Fueled by rising demand for personal care products, aggressive marketing strategies of companies, and rise of indie brands, the men’s skincare products market is expected to grow at an unprecedented rate. A new research study of Future Market Insights (FMI) projects that the global men’s skincare products market will reach ~US$ 10 Bn by 2019 end, witnessing exceptional growth at a double digit CAGR through 2029.
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Sales of men’s skincare products are mostly concentrated at shaving products, moisturizers, creams, sunscreen, and cleansers and face wash. Side effects associated with the use of personal care products will however remain the key factors limiting sales of men’s grooming products in the near future.
Manufacturers are focusing on developing novel products to ride on the new trend wave of natural and organic skincare. Manufacturers have also intensified focus on sophisticated product ingredients and packaging for sharper profit margins. The growing demand for anti-aging products and moisturizers will be an important factor driving the market growth.
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Key Takeaways – Men’s Skincare Products MarketIn 2018, ~37% of the world’s skincare products were launched in the U.K., followed by the U.S. with ~25%, and France, close to ~15%. Europe will hold significant shares in men’s skincare products market owing to the exceedingly high concentration of beauty & skincare manufacturers in the region. East Asia will be a lucrative investment pocket for companies in the men’s skincare products landscape, as the J-beauty and K-beauty cosmetic trends are proliferating in this region at a pace. High demand for organic products will be one of the key attributes complementing global men’s skincare products market growth. Oily skin issues in men remain the top revenue generator, whereas issues with sensitive skin are hinting at a rapidly emerging category to invest in. Online retail would be the significantly profitable sales channel.
The clean beauty movement and microbiome skincare have gained momentum in Europe owing to high product awareness among consumers. These are observed as the latest trends in the skincare industry, which propel the European beauty & personal care market growth. These trends result in the region accounting for the highest revenue share in the market.
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Premiumization – The New Trendsetter in Market
Product premiumization has been observed as the latest trend in the men’s skincare products market. Now companies offer natural and organic skincare products with natural extracts in an attractive packaging that comes under the premium category. Globalization and economic growth, especially in developing countries, offer lucrative opportunities for various companies to capitalize on. These companies are resorting to premiumization of their personal care product portfolios to strengthen their market position.
Know Who is Winning
The report highlights some prominent players in the global men’s skincare products market are Procter & Gamble plc, Beiersdorf AG, Johnson & Johnson Services, Inc., Estee Lauder Companies, L’Oréal S.A, Unilever PLC, Clarins Group, Chattem Inc., Clinique Laboratories, Kiehl’s LLC, Susanne Kaufmann Company, Lancôme Company, Galderma Laboratories, L.P., and Aveda Corporation. Key players are targeting millennials with high spending capability, and are developing premium product ranges endorsed by celebrities.
The global men’s skincare products market is significantly consolidated. These players offer men’s skincare under various brands targeting different demographic groups.