Men's Grooming Is Booming
Just how much the male grooming industry has progressed in recent years? To borrow a phrase — a metric shit-ton (aka billions of dollars). The global men's grooming market is set to turn into a $91 billion industry by 2019. In the U.S. alone, the male grooming market was valued at a meager $47.2 billion in 2015 and has grown at a rate of 5 percent and remains on pace to reach $60.7 billion by the year 2020.
Most of the income generated originates from the sales of male beauty and male grooming products. And for the past several years a variety of products such as shampoos and numerous items for skincare or hair care are definitely seeing tremendous growth.
Here's a closer look at how the numbers breakdown:
Shaving Creams and Lotions
Beauty products for men — think face or skin lotion, shave creams and gels, etc. — are expected to grow at 7 percent through 2019.
In the U.S. data shows share of revenue of nearly 15% is in hair care. Shampoos
come to a 34% (approx.) market share in 2014. Meanwhile that particular percentage is expected to grow up to almost 28 billion dollars in 2019. The market research predicts that India, Brazil and China are going to be the biggest players in the shampoo category.
This denotes men’s bath items used for personal hygiene; deodorants, creams, lotions, hair care products, etc. During the year 2015, all of those combined were valued at US$17.5 billion, and comprised 37% of total sales. Further projections are pointing towards even more growth - US$6.4 billion, climbing to US$23.9 billion by thee 2020.
Shaving and Fragrances
and fragrances were valued at $14.9 billion and $14.8 billion throughout 2015. Fragrances are expected to hit $18.7 billion and 31% of total sales by 2020 - this means that fragrances are effectively on their way to become the second-largest category for male grooming products. At the same time, male shaving products are expected to reach $18.1 billion by 2020 (which accounts for 30% of sales).
More Male Grooming Stats
- 35 million men in the United States are experiencing hair loss (that’s also a major factor in the growth of the male grooming industry)
- 1.3 billion of men worldwide use a razor blade to shave
- 85% of men who shave prefer the wet shave
- 75 % of men shave their face every day
- There are 440,000 barbers in the U.S.
- In total there are 41,340 barber shops in theU.S.
- There are 210,000 beauty salons in theU.S.