Men's Skincare Market

Part
01
of seven
Part
01

Men's Skincare: Industry Overview

The global men’s skincare market is growing fast because men are starting to see skincare as something available to everyone and not just for women. Some leading brands are Unilever, Procter & Gamble, and Estee Lauder. Almost two-thirds of the American male population claims to use or have used skincare products.

Overview of the Industry Leaders in the Global Men's Skincare Market

Emerging Brands in the Market

Soft

Asystem

The Ordinary

Potential for Growth

  • Experts expect the global men's skincare products market to grow at a compound annual growth rate (CAGR) of 3.34% during the 2019-2023 period. They are also expecting that in 2022, the industry will hit $166 million.
  • In 2018, men spent $9.5 billion on skincare products. In that same year, 37% of all men’s skincare products were launched in the UK, 25% in the US, and 15% in France. Companies also had a 7% jump in sales due to the demand of the products.
  • The best-selling products include shaving products, sunscreens, moisturizers, face wash, cleansers, and creams.
  • The global men’s skincare market is growing at a fast pace, which means there are many opportunities for emerging and established brands. Some niches with opportunities are personal cleanliness, shaving products, moisturizers and face creams, and physical facilities like spas and salt caves.

Research Strategy

In search of an answer, our initial step was to find the current status of the global men’s skincare market. After that, we were able to identify the leaders of the industry and three emerging brands. Finally, we found data points, reports, and statistics that directed us to the opportunities in the growing market.
Part
02
of seven
Part
02

Men's Skincare: Global Trends

The men’s skincare market is rapidly increasing because males are becoming more image conscious. Some key trends in the global men's skincare market include product premiumization, gender neutral branding, complexion enhancers, and focus on easy to identify natural ingredients.

Product Premiumization

Gender Neutral Branding

Complexion Enhancers

Focus on Easy to Identify Natural Ingredients

Research Strategy

To find information about key trends in the global men's skincare market, the research team consulted trusted articles, websites, reports, and blogs. Factors were considered to be key trends if they are significantly altering the male skincare market from what it used to look like in the past. Based on the criteria and from these resources, product premiumization, gender neutral branding, complexion enhancers, and focus on easy to identify natural ingredients are key trends in the global men's skincare market.





Part
03
of seven
Part
03

Men's Skincare: Market Opportunities

The global men's skincare industry is growing rapidly. There is a need for special skincare products which can protect the skin in harsh weather and treat acne. Men also prefer products with natural ingredients over synthetic ingredients.

Skincare Products for Extreme Conditions


Organic Skincare Products


Anti-acne Skincare Products


Research Strategy

This research used market research reports for the global skincare industry from the following companies: Mathematics Market Methods, Orbis Research, TMR research, Wise Guy Research Consultants, QY research and Million Insights. We found that geographically, there was demand for men's skincare products in North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. After examining the market reports, we found that there were few opportunities for growth and expansion. Majority of men's skincare products were available globally as a result of life improvements and income growth in all continents. Further examination shows that there were market opportunities based on new products to satisfy a specific demand. Firstly, there is viable market opportunity for men's skincare products for extreme weather. Secondly, the rising demand for organic products creates a viable market opportunity. Thirdly, male clients seek skincare products that can clear their acne. In the process of determining these market opportunities, we consulted various sources for additional information such as Men's Journal, Young Men's Health, Men's Health, Business Insider, Pureman, Climate Extremes and Forbes.

Part
04
of seven
Part
04

Men's Skincare: Most Popular Products

Some of the most popular products in the global men's skincare market include Origins Clear Improvement Charcoal Exfoliating Powder, Malin + Goetz Vitamin E Face Moisturizer, Kiehl’s Facial Fuel Energizing Tonic For Men, Dermalogica Daily Microfoliant and Nivea Men Sensitive Protect Moisturiser SPF 15.

Origins Clear Improvement Charcoal Exfoliating Powder

  • It uses charcoal powder to help detoxify the skin and also blends with water to form a creamy texture that sheds off dead skin leaving the skin feeling soft, smooth, and completely refreshed.

Malin + Goetz Vitamin E Face Moisturizer

Kiehl’s Facial Fuel Energizing Tonic For Men

Dermalogica Daily Microfoliant

  • This is a white, super fine powder that transforms from finely granulated rice to a textured paste when wet to gently slough away dead skin cells.
  • The Microfoliant, which is also spiked with salicylic acid to chemically exfoliate, colloidal oatmeal to soothe, and tea tree to target oiliness is a popular men's skincare product.

