Men's Grooming Products Market: Explores New Growth Opportunities By 2024

Why the shave care segment is expected to dominate the global men’s grooming products market

Though beard is the new style statement of urban men and signature of their “machismo”, clean shaven men look more hygienic and well groomed. Market trends also back this bent. The global men’s grooming products market is predicted to bloom in the forthcoming years. The global men’s grooming products market is expected to expand within the prediction period at a CAGR of 8.4%. The market will showcase a razor sharp growth in the APAC region. The North America and Europe markets will play a crucial role in this period of transition. The shave care segment of the global men’s grooming products market dominated men’s grooming kits till the end of 2015 and it will continue to rule the markets of developed regions in the years to come.

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In the North America market, the shave care segment is predicted to record a CAGR of 6.0%. Hygiene has been a pertinent issue for men living in this region of the globe. The market will be largely affected by this changing nature of men of this region and will complement the natural growth of the shave care segment in North America.

Gauging the potential of the shave care segment

The shave care segment is likely to register a shining CAGR within the period of assessment. This segment is expected to hold more than 38% value share of the global mens grooming products market. The shave care segment will be worth around US$ 22 Mn in 2016 and the market value will climb up to US$ 40 Mn by the end of 2024. The market will curate a dollar opportunity of more than US$ 18 Mn between the period of forecast. The global men’s grooming products market is populated with a gamut of products and multiple selling channels to cater to the rising demand of consumers. Customers are knowledgeable and several e-commerce platforms have given them access to a larger global market. This is a major factor that is expected to change the face of the global men’s grooming products market.

The men’s grooming products market is spread across Europe and North America but the resurgence of the new crop of economically empowered customers in the APAC region will set the tune for the development of the men’s grooming products market in this region. The shave care segment will also reap the benefits of this changing climate of the market in the APAC region. As per value, the shave care segment in this region will witness a CAGR of 7.5%. The expansion of consumerism and boom in e-commerce is likely to impact the growth of the shave care segment in the APAC region.

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View from the top

Procter & Gamble was a leader in shave care and reigned the shave care segment in 2015 with quality products. The Edgewell Personal Care Co. is another key player in the shave care segment and occupied more than 6% of the market share in 2015. Koninklijke Philips N.V. accounted for 6.8% share of the shave care segment in 2015. Royal Philips unfurled Smart Shaver Series 7000 with Bluetooth technology to enhance the end user experience. Other major stakeholders in the market such as Jonson & Jonson Private Limited and ITC Limited are planning to intensify their distributor network and are pumping in funds into the health and hygiene market. To foray into the developing economies leading market players are also mulling on acquisitions and mergers.

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This release was published on openPR.