The increased purchasing power of millennial men, as well as the desire to look and feel good, is giving a boost to the male grooming marketplace, which reached $4.5 billion in 2016, representing a 3% growth rate, according to Kline's market research.
The market is driven by increasingly aware male consumers putting more emphasis and effort into the way they look and feel
“The market is driven by increasingly aware male consumers putting more emphasis and effort into the way they look and feel, fueled by the easy accessibility of products through the Internet, which continues to propel the sector forward,” said Naira Aslanian, a project manager in Kline's consumer products practice.
“In addition, the increased purchasing power of millennial men, who follow trends set by look-conscious celebrities, such as Jared Leto and Leonardo DiCaprio, take the notion of self-care to a different level with perfectly groomed beards and [man] buns,” Aslanian added.
Skin Care Posts Strongest Growth, Followed by Shaving
Certain categories in male grooming performed better than others, according to Kline's research. Skin care products, while remaining the smallest category in male grooming, had the strongest growth of over 8%. High impact products, such as anti-aging creams, eye creams, tinted moisturizers, and masks, sold via luxury and mass retailers are also on trend.
The second fastest growing category with over 6% growth, shaving products, was driven by direct selling brands, such as Bevel, Harry’s, and Dollar Shave Club, which have recorded phenomenal growth rates with triple- and double-digit growth rates, Aslanian said.
A number of the new players that have entered the category will gain increasing shelf space at stores and salons alike, while others may not be able to hold on
Deodorants and antiperspirants, the largest category, continues to record solid growth of 4.5%, supported by the launch of innovative products from companies like Unilever through launches of technology in dry spray formats, Aslanian added.
The market for male grooming is expected to continue on its growth path with a number of opportunities for retailers and suppliers alike.
“The evolution of male grooming is set to continue with 3% growth, with an increasing number of men taking time and spending money on products to enhance their appearance and the way they feel,” Aslanian said. “Male-centric salons and barbershops recently on an upswing, will continue to cater to increasingly demanding male consumers with more service offerings and products."
New Entrants Expected to Ebb
Aslanian also expects the market will continue seeing new indie brands offering products targeted specifically to men; however, the pace at which new entrants flood the market is expected to slow.
"A number of the new players that have entered the category will gain increasing shelf space at stores and salons alike, while others may not be able to hold on at a strong pace to gain prominent market share," Aslanian concluded.