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Men's Skincare Market Worth $18.92 Billion By 2027

release time:2020-05-30 20:29Popularity:
The global men's skincare products market is anticipated to reach $18.92 billion by 2027, according to a new report by Grand View Research. The market is forecasted to expand at a CAGR of 6.2% from 2020 to 2027.
Photo above on right is a screenshot from the video below, by @SkinCareWhiz Skin Care with Ross, a YouTuber who has been advising men on skincare since 2009.
 
Fueling growth is a rising awareness among males regarding personal grooming, which is driving the demand for men's skincare products globally, forecasters say. Increasing disposable income is also favoring growth.
 
The demand for cleansers, face wash, and sunscreen is outpacing that of shave care essentials -- showing that male grooming is moving beyond the basics of fragrance and shaving. 
 
With regards to sales/distribution channels for men's skincare solutions, offline distribution channels such as supermarkets and hypermarkets and convenience stores are likely to remain the most preferred platforms throughout the forecast period. 
 
Sustainable Packaging is in Demand
 
Premiumization emerged as the latest trend within the men's skincare market in recent years. Now, manufacturers are increasingly focusing on achieving green formulations under the premium category.
 
Demand for men's skincare solutions is likely to be principally driven by the growing popularity of organic and natural products with natural extracts.
 
Packaging is also expected to play a key role in creating demand. Men's skincare products packaged using sustainably sourced materials are more likely to gain popularity in the foreseeable future.
 
Data Highlights
The shave care segment grabbed 32.7% share of the overall revenue in 2019
 
In terms of distribution channel, supermarkets and hypermarkets held the largest share in 2019 and are expected to maintain the lead throughout the forecast period
 
Product innovation is a key strategy deployed by the majority of market players to stay ahead of the competition.

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