Men's Grooming Product Market Trends, Size, Share, Regional Analysis by Key Players | Industry Forecast
The global market for men’s grooming products is expected to experience rapid growth, with an accelerated Compound Annual Growth Rate (CAGR) of 8.2% projected from 2023 to 2033. By the year 2033, sales of men’s grooming products are forecasted to reach a value of US$ 12,796.30 million. In 2023, the market is estimated to be valued at US$ 5,805.20 million.
The rise of the metrosexual male and the expanding influence of celebrities and influencers have increased perceptions about conventional masculinity to change, leading to a surge in men’s spending on grooming products. The proliferation of men’s salons is driving the demand for men’s grooming products.
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Factors Hindering Growth of Men’s Grooming Product Market
Lack of awareness about the range of grooming products available and their benefits poses a challenge to the growth of the men’s grooming product market.
Stereotypes and traditional gender norms may discourage men from openly endorsing grooming products.
Some men may still perceive grooming as awkward or associate it with femininity, which could hinder the expansion of the men’s grooming product market.
Challenges Faced by the Men’s Grooming Product Sector:
Customer tastes are constantly changing. Products for grooming that were popular a few years ago might not be so trendy today. Adjusting product lines and keeping up with the changes can be challenging.
Economic downturns may cause consumers to spend less on grooming products and other non-essentials. Men might make fewer purchases of this kind during uncertain economic times, inhibiting the men’s grooming product market growth.
The men’s grooming product market has grown in popularity, which has increased competition. In the market share competition, well-known brands and recent arrivals may engage in price wars, leading to a shrink in their profit margins.
Regional Outlook:
In North America, Europe, and Asia Pacific, the men’s grooming products market is growing at a promising rate. Men’s grooming product sales in North America benefit from changing grooming patterns and a growing focus on self-care.
Europe is steadily expanding due to increased awareness of personal hygiene practices. Growing disposable money and shifting ideas of being a male has created strong men’s grooming product demand in the Asia Pacific. Each region exhibits distinct consumer behaviors and tastes, which support the global market expansion for men’s grooming products.
Key Takeaways from the Men’s Grooming Product Market Report:
The shave care segment in the product type category to grab a share of 41.6% from 2023 to 2033.
In the price range category, the mid-segment to acquire a market share of 51.5% between 2023 and 2033.
The Canada market is anticipated to accelerate at a CAGR of 8.8% from 2023 to 2033.
The United States men’s grooming product sales are anticipated to surge at a CAGR of 6.2% by 2023.
The men’s grooming product demand in the United Kingdom is to witness growth at a CAGR of 3.9% from 2023 to 2033.
The France men’s grooming product industry is expected to develop a CAGR of 4.6% between 2023 and 2033.
