Market Trends of Men's Grooming Products Industry
Men Tend To Spend The Most On Shave Care
The shaving products segment holds the largest share of the global men’s grooming products market owing to evolving fashion trends and increasing focus on personal care among men. For instance, according to the survey by the Bureau of Labor Statistics, the average annual expenditure on shaving needs per consumer unit in the United States increased from USD 12.95 in 2021 to USD 17.68 in 2022. Therefore, the shaving products market is competitive, with potential and major players focused on innovative product launches, expansions, and partnerships. Small enterprises and start-ups are also entering this segment owing to its growth potential. For instance, in April 2023, skincare brand Eos entered the men’s grooming category with a shave cream launch. It launched its product in two scents, Fresh Woods and Blue Surf, which were asserted to be fragrance-free without irritants for the most sensitive skin.
Europe Dominates the Market
The increasing awareness of effective skincare and personal grooming routines among men for maintaining personal hygiene represents the primary factor driving the market in the region. For instance, according to UK Barber report statistics, 62% of British men were interested in Men’s grooming products and services in 2022. Moreover, there has been an increase in demand for functional products due to the busy lifestyles of individuals, who tend to spare less time for personal care and are concerned about their skin health. For instance, the new statistics from wholesaler Capital Hair & Beauty reveal that around 90% of UK men under 50 are worried about the effect of cost-of-living stress on their appearance as of 2024. Around 42% of the UK population, including men, feel stress has adversely affected their skin and hair. Moreover, the prominent players are launching organic and natural products to broaden their offerings and geographical presence. For instance, in 2022, Beiersdorf introduced the NIVEA MEN “Climate Care Moisturizer,” which incorporates ingredients sourced from recycled CO2, showcasing their commitment to innovation and sustainability in their product formulations.
