Men Personal Care Market Set to Achieve a Valuation of US$ 276.9 Billion, Riding on a 8.6% CAGR by 2030

According to a new report published by Allied Market Research, titled, "Men Personal Care Market by Type, Age Group, Price Point, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030," the men personal care market size is expected to reach $276.9 billion by 2030 at a CAGR of 8.6% from 2021 to 2030. 

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Drivers, restraints, and opportunities

Changes in corporate lifestyle, product differentiation, and surge in urbanization drive the growth of the global men personal care market. However, surge in ingredient prices and packaging costs and fatal effects of chemicals hinder the market growth. On the other hand, changes in consumer lifestyle and penetration of online shopping present new opportunities in the coming years.

Covid-19 Scenario

The demand for personal care products made from natural ingredients rose during the Covid-19 pandemic, however, the demand for artificial ingredient-based products declined.
Manufacturing activities of men personal care products halted due to lockdown implemented across many countries. Moreover, disruptions in the supply chain and shortage of raw materials presented new challenges.
The sales volume decreased as distribution channels such as supermarkets, hypermarkets, departmental stores, and specialty stores were closed during the lockdown. However, the demand would grow steadily during post-lockdown as these channels open.

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The oral care segment to continue its lead position during the forecast period

Based on type, the oral care segment accounted for the highest share in 2020, holding more than one-fourth of the global men personal care market, and is projected to continue its lead position during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 9.5% from 2021 to 2030. This is attributed to its frequent usage and unavailability of suitable substitutes. The report analyzes the segments such as hair care, shaving, personal cleanliness, skin care, and others.

The drug stores or pharmacy segment to continue its leadership status during the forecast period

Based on distribution channel, the drug stores or pharmacy segment held the highest share in 2020, accounting for nearly one-fourth of the global men personal care market, and is projected to continue its leadership status during the forecast period. This is due to extended store hours, drive-through locations, and availability of wide range of personal care products. However, the mono-brand stores segment is projected to portray the highest CAGR of 9.4% from 2021 to 2030, owing to less time required to develop a shopping narrative centered on a single brand, its products, and the image or lifestyle needed to promote.

North America to offer lucrative opportunities

Based on region, North America contributed to the largest market share in 2020, accounting for nearly one-third of the global men personal care market, and is estimated to continue its dominance in terms of revenue by 2030. Moreover, this region is expected to manifest the fastest CAGR of 9.4% during the forecast period. This is attributed to increase in the aging population in countries such as the U.S. and Canada and increase in internet penetration. The research also analyzes the regions including Asia-Pacific, Europe, and LAMEA.  

Market Key Players

The key players in the global men personal care market include Johnson & Johnson (U.S.), P&G Co. (P&G) (U.S.), L'Oréal S.A. (France), The Estee Lauder Companies, Inc. (U.S.), Unilever (UK), Avon Products, Inc. (U.S.), Kao Corporation (Japan), Colgate-Palmolive Company (U.S), Beiersdorf Akteingesellschaft (AG) (Germany), and Shiseido Company Ltd. (Japan). Other players in the value chain, even though not profiled in the report, include Combe, Inc., Conaire Corporation, Revlon, Inc., Godrej Industries Ltd., Mary Kay, Inc., and Amway Corporation. 

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Key findings of the study 

The global men personal care market was valued at $124.8 billion in 2020, and is projected to reach $276.9 billion by 2030, registering a CAGR of 8.6% from 2021 to 2030. 
By type, the oral care segment was the highest contributor to the market, with $34.9 billion in 2020, and is estimated to reach $83.7 billion by 2030, at a CAGR of 9.5% during the forecast period. 
By age group, the 18-29 years segment was the highest contributor to the market, with $59.1 billion in 2020, and is estimated to reach $137.1 billion by 2030, at a CAGR of 9.1% during the forecast period. 
By price point, the low segment was the highest contributor to the market, with $59.1 billion in 2020, and is estimated to reach $138.2 billion by 2030, at a CAGR of 9.2% during the forecast period. 
By distribution channel, the drug stores or pharmacy segment was the highest contributor to the market, with $28.8 billion in 2020, and is estimated to reach $63.4 billion by 2030, at a CAGR of 8.5% during the forecast period. 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.  

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry 

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