Changes in corporate lifestyle, product differentiation, and surge in urbanization drive the growth of the global men personal care market.
According to the report, the global men personal care industry generated $124.8 billion in 2020, and is estimated to reach $276.9 billion by 2030, witnessing a CAGR of 8.6% from 2021 to 2030.
Drivers, restraints, and opportunities
Changes in corporate lifestyle, product differentiation, and surge in urbanization drive the growth of the global men personal care market. However, surge in ingredient prices and packaging costs and fatal effects of chemicals hinder the market growth. On the other hand, changes in consumer lifestyle and penetration of online shopping present new opportunities in the coming years.
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Leading Market Players
- Johnson & Johnson
- P&G Co. (P&G)
- L’Oréal S.A.
- The Estee Lauder Companies, Inc.
- Unilever (UK)
- Avon Products, Inc.
- Kao Corporation
- Colgate-Palmolive Company
- Beiersdorf Akteingesellschaft (AG)
- Shiseido Company Ltd.
Covid-19 Scenario
- The demand for personal care products made from natural ingredients rose during the Covid-19 pandemic, however, the demand for artificial ingredient-based products declined.
- Manufacturing activities of men personal care products halted due to lockdown implemented across many countries. Moreover, disruptions in the supply chain and shortage of raw materials presented new challenges.
- The sales volume decreased as distribution channels such as supermarkets, hypermarkets, departmental stores, and specialty stores were closed during the lockdown. However, the demand would grow steadily during post-lockdown as these channels open.
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The oral care segment to continue its lead position during the forecast period
Based on type, the oral care segment accounted for the highest share in 2020, holding more than one-fourth of the global men personal care market, and is projected to continue its lead position during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 9.5% from 2021 to 2030. This is attributed to its frequent usage and unavailability of suitable substitutes. The report analyzes the segments such as hair care, shaving, personal cleanliness, skin care, and others.
The drug stores or pharmacy segment to continue its leadership status during the forecast period
Based on distribution channel, the drug stores or pharmacy segment held the highest share in 2020, accounting for nearly one-fourth of the global men personal care market, and is projected to continue its leadership status during the forecast period. This is due to extended store hours, drive-through locations, and availability of wide range of personal care products. However, the mono-brand stores segment is projected to portray the highest CAGR of 9.4% from 2021 to 2030, owing to less time required to develop a shopping narrative centered on a single brand, its products, and the image or lifestyle needed to promote.
North America to offer lucrative opportunities
Based on region, North America contributed to the largest market share in 2020, accounting for nearly one-third of the global men personal care market, and is estimated to continue its dominance in terms of revenue by 2030. Moreover, this region is expected to manifest the fastest CAGR of 9.4% during the forecast period. This is attributed to increase in the aging population in countries such as the U.S. and Canada and increase in internet penetration. The research also analyzes the regions including Asia-Pacific, Europe, and LAMEA.
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