Nivea Men Sensitive Protect Moisturizer SPF 15

  • Nivea men sensitive protective is a moisturizer formulated for men with sensitive skin. It offers gentle protecting and soothing care for easily irritated skin.
  • With SPF 15, it actively protects the skin from harmful sun rays, prevents it from drying out and moisturizes deeply for long-lasting results.



Part
05
of seven
Part
05

Men's Skincare: Early-Stage Investments

The demand for specific skincare products for the male public has heated the investment market in the sector. Although there is still resistance from Venture Capital funds, the sector’s growth data encourages early-stage investments. Examples of men’s skincare startups that received early investments are Every Man Jack, Beardo.in, and Scotch Porter, covered in this research.

Overview of Early-Stage Investments in the Global Men’s Skincare Industry

  • The Grand View Research report argues that, although the global men’s grooming products market is booming, venture capital firms still resist early-stage investment or seed capital. The main reason would be the dispute with market monopolies on some products, such as Gillet, which holds 50% of the market for beard care products. However, the demand for innovative, eco-friendly, and natural products is changing this scenario.

Case I — Every Man Jack

  • Every Man Jack is an American company focused on beauty products and skincare exclusively for men. It received an early-stage investment in the amount of $5.15 million, from Funk Ventures capital firm.
  • The investment took place in round A, increasing the contribution of the company that is taking a large space in the market. Every Man Jack offers products for face and lip treatments, moisturizers, anti-age treatment, among others, with natural ingredients.
  • Funk Ventures offers early-stage investments in the areas of health, wellness, and technology for companies based in California. Founded in 2000, it has an active portfolio with 5 companies included.

Case II — Beardo.in

  • Indian company Beardo.in is one of the successful startups in the men’s skincare business. In late 2017, the company received its first $5,000 early-stage investment through angel investor Artha India Ventures.
  • In 2018, the company raised $500,000 in early-stage financing through Mumbai’s investment firm Venture Catalysts.
  • The investment round included specialists from Venture Catalysts and other interested companies, such as RHV Enterprise, Somaiya Group, and Biorefineries. India has one of the largest male skincare markets in the world, with about 42% growth in CAGR, and this is attracting interest from venture capital firms.
  • The products offered by Beardo.in are focused on beard and facial hair care after shaving. There are still facial moisturizers and soaps for treatments. The company is linked to more than 200 beauty salons and has more than 500 daily orders.

Case III — Scotch Porter

  • Scotch Porter specializes in products for male self-care, with organic ingredients and natural formulas. In 2017, it received an early-stage investment from the Raptor Group estimated at $1.4 million.
  • Scotch Porter is an American company and is headquartered in New Jersey. Based on the “beard gang” culture, it started its activities producing care items for male hair and beards, expanded to skincare. Today it has a wide range of products, all without sulfides or petrolatums, and packaged with eco-friendly and recyclable materials.
  • While it was founded in 2015, the Raptor Group’s investment remains its only contribution.
  • The Raptor Group is a venture capital firm founded in 2009, with a portfolio that includes sports, technology, finance, and entertainment. However, the company has a flexible strategy, being open to opportunities. It is headquartered in Boston and New York.

Research Strategy

To address this request, the research team started looking for an overview of early-stage investments in men’s skincare, with a global range. Industry reports were used, such as Allied Market Research, Grand View Research, and articles from websites specialized in business and investments, such as Linkedin and Pitchbook. The search was successful, and the team determined a favorable synthesis of the market.

The examples of early-stage investments in the men’s skincare industry were defined in two stages. First, the team searched for lists of startups and early-stage companies prominent in the industry, through sites like the Pitchbook and articles in digital magazines such as Forbes and Black Enterprise. This search determined that Every Man Jack, Beardo.in, and Scotch Porter received initial investments. In the second stage, the team concentrated on finding out the investment fund of each case and the amount of money invested, using financial databases such as Crunchbase. The information found pointed out that the venture capital firms that invested were Funk Ventures, Venture Catalysts, and Raptor Group, respectively.

To conclude the request, the research team searched for additional information about the companies, such as location and foundation date, to complement the article. These data were acquired on the official websites of each company.
Part
06
of seven
Part
06

Men's Skincare: Demographic Profile

Users of men’s skin care products in the United States tend to be young, affluent, highly educated, married, and Asian or Hispanic.

