The category increased its global revenues by an average of 6 percent per annum since 2006, to reach close to US$33 billion in 2011, according to the latest figures from the market research firm.
Upping the ante
According to Irina Barbalova global head of Beauty and Personal Care, men's grooming has once again come to the spotlight and seen a flurry of activity both in terms of increased marketing and advertising efforts, with many brands expanding their product ranges with more targeted offerings.
Men's shaving still leads the way, accounting for just over half of the category; however men's toiletries are predicted to take over in 2013 and contribute double the revenue of men's shaving in the period between 2012 to 2016.
“Skin care has proven the most dynamic, putting up double digit growth in five consecutive years and adding an extra $2 billion to the global beauty market since 2006,” comments Barbalova.
The category has also seen a release of numerous new products targeted specifically at men, such as shampoos, eye treatments, and even Blemish Balm creams.
“Whether a significant proportion of men are prepared to search for and spend on such products, enough to swivel the category into a double-digit growth curve, is yet to be witnessed,” continues Barbalova.
Due to the changing buying habits and attitudes towards fashion and beauty among men, particularly in the premium segment, the market should continue to grow, says the Euromonitor expert.
Beauty From Within
There is also evidence to suggest that there could be potential in targeting men with non- traditional products, such as supplements and nutricosmetics; an avenue not really explored up to this point.
A Euromonitor International survey amongst young men aged 15-29 suggested the key factor to a happy life is “being healthy”, and that over a third of those interviewed confirmed that among other health related activities they take supplements at least once a week.
Barbalova adds that “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.“
“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.”