Revenue from the sales of men’s grooming products across the world will nearly double by 2031, from the current value of US$ 55.5 billion.
This is according to a study by Persistence Market Research, which reveals that the global market should grow by 6.4% during this year alone.
From 2016 to 2020, use of men’s grooming products increased at around 3.5% CAGR (Compound Annual Growth Rate), when developed countries such as the USA, Canada, Germany, and the UK held significant share in the global market. Overall, sales of men’s grooming products are projected to increase at a healthy CAGR of 8% over the next 10 years.
Persistence Market Research points out that various companies are focusing on providing unique personal care products that have a value proposition for the male grooming market. Products in this sector encompass hair care, shaving care and skincare. Rapid developments and innovations in various grooming solutions such as hair sprays, hair scents and beard waxes are providing the industry with significant growth potential.
Due to increased consumer knowledge of the harmful effects of chemical compounds commonly used in grooming items, such as shaving creams, demand for natural, clean-label and organic products has increased in the men's grooming products industry. Natural grooming products are increasingly preferred by males over chemical-based grooming products. Over the last few years, this has resulted in an increase in demand for grooming products that are safe, natural, organic, and cruelty-free.
Furthermore, an increasing number of significant manufacturers of men's grooming products are appointing various celebrities from the fields of sports and films to endorse their products, with the goal of persuading consumers to use these endorsed products.