Euromonitor International has given an update on the current state of the category, with the figures showing it remains strongest in Western Europe, while Latin America (LATAM) is registering steady growth.
Category: key figures
According to the global market research company the global men’s grooming market was valued at US$ 47 million dollars in 2016, accounting for 11% of the total global beauty and personal care value sales.
While Western Europe still represents 26% of total global sales of men’s grooming products, Latin America is the region with the highest forecasted growth for the next five years.
Sales of men’s grooming products in Latin America totaled USD 10 billion in 2016 and have shown sustained growth over the last five years, with a 12% Compound Annual Growth, between 2011 and 2016.
Analyst overview: male grooming in LATAM
The firm’s research analyst, Elton Morimitsu, explains that men’s grooming has moved beyond shaving and fragrance.
“While sales of men’s grooming products are still highly dominated by the most traditional categories, such as fragrances, deodorants, and shaving products, Latin American men are increasing their consumption of esthetics products,” he notes.
“The regional challenge lies, however, on breaking stereotypes. Skin care, for example, is still very much associated with femininity.
“For this reason, men’s skin care launches are now exploring claims that focus on the product’s features, such as sunscreen or post shave.
“The objective is to gradually get men to experiment with multifunctional products as a first step to explore their vanity.”