The global men’s skincare products market is anticipated to reach $18.92 billion by 2027, expanding at a CAGR of 6.2% from 2020 to 2027. That’s according to a new report by Grand View Research, Inc., which notes that rising awareness among males regarding personal grooming is driving the demand for these products globally. At a macro level, it adds, increasing disposable income has been favoring market growth over the years.
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According to the report, premiumization has recently emerged as the latest trend within the market, leading manufacturers in this space to increasingly focus on green formulations under the premium category. Demand for men’s skincare solutions is likely to be principally driven by the growing popularity of organic and natural products with natural extracts. Furthermore, packaging is expected to play a key role in creating their demand. In this respect, the report notes, men’s skincare products packaged using sustainably sourced materials are more likely to gain popularity in the foreseeable future.
Among other key takeaways from the report:
- The shave care segment grabbed 32.7% share of the overall revenue in 2019.
- In terms of distribution, offline channels such as supermarkets, hypermarkets, and c-stores held the largest share in 2019 and are expected to maintain their lead throughout the forecast period (2020-2027).
- Product innovation is a key strategy deployed by the majority of market players to stay abreast of the competition.
- Baby Boomers are increasingly venturing into the luxury space, making them prime targets for premium brands. This demographic is also looking for health-oriented solutions, such as anti-residue rinse and cleansing conditioners.
- The demand for cleanser, face wash, and sunscreen products is outpacing that of shave care essentials. This suggests the trend of male grooming is moving beyond the basics of fragrance and shaving, thereby encouraging manufacturers of men’s skincare essentials to venture into relatively novel categories, such as facial masks and serums.
