When it comes to unlocking the lucrative men’s grooming market, skin care, the BRIC markets and internet retail are set to be key, according to market researcher Euromonitor.
In a presentation delivered at this year’s Beyond Beauty event in Paris, Euromonitor analyst Nicole Tyrimou highlighted that men’s grooming accounts 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. BRIC markets are to drive growth in the wider men’s grooming market to 2016, said Euromonitor, with 30 per cent of the real value growth in the market to come from Brazil, and a further 23 per cent to come from the Asia-Pacific region.
Skin care most dynamic category
Skin care will be the most dynamic segment in men’s grooming according to the market researcher, with 66 per cent of skin care sales in 2016 set to come from the Asia-Pacific region.
Tyrimou underlined that men’s skin care products are becoming multi-functional, delivering extra benefits such as anti-aging, oil control and self-tanning, with Clinique, Biotherm and Lab Series just some of the brands tapping into this trend.
“As men look to save time, multi-functional products that target multiple areas are proving popular,” she said.
Deodorants are also performing well, particularly in Latin America, boosted by the blurring of the lines between deodorants and fragrances. Indeed, Euromonitor forecasts that 31 per cent of men’s grooming value growth in 2016 will come from this product category.
With the market researcher’s annual study on fitness and well being among young men revealing that 35 per cent take supplements, Tyrimou suggested that men could be an untapped consumer segment for nutricosmetics. Dirt For Men with its HIT antioxidant drink was cited as an example of a brand exploring this segment.
Internet retail continues to grow
Although the convenience of supermarkets means they were the dominant sales channel for men’s grooming products in 2011, with sales growing 6 per cent to over $8bn, Euromonitor revealed that internet retail grew 13 per cent during the period despite its small size.
Tyrimou said that the internet is the best way to reach the young male consumer, with social media, m-commerce and subscription sites just some of the ways in which the digital domain is being used to target the male consumer.
These include Manterest, which is a male version of Pinterest, Sephora’s iPhone app where products can be purchased directly through the app without redirecting to the mobile site, and websites such as Dollar Shave Club and Automated Man, she said.