Age

Income

  • Users of men’s skincare products in the United States tend to be affluent, based on the following information.
  • Men with an income of $100,000 to $125,000 are 1.11 times more likely than the average consumer to buy Every Man Jack products.
  • Men with an income of over $125,000 are 1.37 times more likely than the average consumer to buy Every Man Jack products.
  • According to market research firm Future Market Insights, in North America, men’s skincare products with mid-range prices are more popular than men’s skincare products with economy or premium prices. Demand for premium men’s skincare products is fast-growing, however, and is driven by older men who tend to have more money than younger men.

Education

  • Users of men’s skincare products in the United States tend to be highly educated, based on the following information.
  • Men with a college degree are 1.04 times more likely than the average consumer to buy Every Man Jack products.
  • Men with an advanced degree are 1.29 times more likely than the average consumer to buy Every Man Jack products.

Marital Status

  • Users of men’s skincare products in the United States seem to be more likely to be married than single, based on the following information.
  • Men with kids are 1.01 times more likely than the average consumer to buy Every Man Jack products.
  • Among male personal care product users in the United States, dads are the ones who are more concerned about “preventing the signs of aging.” Thirty-four percent of dads, compared to 26% of male personal care product users, care about stopping the signs of aging.
  • Dads with more children are also more concerned about staying and looking young than dads with fewer children. Thirty-two percent of dads with one child, versus 38% of dads with two children, care about stopping the signs of aging.

Race

  • Users of men’s skincare products in the United States tend to be Asian or Hispanic, based on the following information.
  • Asian men are 1.47 times more likely than the average consumer to buy Every Man Jack products.
  • Hispanic men are 1.07 times more likely than the average consumer to buy Every Man Jack products.

Research Strategy

As there is no article, chart, or report in the public domain that readily provides the demographic characteristics of users of men’s skincare products in the United States or in the world, we decided to look for the demographic profile of users of specific men’s skincare brands instead. This pivot enabled us to find the demographic profile of users of Every Man Jack, a men’s grooming brand that is based in the United States. Though Every Man Jack sells other men’s grooming products apart from men’s skincare products, it was one of the most popular men’s skincare brands in the United States in 2017. We assume that the demographic profile of Every Man Jack users is not too far from the demographic profile of men’s skincare product users in general.
Part
07
of seven
Part
07

Men's Skincare: Psychographic Profile

The values, interests, and attitudes of men skincare users are varied among different nationalities. American men value products that reflect their values while Brazilian men value their looks. American, Japanese and Chinese men are interested in anti-aging while Brazilian men are more concerned about preventing acne and greasy skin. Brazilian men are also most likely to buy the latest brands and products while American men care less about the product price.

Values

  • American men skincare users value the products that share their values. They value skincare products that are environment-friendly, ethically produced and cruelty-free.
  • Kantar Worldpanel study reveals that 36% of Brazilian men value their looks.

Interests

  • According to a Mintel study, around one-third of American fathers who use skincare, two-thirds of those who have two children and 23% of those without kids care about the prevention of the signs of aging.
  • Japanese men are also seen to care about anti-aging. A study by Kantar Worldpanel also shows that 45% of Chinese men are interested in trying to look young.
  • In contrary to men of other nationalities, Brazilian men are least concerned about aging. Brazilian men are more concerned about preventing acne and greasy skin.
  • Men skincare users in Japan are interested in products that simplify their skincare routine such as all-in-one products.

Attitudes

  • Mintel also says that American men who are 35-44 years old, especially the dads, care less about the product price than other age groups. Around three-fifths of this age group pay attention to the personal care products that they purchase.
  • Men skincare users also "draw greater self-confidence from looking good." It appears that this attitude is shaped by having increased exposure brought about by the age of social media.
  • A study by Kantar Worldpanel shows that Chinese men prefer to spend less time on themselves. They are also becoming more concerned about uneven skin coloring.
  • This same study reveals that 61% of Brazilian men are more likely to buy the latest products and brands.

Sources
Sources

From Part 01
Quotes
  • "As male consumers are no longer limiting themselves to traditional men grooming products, manufactures are prioritizing new product launches, aggressive marketing, and subscription box services. "
Quotes
  • "The men’s personal care space has been historically dominated by mass brands with limited options for the more discerning shopper. This market is growing at a fast pace, and experts expect a lot more options to be released that will cater to this underserved market demographic."
Quotes
  • "Chatterjee does not believe that explicitly male-targeted marketing will completely end, but he thinks portrayals of extreme masculinity will be phased out."
From Part 05