Earlier, enhanced appearance has been associated with females. With transit of time, men are getting intrigued by cosmetic products. In a bid to improve their looks, men are indulging in grooming, especially in developing countries. Cosmetic producers are wasting no time in realizing the emerging consumption behavior, and are developing cosmetics that nourish men’s skin.
The trend of grooming is above par in East Asia and South Asia, majorly represented by China, and India. As the male cohort keeps exhibiting interest in cosmetics, FMI, in its latest business study, opine that the global men’s skincare products market is projected to flourish with a worthwhile CAGR of ~11% over forecast period (2019-2029).
Conventional Products Vanguards, Organic Gains Momentum
Although organic is a fad garnering prominence across consumer goods sector, it is yet to become mainstay in men’s cosmetic demesne. FMI finds that receiving organic certification is capital-intensive. Further, countries across the globe have different criteria for approval, which increases the risk of product recall. Conventional products, owing to cheaper price, are leading the pack of men’s skincare products market.
On the flip side, global male cohort is getting familiarized with toxic effects of conventional cosmetics on their skin. Consequently, they are seeking skincare products that reveal organic ingredients. As organic products are devoid of interaction with chemical substances, they cause no side effects on skin. Influenced by consumers’ inclination towards organic products, manufacturers are focusing on including more natural ingredients to men’s skincare products.
Online Retail Emerge as Highly Lucrative Sales Channel
With rising prominence of e-Commerce in tandem with surging internet penetration, purchasing pattern of consumers are changing dramatically. A majority of consumers prefer browsing products online in lieu of switching across supermarkets. In addition, they find purchasing items on smartphones significantly feasible. As most of the millennial are tech-savvy, cosmetic manufacturers are targeting online sales channel for product distribution.
Companies are engaging with customers via social medium and relevant digital arenas, where they market their products with pop-ups. Social media is a primary means to influence purchasing mindset of consumers, and market players are strictly abiding by the fact. In addition, they are leaving no stones unturned to promote their offerings online. In a bid to remain ahead of their rivals, players in men’s skincare products market are giving ample importance to online retail channels.
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“As the need to look attractive intensifies among men, the demand for men’s skincare products is set to boost manifolds, particularly among gen Y cohort. Market players are gathering attention for their products through online mediums as a majority of millennial are technology-skilled.”