Men's Grooming and Cosmetics Market Poised for Strong Growth, Projected to Reach USD 164.2 Billion by 2034 | TMR Study

The men's grooming and cosmetics market is undergoing a significant transformation, shedding traditional perceptions and emerging as a dynamic and rapidly growing industry. This evolution has been fueled by an increasing focus on self-image, societal shifts, and an expanded product portfolio tailored to men. With an impressive market valuation of US$ 86.6 billion in 2023, the industry is projected to expand at a CAGR of 6.0% from 2024 to 2034, reaching a staggering US$ 164.2 billion by 2034.

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Market Size and Growth

The men's grooming and cosmetics industry is poised for robust growth, driven by shifting cultural norms and increased media exposure to idealized male aesthetics. Analysts attribute this growth to two key factors:

Rise in Self-Image Consciousness: Men are increasingly investing in products that enhance their appearance and convey social status. The media's portrayal of muscular and youthful male figures has further amplified this trend.

Anti-Aging Awareness: Younger men, in particular, are showing heightened sensitivity to aging, driving demand for anti-aging skincare products. Concerns about skin health, youth preservation, and the visibility of aging effects are prominent motivators in developed economies.

These factors collectively contribute to the anticipated doubling of the market size over the forecast period.

Competitive Landscape

The competitive landscape of the men's grooming market is vibrant and increasingly innovative. Key players such as Procter & Gamble, Beiersdorf, The Estée Lauder Companies Inc., and L'Oréal Paris are leveraging influencer partnerships, social media campaigns, and ad sponsorships to connect with male consumers.

Companies are not only introducing diverse price-tiered products but also responding to environmental and ethical concerns. For instance, toxin-free, cruelty-free, and all-natural product lines are gaining traction among environmentally conscious consumers. Recent innovations, like 82°E's 2-in-1 Moisturizer with SPF 40 PA+++ and 3-in-1 Face, Beard, and Body Cleanser, exemplify the industry's focus on multifunctional and targeted products.

Market Segmentation

The market is segmented by product type, demographic, and distribution channel:

Product Type: Essentials like moisturizers, cleansers, and beard care dominate, while makeup products such as BB creams and concealers are gaining traction among younger men aged 18-34.

Demographics: Older men focus on anti-aging products, while younger consumers seek items to enhance facial aesthetics and hide blemishes.

Distribution Channel: Both online and offline sales channels are thriving, with a particular surge in e-commerce platforms, enabling consumers to easily access information and reviews before purchasing.

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Regional Analysis

Asia Pacific leads the global men's grooming market, with South Korea emerging as a hub for male beauty products. Between 2011 and 2017, the market in South Korea grew by 44%, and this trend continues.

Retailers like CJ Olive Young reported a 24% increase in sales of men's cosmetics in the first half of 2022 compared to 2021. This surge reflects the increasing grooming expenditure among men in the region. Factors like cultural acceptance of skincare routines and the prominence of K-beauty trends contribute to the region's dominance.

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