clearly defined and past stereotypes of the past are becoming faintly relevant. While internal motivation may not have shifted, external drivers are altering their wants, needs, and aspirations.

Competitive Landscape

The global men’s grooming products market is highly competitive and fragmented with players adopting the acquisition and product innovation as their key strategy to increase their market share. Global vendors have largely invested in Research and development as part of developing unique products specifically for different regions. For instance, Revlon has launched a specific line of products in the Asia Pacific and the Middle East regions.

Future

Expect new advancements in both quality and variety of current leading beauty brands as they extend further into Men's grooming. More acquisitions on the horizon but unlike the recent ecommerce play purchases of Dollar shave club and Harry's future portfolio additions are more likely to be for unique and bespoke brands.

By Trevor Studd