The Men's Grooming Industry Is Booming
“It’s about self-confidence as much as anything else, and the desire to feel more attractive, more successful, and, increasingly, more youthful.”
The men’s grooming industry is continuing to grow as the perspective shift on male pampering has been changing over the past decade. More men find themselves interested in keeping up an appearance that involves regular visits to their barbershops and skincare routines. We’ve seen the emergence of new razor companies like Harry’s, Bevel, and Dollar Shave Club enter the market to challenge the traditional industry giants like Gillette, which is also an indicator of the industry responding to the consumers desire for brands that engage with them based on authenticity, price, and lifestyle appeal.
According to statista.com, by 2024 the global male grooming market is estimated to be worth about 29.14 billion U.S. dollars. That’s up from 15.68 billion in 2012. While the opportunity remains great, the barrier to entry still remains tough, namely for companies who have been dedicated to female consumers over the years. L’Oreal is in this position, however with their acquisition of popular men’s grooming brand Baxter of California, it is one of the fastest growing in the men’s market.
L’Oreal’s goal is to triple the size of the Baxter business by 2020, so the French beauty giant is extending the brand to Europe, but rather than creating subsidiaries for each country, L’Oréal is trialling a new marketing model with the UK designated as a ‘hub’ servicing the entire European market.
“I don’t want to create subsidiaries in every country, it doesn’t make sense when Baxter is mostly digital so we’re trying to create a first in L’Oréal of using UK as a hub for the whole of the EU,” Yann Joffredo, Global General Manager for Baxter told The Drum. “I’m using H&M or Zara as a template; they have a hub that services everywhere in a region. We’re testing that from July this year.”
The statistics say that the industry should expect to see a further segmentation of men’s grooming, particularly in the developed markets where there are opportunities for a stronger development. The number of product launches for men will still be low in comparison with products for women, of course, but the gap will narrow over time. (statista.com)