The men's personal care segment will be worth more than $166 billion by 2022, representing a CAGR of 5.4%, according to Allied Market Research. Growth will be aided by rising incomes, better organized retail, new product offerings, and a general interest in health and well-being.
Inevitably, the report notes that growth will lead to increased M&A in the sector.
North America is the largest male grooming market, registering revenue of $36 billion in 2015. However, Asia, led by China and India, will have the fastest growth in coming years. By 2022, Asia-Pacific will be the segment's largest market.
"The increasing bent towards corporate life and rising awareness towards men's grooming, specifically among the youth is expected to boost the demand of personal care products."
Globally, skin care is the largest male grooming category (2015 figures), led by face creams and moisturizers. Through 2022, the segment is expected to yield a CAGR of 4.5%.
Oral care, meanwhile, will have the highest global CAGR, driven by rising use of toothpaste in many geographies, as well as increased adoption of breath fresheners.
Other high-growth areas will include body powders, antiperspirants and deodorants.
"The increasing bent towards corporate life and rising awareness towards men's grooming, specifically among the youth is expected to boost the demand of personal care products," said Yogiata Sharma, research analyst. "Moreover, launch of herbal products with low chemical content has witnessed remarkable growth in the men personal care market."
