Men’s grooming’s consistent performance and resilience during the recession has brought the category to the forefront of beauty companies’ strategies. While male consumers in the West are slowly adopting male-specific products, in Asia Pacific, men already have a regimented skin care routine. As brand-owners look to penetrate the market further, Brazil and China are becoming the next investment markets to watch, with deodorants and skin care expected to fuel growth in the future.
Men’s grooming increased by 7% in 2012, the highest growth since 2005. This was largely due to the strong performance of Latin America, which continued to grow by double digits, with low but stable growth in Western Europe and North America.
Despite only slow growth in Western Europe and North America, men's shaving registered a 7% increase in sales in 2012, on the back of its largest category, razors and blades, with sales of US$13 billion.
Men’s toiletries’ consistently stronger performance than men’s shaving over the past five years helped it close the gap from US$1 billion in 2007 to just US$116 million in 2012, and it is expected to overtake men’s shaving in 2013.
As more men look for male-specific products, innovation that combines multiple benefits as well as specialist solutions tailored to men’s problem-solving nature are becoming more common not only in skin care but also in hair care and deodorants.
With over 60% of the sales of men’s skin care coming from Asia Pacific, its importance to men’s skin care brands is vital, while South Korea is the world’s leading premium men’s skin care market.
Latin America is set to lead absolute growth in both men’s shaving and men’s toiletries, adding US$1.6 billion to and US$1.8 billion, respectively, over 2012-2017. Brazil, which holds the lion's share of Latin America’s market value, is expected to replace the US as the largest global market by 2017, accounting for 40% of global growth over the forecast period.
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