Retailers need to adapt to men’s growing beauty market: Study

The number of men using skin care and cosmetics products is increasing, but the beauty brands and retailers are still yet to figure out the best way to communicate with this new target audience, reports market research firm Kline & Company.

The study has revealed that men’s grooming is one of the fastest growing segments in the beauty business, in 2011, the sales of men’s skin care in the US has seen its best growth in several years, reported premiumbeautynews.com.

According to the another market research firm Mintel, the sales of men’s toiletries in the US is estimated to touch $3.2bn by 2016, up from an estimated $2.6bn in 2012 and $2.2bn in 2006.

The research firm said the sales of skincare products in European market have surged to €420m in 2010, while it was reported to have earned €289m in 2005 from the continent’s five biggest markets of France, Germany, Italy, Spain and UK.

Mintel said the development was peculiarly impressive when compared to largely stagnant sales of shaving products and razors in the same area.

The demand was determined by social and demographic changes in both mature and emerging markets such as the large number of men employed in the services sector, raised in competition in the workplace, aging baby boomers, keen to stay stylish and the young generation influenced by changing standards of male beauty.

Mintel has reported that six in ten (65%) European men consider their appearance important and almost half (48%) admit what they want most is to look attractive and well groomed.

However, only 15% of males admit that women can use skincare products, while men cannot use such products.

The companies are repeatedly creating new products to target the men’s market, and expanding their offering far beyond the traditional deodorant and after-shave.

Anti-aging creams, powders, concealers and tinted moisturizers too are now entering in men’s beauty routine.