Men?s Grooming Products Market to witness steady growth at 8% CAGR by 2024
Posted by Bisvjeet on September 12th, 2018
Europe will remain the leading Contributor to the overall Revenue Pie for Men’s Grooming Products Market Between 2016 and 2024
Europe will remain the most attractive market with close to 40% share of the market in terms of revenue. The men’s grooming products market in Europe will continue to present lucrative market opportunities over the next couple of years. The UK, Germany and France will collectively account for over 50% revenue share of men’s grooming products market in the region. Whereas, the market in North America is expected to hold the second place with estimated revenues reaching US$ 29 Billion by 2024 end.
The global market currently stands at US$ 54 billion in terms of values and expected to expand at over 8% CAGR during 2016 to 2024.
Highlights of the Regional Market
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A RRI report finds that the sales of men’s grooming products will cross US$ 104,199 Million by the end of 2024. Increasing buyer ratio of e-commerce outlets has been observed as a key factor influencing the popularity of men’s grooming products globally. In addition, increasing FDI involvement in e-commerce is further pushing manufacturers to rev-up online distribution operations. Low pricing and easy availability are additional factors boosting the sales of men’s grooming products through online retail and e-commerce websites.
The online distribution channel will create an absolute increment opportunity of over US$ 12 billion over the forecast period. However, independent retailer and supermarkets will continue to be the key distribution channel, accounting for a healthy share of the market in terms of sales. For manufactures, brick and mortar stores will remain an important platform for catering to impulsive buying and studying on customer demand.
The global sales for trimmers will be relatively higher as compared with other types of grooming products. The sales of men’s shave care products are estimated to cross US$ 40 Billion over 2024. Whereas, the sales for men’s grooming products ranging under fragrances will occupy for almost 35% of the overall market during the projected period. Global sales of hair care products is anticipated to account for nearly 10% share of the market, while the demand for toiletries under men’s grooming products will be sluggish as compared to other products that are mentioned above. Growing disposable incomes is a major factor which is further influencing the sales of men’s grooming products, especially in the category of low and medium priced items. Mid-price ranged products account for nearly 50% share of the global men’s grooming products market in revenues with more than 7,000 million expected to be sold worldwide over the next eight years.
Procter & Gamble Co. will maintain its competitive edge over other players in the global market for men’s grooming products. The company is set to account for over 10% share of the market, which will be by far the most by any company. On the other hand, local manufacturers of men’s will collectively occupy for almost one-third of the market in terms of value. Likewise, companies are also focusing on strategic acquisitions and mergers in order to improve their market presence. Some of the other key player operating in the global market include Edgewell Personal Care Co., Koninklijke Philips N.V., Johnson & Johnson Private Limited, Unilever PLC., Colgate-Palmolive Company, and ITC Limited, Coty Inc. In addition, Beiersdorf AG and L'Oréal S.A. are some of the other identified players playing a significant role in the global market.
Summary: The global sales for men’s grooming products is set to cross US$ 104,199 Mn by 2024 end
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About the AuthorBisvjeet
Joined: March 7th, 2018
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