LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global mens' skincare products market to grow at a CAGR of over 3% during the forecast period, according to their latest market research report.
The growing demand for natural and organic mens’ skincare products is one of the major trends being witnessed in the global mens' skincare products market 2019-2023. In line with the health and wellness trend, organic or green men's skincare products, which are of superior quality and can be used without a physician's recommendation, are registering an increase in demand from consumer segments across the world. This factor is creating ample opportunities for men's skincare products manufacturers to introduce a herbal or organic line of products in the market. As natural and organic products have few or no known harmful effects, market players such as Beiersdorf are launching natural and organic products to gain the market share. Some examples of natural ingredients used in skincare products are sunflower oil, jojoba oil, olive oil, and aloe vera.
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According to Technavio analysts, one of the key factors contributing to the growth of the global mens' skincare products market is innovation and portfolio extension leading to product premiumization:
Global mens' skincare products market: Innovation and portfolio extension leading to product premiumization
Certain men's skincare product manufacturers provide innovative products to their customers. Such products are comparatively highly priced than other regular skincare products. The major concerns among customers are aging, acne, and pigmentation. Innovative skincare products offer the right combination of superior-quality ingredients, and this leads to product premiumization. The global men's skincare products market demands regular innovations, as customers are always on the lookout for innovative products that offer an optimal level of usage. Therefore, vendors are focusing on expanding their existing product lines by introducing new premium men's skincare products as per customer requirements. The demand for premium products is particularly high in North America and Western European countries. For instance, daily light guard defense fluid broad spectrum SPF 30 by AVEDA, a brand of Estee Lauder Companies, offers multifunctional benefits to consumers such as protection against free radical damage and it strengthens the skin's natural environmental barrier. With such innovative products, the global men's skincare products market is witnessing product premiumization and launch of new products.
According to a senior analyst at Technavio for research on cosmetics and toiletry, “Another major factor, boosting the growth of the mens’ skincare products is growing pollution. With increasing air pollution across the globe, the demand for men's skincare products, which can counter the effects of air pollution on the skin or those that can prevent pollutants from harming skin's health, is increasing. The toxic fumes may also become the primary cause of aging. Anti-aging products not only treat wrinkles, fine lines, and age spots, but also improve skin tone, provide protection from ultra-violet (UV) rays, increase collagen, and help in skin hydration. Therefore, with such advantages, the market is expected to witness a positive outlook during the forecast period.”
Global mens' skincare products market: Segmentation analysis
The global mens' skincare products market research report provides market segmentation by product (facial skincare products and body skincare products), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2018, accounting for close to 42% share, followed by the EMEA and Americas respectively. Factors such as consistent product quality, established brand name, and effective marketing strategies will help international players to maintain their lead position in the mens' skincare products market. These factors will help them to make profits and initiate new product launches.
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Five Forces Analysis
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