Market analyst Euromonitor presented its latest figures at the Beyond Beauty show earlier this month , with men’s grooming accounting for eight per cent of the total beauty and personal care market, which was worth $33bn in 2011.
Men’s toiletries is set to be the best performing category in future, with growth of over $3bn forecast between 2011 and 2016, and it now appears that social pressures will drive the market.
According to Euromonitor’s global head of Beauty and Personal Care Research, Irina Barbalova, speaking this week, one common factor that defines category dynamics is the fact that men, either urged by employment instability or greater media impetus or other, are finding the activity of looking after their appearance and adopting a beauty routine ever more appealing.
“This has coincided with the release of numerous new products at different price points, from male-targeted shampoos, to men’s specific eye treatments and even Blemish Balm creams and concealers, inspired from the female market,” she says.
It’s all in the looks…
Parallels with the fashion and clothing markets can normally be found with beauty and cosmetics, as it all relates to appearance, and Barabalova believes men’s grooming will follow the same consumption patterns as apparel.
The men’s apparel market is undergoing a marked revival and outpacing growth of its female counterpart; just as rapid-growth markets such as South Korea and China are seeing stronger per capita spend in men’s designer outerwear compared to that of women’s.
“Maybe unsurprisingly, the same markets also rank highest in men’s skin care expenditure. So while not a true testament, some clear assumptions are safe to be made as to the changing buying habits and attitudes towards fashion and beauty among men, particularly in the premium segment,” says the Euromonitor expert.
Furthermore, revenue growth opportunities in men’s grooming go far beyond traditional products, with the emphasis on ‘being healthy’ becoming more apparent, and a growing trend of daily supplements.
“The scope to innovate and diversify in the health and wellness environment, both among beauty players, as well as food and drink manufactures is immense and one to be explored,” explains Barbalova.
“There is still much untapped potential to develop ingestible products, be it fortified drinks or dietary supplements with additional beauty attributes, and more importantly those that target specific concerns, such as hair loss, problem skin or weight loss.”