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
- The industry leaders are Procter & Gamble, Unilever, Beiersdorf AG, Johnson & Johnson, Estee Lauder Companies, and L’Oréal. They all offer a varied range of skincare products for men aimed at different demographic groups under the name of other brands.
- When it comes to consumer choices, pricing plays an important role. Industry experts say that mid-range products have high demand, especially in Asia. High demand for products translates to an increase in sales.
- These companies have different marketing strategies. For example, Europe and North America are prominent markets for men’s luxury skincare, especially for Baby Boomers and Millennials with high spending capability. For that reason, established brands are creating premium products approved by celebrities.
- Low-income countries are the right market for economy range men’s skincare products. In the long term, these companies could outweigh the profits of premium products due to high demand in less developed countries.
- The reason those companies are leading the industry is that their innovative ideas and portfolio extension lead to premiumization, which is the act of increasing the perceived value of products.
- In spite that gender-neutral branding is a growing trend embraced by nearly two-thirds of men aged 16-24 in the US, products with the label “for him” or “men” dominate corridors. However, experts say that will change as gender identity and product education become macro trends.
Emerging Brands in the Market
- Soft is a New York-based mask company launched on November 5, 2019. Its objective is to demonstrate that skincare has nothing to do with feminism, but self-love and well-being. Soft boys and people that use genderless products are the typical customers.
- The initiative behind the name is that skincare products for men should not be ‘hard’ or hyper-masculine. Boys like to look good too, and they should not have to demonstrate their manhood to take care of them.
- The ingredients the brand uses for their products (moisture mask and ritual set) are hyaluronic acid, squalane, niacinamide, turmeric, and ginger.
- Asystem is a brand that assists men from a scientific standpoint. The company started operating in 2019, and it focuses on creating products for men of all ages.
- The brand classifies its products into two parts: preventive care and treatment (once the person is dealing with a skin concern).
- The company is creating awareness of the brand to drive word of mouth and reach new customers like Millennials and Gen Zers.
- The Ordinary is a Canadian-based genderless skincare brand that started operating in 2016. As the skincare industry become non-binary and ingredients-first, The Ordinary increased its male customer volume by 5% since 2017.
- The colors that the brand uses are neutral. In that way, the brand reaches a broad audience.
- The strategy seems to be working because the brand made $300 million in sales in 2019.
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.
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.