Men’s grooming opportunity for ingredient suppliers could see further growth
According to Euromonitor’s Beauty and Personal Care analyst, Nicole Tyrimou, while men’s grooming is attracting more headlines than ever before, the category still makes up only 8% of the overall beauty and personal care market in 2012, with sales of US$34 billion.
Strong growth of over 7% in 2012 has kept the category in the spotlight, which is down to good media coverage, wider adoption of male-specific products and greater availability, according to the market expert.
While in percentage terms men’s skin care is the fastest growing category within men’s grooming, it remains too small to have a significant impact, with sales largely concentrated in Asia Pacific; although this does open up opportunities for the future, and one which many chemicals companies have taken note of.
“Regardless of its weak penetration, the category offers strong potential, with an increasing number of men using male-specific products to take care of their skin,” adds Tyrimou.
So, with manufacturers needing to find suitable ingredients that can be easily incorporated into their products, the door opens up for ingredient suppliers to stake their claim.
Taking up the trend
Earlier this year Netherlands-headquartered AkzoNobel introduced its first range designed for men; the Male Fundamentals range, designed to help formulators create specific styling and grooming options for men around the world.
Next up, Germany-based Evonik launched its new Men’s Care concept; encompassing a consumer survey covering market insights on male grooming routines, as well as the implementation of its own scientific studies on male skin and the development of selected formulations just for men with proven efficacy data.
Another chemicals giant, Ashland, has also recently upped its men’s care offering with the introduction of its Groom ‘n’ Go formulation kit based on the idea of offering men a comprehensive personal care regimen in less time.
The U.S.based company’s consumer research carried out in the men’s grooming market suggests that more than ever, men desire a comprehensive regimen to maintain a healthy look but few want to add the extra time to their daily routine.
It is a concept that is being rapidly adopted by ingredient suppliers and one which we should expect to see more of.
Asia growth
The modern man is concerned with his appearance and is increasingly aware of the benefits associated with a proper beauty regime and this, in turn, is driving the growth of the global men’s grooming market.
According to market researcher Kline, despite Europe still occupying the position as the largest men’s market, it is in Asia where the pace has really picked up; with India in particular posting a 32% increase in 2012.
The markets in Japan and South Korea are also benefiting from male grooming, including the use of cosmetics, as an entrenched socially encouraged practice wherein men are seeking to retain a youthful and appealing look.
By contrast, within China and India, male grooming as a trend has only recently been developing its significant potential and is being assisted by greater disposable income among consumers.
