CHANGE IN THE PURCHASING BEHAVIOUR OF MEN IS BOOSTING THE MALE GROOMING PRODUCT MARKET WHICH IS ANTICIPATED TO GROW AT A CAGR OF 2.61%
“According to a new market research report published by Inkwood Research, the market for the Global male grooming product market is anticipated to grow from $ 47582 million in 2016 to $61567 million by 2026, at a CAGR of 2.61% between 2016 and 2026.”
“Browse 28 market data Tables and 46 Figures and in-depth TOC on Global male grooming product market.”
Product Launches and Aggressive Marketing by Top Brands, Growing Demand for Styling and Grooming Products, Change in Gender Stereotypes and Growth in Emerging Markets, Driving the Global Male Grooming Market.
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Change in the purchasing behaviour of men about grooming products
Growing population of Metrosexual males, the men whom emphasis on appearance and wellness has given rise to premiumization of male grooming products. With the growth in urbanisation and purchasing power, male consumers are experiencing a change in their lifestyle and outlook. Men are becoming more individualistic regarding grooming and developing their style statement. There has been a change in the purchasing pattern and behaviour of men concerning grooming products, with men’s shaving product continuing to degenerate in 2017. Men’s shaving product, which was one of the fastest growing categories at the beginning of the period, recorded a drop in sales due to men having more facial hair and shaving less.
Internet Retailing is The Fastest-Growing Market by distribution channel
It is now extensively recognised that the internet’s scope, power and interactivity provide vendors with the possibility to transmute their purchasers’ shopping experience and in doing so, reinforce their competitive positions. The Internet gives vendors an apparatus for improving customer communications, broadening target markets, improving cost efficiency, extending product lines, delivering customised offers and enhancing customer relationships.
Europe holds the most significant market share
Europe male grooming product market is projected to carry the considerable share by 2026 on account of the high per capita income in Western Europe. France, UK, Spain and Italy recorded the highest regarding market growth for this region. Men are progressively anxious about their physical appearance and commitment to daily care based on energising, cleaning and hydration, combined with specific eye contour and anti-ageing products. As such, toners and face cleansers for men will gain importance in the European region.
The key market players in the global male grooming product market are Procter and Gamble, L’oreal Group, Beiersdorf Ag And Gillette. L’Oréal leads the male grooming product market with roughly 18% of the market share.
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